Press Release / Technology / Geospatial Market Size, Share and Forecast to 2022 with Top Applications

Geospatial Market Size, Share and Forecast to 2022 with Top Applications

Geospatial Market – Overview:

Geo means earth and spatial can be described as anything that takes up space. It can be applied to anything that takes up space on the earth. Geospatial data provides information about something that takes up space on the earth.

The key drivers contributing to the growth of the market are the demand for the integration and convergence of geospatial information with mainstream technologies, commoditization of geospatial data for various industries. Also, the rising demand for geospatial analytics solutions with artificial intelligence capabilities across various industries and the rising adoption of geospatial solutions for safety and security.

Geospatial can be defined as the geographical data having locational information described in terms of coordinates, address, city or ZIP code. It is gathered through satellite, (GPS), geo tagging and remote sensing. GIS is used for mapping and analyzing geospatial data whereas remote sensing tool is used to acquire geographical data through sensors such as radars, radiometers and lidar. Hence, geospatial analytics products combine geographic data and business data to achieve information to help business decisions such as logistics and marketing.

The key drivers contributing to the growth of the market are the demand for the integration and convergence of geospatial information with mainstream technologies, commoditization of geospatial data for various industries. Also, the rising demand for geospatial analytics solutions with artificial intelligence capabilities across various industries and the rising adoption of geospatial solutions for safety and security.

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Major Key Players

DigitalGlobe, Inc. (U.S.),

Hexagon AB (Sweden),

Bentley Systems, Inc. (U.S.),

General Electric Co. (U.S.),

ESRI (U.S.),

Trimble Navigation LTD. (U.S.),

MacDonald,

Dettwiler & Associates, Ltd. (Canada),

Fugro N.V. (Netherlands),

RMSI (India),

Harris Corporation (U.S.) among others.

The global geospatial market is expected to reach USD 78 billion by the end of 2022 with ~16.6% CAGR during forecast period 2016-2022

The geospatial analytics can be analyzed for market segmentation on the basis of demography, lifestyle and behavioral. Hence, analysis would help organizations to promote programs and target new customers. Even reducing operational and logistic costs by various organizations is expected to drive the growth of the geospatial analytics market. Geospatial analytics helps government figure crime locations, issue alerts in situation of natural calamities and designing disaster recovery mechanisms.

The emergence of smart cities and increasing demand for innovating technologies in developing countries is going to boost the demand of the market. The increasing usage of GPS enabled smartphone devices and the innovations in technology would also increase the opportunities. The factor hampering the growth are the privacy issues related to storage of geospatial data and legal issues related to storage of personal information. However, the initial set up of the analytics products require high investment.

Geographically, Asia-Pacific accounted for the largest market share in the global geospatial market and North-America is expected to grow over the forecast period.

Market Research Future Analysis

The global geospatial market is expected to grow significantly. The market is highly application basis. Surveying segment of geospatial market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.

The increasing growth rate in the Asia-Pacific region can be attributed to the growing demand for adoption and usage of geospatial analytics across industries such as automotive. Also, smart city developments driving the geospatial analytics market.

Regional Analysis:

Regionally, Asia-Pacific region accounted for the largest market share, majorly due to increasing g adoption and usage of such analytics across various verticals. Also, infrastructure and smart city developments are factors driving the growth of the market in this region.

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Intended Audience

Manufacturers
Distributors
Research firms
Consultancy firms
Software Developers
Vendors
Semiconductor Manufacturers
Stakeholders
End-user sectors
Technology Investors
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