Geospatial Analytics Market Revenues to expand 86.32 Billion USD by 2023

[159 Pages Report] Geospatial analytics market size, analysis, trends, & forecasts. The global market for geospatial analytics categorized by software, solution, service, type, application, vertical, & region.

Posted on 2019-12-02 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2019-Dec-02 —

The report “Geospatial Analytics Market by Component (Software & Solution, Service), Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization), Application (Surveying, Medicine & Public Safety), Vertical, and Region – Global Forecast to 2023″, The geospatial analytics market size is estimated to be USD 40.65 Billion in 2018 and is projected to reach USD 86.32 Billion by 2023, at a CAGR of 16.3% from 2018 to 2023. The increasing penetration of Internet of Things (IoT), integration of geospatial technology with mainstream technologies, and advancements in geospatial analytics with the introduction of artificial intelligence and big data analytics are driving the market growth.

Browse 123 market data Tables and 45 Figures spread through 159 Pages and in-depth TOC on “Geospatial Analytics Market by Component (Software & Solution, Service), Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization), Application (Surveying, Medicine & Public Safety), Vertical, and Region – Global Forecast to 2023”

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Restraint: High cost of geospatial analytics solutions

The geospatial analytics industry has grown over the last decade, and the number of applications areas in which geospatial information is used has increased year-on-year. However, the high cost of geospatial analytics solutions is restraining the growth of the geospatial analytics industry. The development of geospatial analytics solutions for acquiring real-time data increases the complexity of the GIS software. High complexities involved in the development of GIS software and real-time data collection result in high cost of software. Due to this, companies with limited financial resources are not able to invest in commercial geospatial solutions. The implementation of geospatial analytics solutions requires high initial investment, thereby resulting in a lower rate of adoption in small and medium-sized companies.

Opportunity: Increasing use of location-based services

Various location-based Services used in web and mobile-based applications and advanced imagery & sensor solutions have significant growth opportunity in the geospatial analytics market. Numerous location-aware systems and technologies have been incorporated in navigation systems to increase their reliability and intelligence to ensure the smooth operation of transportation networks. This also enables development of different applications and systems that utilize location as an attribute to perform operations for use in different verticals. Thus, the increasing use of location-based Services in different verticals across the globe acts as an opportunity for the growth of the geospatial analytics market.

North America is estimated to lead the geospatial analytics market in 2018.

North America is estimated to lead the geospatial analytics market in 2018. The growth of the geospatial analytics market in North America is primarily driven by the presence of key players in this region, such as Alteryx, Inc. (US), DigitalGlobe (US), Trimble Navigation Ltd. (US), Harris Corporation (US), ESRI (US), Pitney Bowes (US), and Google (US) which offer geospatial analytics software & solutions. The high adoption of latest technologies such as cloud computing, big data, Internet of Things (IoT), Artificial Intelligence (AI), and business intelligence tools is one of the significant factors driving the geospatial analytics market in the North America region.

Key players operating in the geospatial analytics market include Alteryx (US), DigitalGlobe (US), Fugro N.V. (Netherlands), Hexagon (Sweden), RMSI (India), SAP (Germany), Trimble Navigation(US), Maxar Technologies (Canada), MapLarge (US), Harris Corporation (US), Bentley Systems (US), ESRI (US), General Electric (US), Pitney Bowes (US), Oracle (US), and Google (US).

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