Geospatial Analytics Market worth $141.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 16, 2023 /PRNewswire/ -- Due to factors including the growing availability of geospatial data, technological developments, increased demand across sectors, the growth of smart city initiatives, and the integration with emerging technologies, the geospatial analytics market is anticipated to have a bright future. To get the most recent information on the issue, it is important to read industry publications and recent market research.

The Geospatial Analytics Market is estimated to grow from USD 78.5 billion in 2023 to USD 141.9 billion by 2028, at a CAGR of 12.6% during the forecast period, according to a new report by MarketsandMarkets™. Geographic Information System (GIS) is a powerful tool in geospatial analytics that integrates spatial data with attribute data to analyze, visualize, and manage geographic information. GIS allows users to capture, store, manipulate, analyze, and present geographically referenced data, providing insights into spatial patterns and relationships. It enables mapping, spatial querying, and spatial analysis, aiding decision-making processes in various fields such as urban planning, transportation, environmental management, and public health.

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267 - Tables
51 - Figures
306 - Pages

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Scope of the Report

Healthcare & Lifesciences to account for higher CAGR during the forecast period

The Geospatial Analytics Market for healthcare is categorized into various applications, such as disease mapping, health resource allocation, emergency response planning, medical & public safety and others (patient tracking, healthcare facility location planning, and medical asset management). Geospatial analytics has revolutionized the healthcare and life sciences vertical, offering a multitude of applications. It aids in disease surveillance and outbreak management by analyzing geospatial data to identify disease hotspots, assess population vulnerability, and allocate resources effectively. Geospatial analytics also plays a vital role in healthcare planning and resource allocation by analyzing population density, healthcare facility locations, and accessibility. It helps in optimizing healthcare service delivery, improving patient outcomes, and ensuring equitable access to healthcare services. Furthermore, geospatial analytics facilitates environmental health studies, epidemiological research, and the identification of environmental factors impacting public health.

Services Segment to account for higher CAGR during the forecast period

The market for Geospatial analytics is bifurcated based on offering into solution and services. The CAGR of services is estimated to be highest during the forecast period. Geospatial analytics is transforming the service segment by enabling businesses to provide personalized and location-specific services, optimizing field service management through efficient routing and scheduling, optimizing supply chain and logistics operations for cost savings and improved efficiency, streamlining facility management through spatial insights, and enabling targeted marketing and advertising campaigns based on geospatial data. With its ability to leverage spatial data for informed decision-making, geospatial analytics is driving operational efficiency, enhancing customer experiences, and fueling business growth in the service segment.

Asia Pacific to exhibit the highest CAGR during the forecast period

The CAGR of Asia Pacific is estimated to be highest during the forecast period. Geospatial analytics is rapidly growing in Asia Pacific, which includes China, India, Japan, Thailand, Myanmar, Vietnam and ANZ (Australia and New Zealand). Geospatial analytics is having a transformative impact on the Asia-Pacific (APAC) region by driving advancements in urban planning and infrastructure development, optimizing agriculture practices for food security, enhancing disaster management and climate resilience efforts, improving healthcare planning and disease surveillance capabilities, and promoting sustainable environmental conservation and natural resource management. By utilizing geospatial data and analysis, APAC countries are leveraging technology to address complex challenges, make informed decisions, and drive sustainable growth and development across diverse sectors.

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Top Key Companies in Geospatial Analytics Market:

Major vendors in the global Geospatial Analytics Market are Esri (US), Precisely (US), Caliper Corporation (US), Blue Marble Geographic (US), Google (US), Alteryx (US), Blue Sky Analytics (Netherlands), HexagonAB (Switzerland), TomTom (Netherlands), Trimble (US), Maxar Technologies (US), RMSI (India), Maplarge (US), General Electric (US), Bentley Systems (US), Fugro (Netherlands), Orbital Insights (US), Mapidea (Portugal), Geospin (Germany), Sparkgeo (Canada), Orbica (New Zealand), Descartes Lab (US), Skymap Global (Singapore), ReMOT Technologies (US), CARTO (US), Pasco Corporation (Japan), Geoviet Consulting (Vietnam), Mandalay Technology (Myanmar), GIS Co. Ltd. (Thailand), Suntac Technologies (Myanmar), Geomatic Consulting International (Vietnam), AAM, A Woolpert Company (Australia), Mappointasia (Thailand), Vegastar Technology (Vietnam), and HERE Technologies (Netherlands).

Recent Developments:

• In May 2023, Google has launched Geospatial Creator, which empowers individuals to swiftly create, visualize, and share immersive and augmented reality (AR) content using Unity and Adobe Aero..
• In February 2023, Maxar Technologies has received an extension to its contract with the U.S. Army to continue delivering 3D geospatial data for the development of immersive digital environments.
• In July 2022, TomTom collaborated with the Dutch Ministry of Infrastructure and Water Management and five other partners to offer Dutch drivers better and more thorough safety alerts of traffic services.
• In June 2022, Hexagon AB announced the next generation Leica BLK360, providing speed and efficiency and substantially improving reality capturing. Users can travel rapidly and uninterrupted around any environment while viewing and sharing the data as it is being captured, giving them access to real-time updates.
• In February 2021, Trimble and Esri announced a collaboration by integrating the Esri Geospatial Cloud platform into Trimble's Connected Forest solutions used by both forest owners and product companies. The integration added location intelligence technology designed to transform workflows and provide greater visibility, traceability, and efficiency for the forest industry.
• In June 2020, Maxar Technologies launched the Multi-Domain Analytics System for the US Department of Homeland Security.

Geospatial Analytics Market Advantages:

Using geospatial analytics, which combines location-based data with cutting-edge analytical techniques, organisations can get crucial insights into spatial patterns, trends, and correlations. Decision-makers are able to make more informed and data-driven decisions because to the increased operational efficiency and better resource allocation that follow.

Depending on geographic factors, organisations can utilise geospatial analytics to optimise the distribution and use of resources like manpower, assets, and inventories. It aids in choosing the ideal locations for facilities, distribution hubs, and service stations by reducing transportation costs, accelerating response times, and optimising operational efficiency.

Risks from natural disasters, climate change, supply chain disruptions, and other spatially affected events can all be identified and reduced with the use of geospatial analytics. By examining past and present geographic data, organisations can spot flaws, develop fallback strategies, and take preventative measures to lessen prospective threats.

Businesses can use geospatial analytics to precisely target their marketing and sales efforts by understanding the specific qualities and demands of clients in various places. Conversion rates and sales are improved by making it easier to customise marketing campaigns, pricing plans, and product offerings to particular geographic regions.

Geospatial analytics is crucial for urban planning and development. By examining geospatial data, city planners can improve urban sustainability generally, pinpoint locations for infrastructure expansion, and create transit networks. Cities as a result have better services, better planning, and higher quality of life for residents.

Report Objectives

• To determine and forecast the global Geospatial Analytics Market by offering (solutions and services), technology, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors affecting the market growth
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Geospatial Analytics Market
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Geospatial Analytics Market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Geospatial Analytics Market
• To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market
• To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and research & development (R&D) activities, in the market

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