Market Highlights
The surge in the application of geospatial analytics has boosted the growth trajectory of the market in recent times. Market reports connected with information and communication technology industry have been offered by Market Research Future which creates reports on other industry verticals that intends to analyze the current market scenarios better. The market is anticipated to develop with a 19% CAGR while amassing USD 95 billion in earnings by 2023.
The commercial applications of geospatial analytics are the key drivers of the expansion of the market. The relay of real-time information is a key feature that is spurring the expansion of the geospatial analytics market. The escalating need for weather forecasting, animal population management, and human population forecasting are expected to lead to the creation of a more varied user base for the geospatial analytics which will also additionally improve the growth prospects of the market in the forecast period.
Segmental Analysis
The segmentation of the geospatial analytics market is carried out on the basis of type, technology, application, component, and end-user. By component, the geospatial analytics market is segmented as services and software. The services segment of the market is sub-divided into managed services and professional services. The professional services are further segmented into training services and consulting services. Furthermore, on the basis of type, the geospatial analytics market are network analytics, surface analytics, geo-visualization. Based on technology, the market is segmented into LiDAR Technology, 3D laser scanning, photogrammetric, remote sensing, a global positioning system (GPS), geographic information system (GIS), and others. Based on application, the geospatial analytics market is segmented into survey solutions, land administration, mobile mapping, and others. The end user segment of the geospatial analytics market is segmented into construction & real estate, transportation & logistics, agriculture, energy, marine & mining, forestry, retail, and others.
Detailed Regional Analysis
The regional analysis of the Geospatial Analytics Market comprises of regions such as Europe, North America, Asia Pacific, and the Rest of the World. The European region is expected to have noteworthy growth in the geospatial analytics market. The United Kingdom, France, and Germany are the important countries in the region. This is primarily owing to the surge in demand for the geospatial technology for safety and security uses for the automotive and aerospace sectors. The Asia Pacific region is also expected to be a rapidly growing region in the geospatial analytics market throughout the forecast period. South Korea, India, Japan, and China are the foremost nations in the geospatial analytics market. This is owing to better in demand for the geospatial technology in the real estate sector for emerging smart cities.
Competitive Analysis
Considerable reductions in administrative budgets are bringing further development of the market. The augmented conformity of market players to new clients and market trend predispositions are advancing the growth curve of the market and will continue in the forecast period. The expansion of the market is moving in a favorable direction due to original product introductions or escalating gross revenue of the players in the market. The calculated goals envisioned for the market are buoyed due to useful product differentiation supported by market contestants. The current implementation of strategies is expected to motivate the market in the impending years. The development of a robust value chain is expected to motivate the development of the market. The vertical additions and product tactics of the market are enhancing the potential of the market companies.
The significant contenders in the Geospatial Analytics Market are Trimble Navigation Ltd. (U.S.), ESRI (U.S.), General Electric (U.S.), MDA (Canada), IBM Corporation (U.S.), RMSI (India), Alteryx (U.S.), Fugro N.V. (Netherlands), Hexagon AB (Sweden), DigitalGlobe, Inc. (U.S.), Bentley Systems, Inc. (U.S.), Harris Corporation (U.S.), and Transerve technologies (India).
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