NEW YORK, Dec. 5, 2023 /PRNewswire/ — The global geospatial analytics market size is estimated to grow by USD 102.97 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 17.72% during the forecast period. North America is estimated to account for 39% of the global market growth during the forecast period. It is a desirable market for GIS products because it was a pioneer in implementing cutting-edge technologies across industries. The industrial sector is technologically advanced and developed throughout the region. As the industry is more developed, there are more success stories. This eventually causes technology adoption to accelerate. Additionally, the top vendors in the market have a strong presence, and penetration in the North American region also contributes to the market growth during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Geospatial Analytics Market – Segmentation Assessment
This geospatial analytics market report extensively covers market segmentation by technology (GPS, GIS, remote sensing, and others), end-user (BFSI, government and utilities, telecom, manufacturing and automotive, retail, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The market share growth by the GPS segment will be significant for overall market growth during the forecast period. GPS allows for the georeferencing, positioning, navigation, and control of time and frequency, which helped the GPS to become the largest segment of the global geospatial data analytics market in 2022 and the trend is also expected to continue. The use of a GPS as a data input for a GIS becomes more common, particularly to collect field data and locate precise geospatial data. It is a satellite-based radio navigation system owned by the US government and run by the US Space Force. It is also one of the geospatial data analytics technologies. Hence, such technological advances drive the segment growth during the forecast period.
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Geospatial Analytics Market – Market Dynamics
Key factor driving market growth
- The increasing adoption of geospatial data analytics in the healthcare and insurance sectors significantly drives market growth.
- Evidence-based medicine heavily depends on geography and spatial relationships. For instance, Dr. John Snow tracked cholera deaths caused by a contaminated water source in the Soho neighborhood of London in the 1840s using a map, which was the healthcare sector’s first application of analytics.
- To improve patient care and personal health, geodata infrastructure is used in medical informatics. Tracking the water quality in major cities, examining a person’s location information and exposure to chemicals, and visualizing the risk of heart disease and stroke are a few of the major applications.
- Thus, such factors will boost the growth of the market during the forecast period.
Leading trends influencing the market
- The emergence of smart cities is an emerging trend in the geospatial analytics market growth.
- The term smart cities refer to the integration of various digital technologies, which improve communication between devices by enhancing their performance, lowering costs, and assisting in the efficient use of resources.
- With the aid of smart cities, end-users can respond to urban settlement challenges more quickly.
- During the forecast period, there is expected to be an increase in the number of smart cities. Resultantly, it is anticipated that the installed smart devices in these smart cities will generate a significant amount of data.
- To innovate for a better future with faster connectivity and provide prompt suggestion-based services, this data will need to be analyzed.
- Hence, such trends are anticipated to fuel the growth of the market during the forecast period.
Major challenges hindering the market growth
- Data privacy and security concerns are major challenges that may impede market growth.
- Since devices are connected via the internet and rely on the use of both private and public networks, data privacy and security issues are the main challenges for any organization and a highly secure environment must be created as important data is transferred through the system networks.
- A system network for an organization includes a variety of devices that occasionally may lead to interoperability problems.
- Moreover, data breaches and cybersecurity problems have increased as a result of increased connectivity and data sharing.
- In the past, cybersecurity efforts were focused on a limited number of connected devices.
- Hence, such challenges may hinder the market growth during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Geospatial Analytics Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the geospatial analytics market between 2023 and 2027
- Precise estimation of the size of the geospatial analytics market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the geospatial analytics market across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of the geospatial analytics market vendors
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- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Technology
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
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