Geospatial Analytics Market - Forecasts from 2023 to 2028

The geospatial analytics market is projected to grow at a CAGR of 22.56%, reaching US$264.391 billion in 2028 from US$63.651 billion in 2021.

Geospatial analytics is a field of study involving geographical or spatial data analysis. It is a process of collecting, processing and analyzing spatial data to uncover patterns, trends, and relationships that are not easily visible through other data analysis techniques. Geospatial analytics is used in various industries, including transportation, agriculture, environmental management, and public health. The main objective of geospatial analytics is to provide insights that can be used to make informed decisions. For example, businesses can use geospatial analytics to identify optimal locations for new stores or to analyze customer behavior in specific geographic areas. In addition, governments can use geospatial analytics to monitor and manage environmental issues, such as pollution or deforestation, or to identify areas at risk for natural disasters.

Market Drivers:

Growing demand for satellites and location-based services

The volume of geospatial data has been rapidly increasing due to advancements in satellite imaging, GPS, and other technologies. For example, according to the European Space Agency, satellite Earth observation data is expected to increase from 7 petabytes in 2020 to over 60 petabytes by 2025. This is due to the launch of new satellites and the increasing resolution of imaging technology. Further, Location-based services (LBS) are becoming increasingly popular in the retail, transportation, and logistics industries. These services rely on geospatial analytics to provide insights into consumer behavior, optimize routing and logistics, and improve overall efficiency.

Growth in the Internet of Things (IoT)

The proliferation of IoT devices, such as sensors and GPS-enabled devices, has created new opportunities for collecting and analyzing geospatial data. This has helped to fuel demand for geospatial analytics solutions, particularly in industries such as smart cities and transportation.

Based on type, the geovisualization segment is expected to witness robust growth over the forecast period.

The geospatial analytics market is undergoing significant growth, with a particular focus on the geovisualization type. Geovisualization is becoming increasingly important in industries such as utilities, smart cities, and oil and gas, where effective management of assets is critical. Geospatial analytics is also used in agriculture, defense, and healthcare fields. In addition, with the increasing availability of data from sources such as satellites, drones, and terrestrial sensors, there is a growing need for geospatial analytics solutions to process and analyze this data.

North America accounted for a significant share of the global geospatial analytics market in 2021.

The geospatial analytics market is segmented based on geography into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America is one of the leading regions in the geospatial analytics market due to major players, technological advancements, and the growing adoption of geospatial technologies in various industries. The United States and Canada are the major countries contributing to the market growth in this region. The increasing adoption of cloud-based geospatial analytics solutions and the integrating of geospatial technologies with artificial intelligence, machine learning, and big data analytics are driving market growth in the United States. In addition, the government sector is a major contributor to the development of the US geospatial analytics market, with many government agencies using geospatial technologies for applications such as disaster management, urban planning, and defense.

Market Developments:

• In October 2022, AcreTrader, a platform for investing in farmland online, introduced Acres, a geospatial analytics platform and a land analysis tool that provides comprehensive data on 150 million parcels of land in the United States, along with local insights and sales comparisons. The platform consolidates and analyzes public and private data into an easy-to-use interface. The platform also provides pricing plans for various users, including a free account for everyday landowners and premium and enterprise levels for brokers, land professionals, and land finance firms.
• In October 2020, Intel partnered with fourteen IT and geospatial companies to release Intel Geospatial. This cloud-based data management platform uses artificial intelligence (AI) and multi-source 3D data to help businesses manage their assets. The platform offers immersive 3D visualization, geovisual data management, analytic applications, and enterprise integration, combining data from various sources, including drones, satellites, and terrestrial sensors. The platform aims to address key business challenges, including geovisual data management, vegetation management, fire risk assessment, and asset record correlation. In addition, it is designed to make geospatial insights accessible beyond data scientists by providing easy-to-use solutions.

Market Segmentation:

By Component

• Software
• Services

By Type

• Surface & Field Analytics
• Network & Location Analytics
• Geovisualization
• Others

By Enterprise Size

• Small and Medium
• Large

By Application

• Surveying
• Medicine & Public Safety
• Military Intelligence
• Disaster Risk Reduction & Management
• Climate Change Adaptation (CCA)
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others