Global Geospatial Analytics Market to Reach USD 141.9 Billion by 2028, Driven by Growing Demand for Location Intelligence

DUBLIN, Aug. 17, 2023 /PRNewswire/ -- The "Global Geospatial Analytics Market by Offering (Solutions (Type (Geocoding & Reverse Geocoding, Thematic Mapping & Spatial Analytics)) & Services), Technology (Remote Sensing, GPS, GIS), Vertical, and Region - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The global geospatial analytics market is poised for substantial growth, projected to reach USD 141.9 billion by 2028, with a notable CAGR of 12.6% during the forecast period.

Geospatial analytics, with its foundation in spatial data analysis, offers a comprehensive approach to understanding and extracting insights from geospatial data. By leveraging advanced techniques such as spatial statistics, spatial interpolation, and spatial modeling, geospatial analytics enables the identification of spatial patterns, detection of spatial clusters or outliers, and exploration of spatial relationships. This empowers decision-makers across diverse applications, including urban planning, environmental management, transportation, and public health.

The report projects the Banking, Financial Services, and Insurance (BFSI) vertical to be the largest market during the forecast period. Geospatial analytics significantly impacts the BFSI sector by enabling enhanced risk assessment and fraud detection through the integration of geospatial and customer data. Additionally, it facilitates targeted marketing campaigns and personalized customer engagement based on location-based insights, optimizes branch and ATM networks for improved accessibility and cost-efficiency, and aids in disaster and catastrophe risk management by utilizing geospatial data for accurate risk assessment and claims management.

Among various technologies, the GPS segment is registered to grow at the highest CAGR during the forecast period. Geospatial analytics enhances the capabilities of the Global Positioning System (GPS) by providing advanced spatial analysis, predictive modeling, and visualization capabilities. This results in improved navigation, asset tracking, logistics planning, and location-based services across industries, empowering businesses and individuals to make informed decisions based on rich spatial insights derived from GPS data.

In terms of services, the consulting services segment is expected to account for the largest market size during the forecast period. Geospatial analytics empowers consultants to analyze location-based data, identify market trends, assess site suitability, and optimize resource allocation. The integration of geospatial data and advanced analytics techniques enables consultants to offer clients enhanced decision-making support, risk assessment, and market analysis in various sectors such as real estate, retail, logistics, and urban planning.

The report estimates North America to account for the largest share of the geospatial analytics market. The US leads the global market in North America, revolutionizing various industries and driving innovation. Geospatial analytics in North America plays a critical role in addressing complex challenges and driving sustainable growth, from urban planning and infrastructure development to environmental conservation, disaster management, and healthcare. By leveraging spatial insights and analysis, businesses and governments in the region gain a competitive edge and create a smarter, more resilient future for their communities.

Market Dynamics

The global geospatial analytics market is driven by factors such as the growing demand for location intelligence, continuous advancements in location-based technology, advancements in technology and computing power, development of smart cities and urbanization, high deployment of IoT sensors across locations, and advancements in big data analytics. However, it faces challenges related to cost and infrastructure requirements, concerns regarding geoprivacy and confidential data, high costs of GIS solutions, and barriers related to geospatial data. Opportunities lie in technical advancements in 4D GIS software, 5G communications technology, rising adoption of geospatial analytics in SMEs, and the growing ability of organizations to analyze location data for a wide range of critical insights.

Premium Insights

The report provides several premium insights, including an increase in the number of AI- and ML-based GIS solutions driving market growth. The Energy & Utility segment is expected to account for the largest share during the forecast period, with North America projected to hold the largest market share by 2023. Solutions and the Energy & Utility segments are anticipated to account for a significant share by 2023.

Competitive Landscape

The geospatial analytics market is highly competitive, with several key players leading the way. Companies such as 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) are highlighted for their market shares, growth strategies, and service offerings.

Case Study Analysis

The report includes insightful case studies showcasing the impact of geospatial analytics across various sectors. Examples include how RMSI helped a US-based electric and gas company enhance spatial accuracy, how Bajaj Finserv implemented Esri's geospatial platform solution to improve customer service in the BFSI sector, and how Esri helped Carrefour establish a global platform for geomarketing to monitor store performance in the Automotive & Transportation industry.

Key Attributes:

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