Burgeoning Application in Defense & Intelligence to Steer the Geospatial Solutions Market Past US$ 1.4 Tn by 2032, Fact.MR Report

Fact.MR, in its latest survey, offers unbiased analysis on the global geospatial solutions market for the upcoming decade. The study also provided comprehensive details on the latest developments likely to surge the sales of geospatial solutions across 6 major verticals through various segments such as technology, solution type, end user, application, and regions.

NEW YORK, April 6, 2022 /PRNewswire/ -- The global geospatial solutions market is estimated to register year-on-year growth at 15.8% in 2022. Sales in the market are expected to reach US$ 373 Bn by 2022. Exhibiting growth at 14% CAGR, the overall sales of geospatial solutions are expected to surpass US$ 1.4 Tn by the end of 2032.

Rising demand for superior functionality and integration of spatial software solutions across various businesses to gain a better understanding of the assets and the ongoing supply chain is likely to drive the market.

In addition to this, several private companies are adopting artificial intelligence (AI) and machine learning (ML) based geographic information system to gain better insights into the organization. This will further propel the demand for spatial data analysis algorithms (GeoAI).

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Further, use of drones and satellite imagery in geospatial solutions offer better extraction of geographic information through the images and videos. For instance, MicroMultiCopter (Shenzhen) released over 100 drones across China in 2020 to detect crowding.

Subsequently, surging adoption of 5G connectivity and communication services for providing accurate positioning of devices will bolster the demand in geospatial solutions market. Besides this, need for remote sensing technologies for mapping, geospatial analytics, and modeling tools in defense & military is increasing. This is likely to create conducive environment for the market.

Key Takeaways:

• The U.S. geospatial solutions market is projected to reach US$ 475 Bn by 2032 owing to surging adoption of remote sensing capabilities in defense & military sector.
• Sales of geospatial solutions in the U.K. are expected to exceed US$ 57 Bn, registering 12.7% CAGR between 2022 and 2032.
• Demand for geospatial solutions in China is projected to surge at 13.5% CAGR over the upcoming decade
• Based on solution type, geospatial hardware segment is estimated to register growth at a CAGR of 13.4% until 2032.
• By technology, geospatial analytics segment is likely to exhibit growth at 13.5% CAGR during the forecast period.

Growth Drivers:

• Development of smart cities coupled with rising demand for real-time data in India and China will drive the growth in Asia Pacific geospatial solutions market.
• Rapid adoption of smartphone devices enabled with GPS is anticipated to be the major factor bolstering the growth in the market.

Restraints:

• Lack of awareness about the potential capabilities of the geospatial analytic solutions might limit its adoption.
• Growing concerns related to privacy of data confidentiality and geo-privacy among the consumers and government bodies might restrain the growth in the market.

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Competitive Landscape:

Leading manufacturers operating in the global geospatial solutions market are focusing on providing advanced remote sensing enabled technologies across various industries to expand their businesses.

Some of the players are adopting inorganic growth strategies such as partnerships, collaborations, and acquisitions to gain a competitive edge in the market.

For instance,

• January 2022: Scania, a well-known transport solution provider, entered into a partnership with HERE Technologies. This partnership will help Scania commercialize its next generation infotainment platform for its range of trucks across the globe. The company also plans to integrate the HERE SDK's routing, mapping, and search functions for better truck specific road data and vehicle regulations.
• March 2022: ESRI developed the latest land cover maps using AI and ML enabled geospatial solutions, which merged 26 pictures taken from every point on the Earth. The latest map provides details regarding the changes that occurred on the Earth over the last 5 Years.

Key Companies Profiled by Fact.MR

• Atkins PLC
• HERE Technologies
• Hexagon AB
• Topcon Positioning Systems Inc.
• DigitalGlobe Inc.
• General Electric Company
• ESRI
• Bentley
• Baidu
• Telenav Inc.
• Oracle Corporation
• Amazon.com Inc.
• Microsoft Corporation
• RMSI Private Limited
• TomTom International B.V
• Geospatial Corporation
• Harris Corporation
• Pitney Bowes Inc.
• Google LLC
• Apple Inc.
• IBM Corporation
• China Geo-Engineering Corporation
• Orbital Insight
• SAP SE

More Valuable Insights on Geospatial Solutions Market

In the latest study, Fact.MR offers in-depth market analysis on the global geospatial solutions market for the forecast period of 2022 to 2032. The report also offers exhaustive coverage on trends and factors propelling the demand in the geospatial solutions market with detailed segmentation as follows:

By Technology:

• Geospatial Analytics Solutions
• GNSS & Positioning Geospatial Solutions
• Geospatial Solutions for Scanning
• Geospatial Solutions for Earth Observation

By Solution Type:

• Geospatial Hardware
• Geospatial Software
• Geospatial Services

By End User:

• Utility Geospatial Solutions
• Business Geospatial Solutions
• Transportation Geospatial Solutions
• Defense & Intelligence Geospatial Solutions
• Infrastructural Development Geospatial Solutions
• Natural Resource Geospatial Solutions
• Other Geospatial Solutions

By Application:

• Surveying & Mapping
• Geovisualization
• Asset Management
• Planning & Analysis
• Other Applications

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Key Questions Covered in the Geospatial Solutions Market Report

• What is the estimated market value for geospatial solutions in 2022?
• Which region will dominate the global geospatial solutions market during 2022-2032?
• At what rate will the geospatial solutions market grow until 2032?
• Which are the factors impeding the growth in the geospatial solutions market?
• At what rate will the India market for geospatial solutions flourish between 2022 and 2032?

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About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, chemical, and materials, to even the most niche categories. 80% of Fortune 1000's trusts us in critical decision making.

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SOURCE Fact.MR

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