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%

LONDON, April 26, 2018 /PRNewswire/ -- The increasing penetration of Internet of Things (IoT) is one of the most significant factors projected to drive the growth of the geospatial analytics market.

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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% during the forecast period. The integration of geospatial technologies with the mainstream technologies and significant advancements in geospatial analytics with the introduction of artificial intelligence and big data are the additional factors contributing to the growth of the geospatial analytics market. However, the high cost of geospatial analytics solutions is a primary factor that is likely to restrain the growth of the market.

Based on component, the software & solutions segment is estimated to lead the geospatial analytics market in 2018.
Based on component, the software & solutions segment is estimated to lead the geospatial analytics market in 2018. The software & solutions segment is gaining traction in the geospatial analytics market owing to benefits such as the importance of location-based insights in strategic decision-making.

Based on type, the surface & field analytics segment is estimated to lead the geospatial analytics market in 2018.
Based on type, the surface & field analytics segment is expected to hold the largest market share in 2018. This is attributed to the increasing adoption of surface & field analytics solutions by enterprises in almost every industry vertical to facilitate strategic decisions.

The geospatial analytics market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Based on region, the geospatial analytics market has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America. The demand for geospatial data and services in the Asia Pacific region is increasing at a higher pace majorly due to the initiatives taken by the governments to bridge the gap between the prevailing digital technologies and the geospatial technologies.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various organizations operating in the geospatial analytics market.
• By Company Type: Tier 1 – 17%, Tier 2 – 33%, and Tier 3 – 50%
• By Designation: C Level – 35%, D Level – 60%, and Others – 5%
• By Region: North America – 39%, Europe – 29%, Asia Pacific – 14%, Middle East & Africa – 11%, Latin America – 7%

Key vendors profiled in the report:
1. Alteryx (US)
2. DigitalGlobe (US)
3. Fugro N.V. (Netherlands)
4. Hexagon (Sweden)
5. RMSI (India)
6. SAP (Germany)
7. Trimble Navigation (US)
8. Maxar Technologies (Canada)
9. MapLarge (US)
10. Harris Corporation (US)
11. Bentley Systems (US)
12. ESRI (US)
13. General Electric (US)
14. Pitney Bowes (US)
15. Oracle (US)
16. Google (US)

Research Coverage
The geospatial analytics market has been segmented by component, type, application, vertical, and region.The component segment includes software & solutions and services.

The type segment includes surface & field analytics, network & location analytics, geovisualization, and others (geocomputation, agent-based modeling, artificial neural networks, evolutionary computing, map generalization, map abstraction, digital terrain analysis, map sheet).The application segment covers surveying, medicine & public safety, disaster risk reduction & management, climate change adaption, and others (image processing, mapping and research, fraud detection, supply chain planning and optimization, sales and marketing optimization, predictive asset management, inventory management).

The vertical segment covers business, automotive, utility & communication, government, defense & intelligence, natural resources, and others (sports, logistics, education, tourism, media & entertainment, travel and logistics. agriculture). The regions covered include North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Key Benefits of Buying the Report:

The report will help market leaders and new entrants in the geospatial analytics market in the following ways:
The report will help market leaders/new entrants by providing them the closest approximations of revenues of the geospatial analytics market and its subsegments.It will also help stakeholders better understand the competitor landscape, gain more insights to position their businesses, and implement suitable go-to-market strategies.

The report will assist stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

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