The Geospatial Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Geospatial Analytics Global Market Report 2024, The geospatial analytics market size has grown rapidly in recent years. It will grow from $81.95 billion in 2023 to $93.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to urbanization and population growth, natural resource management, risk assessment and disaster management, supply chain optimization, government initiatives and regulations.
The geospatial analytics market size is expected to see rapid growth in the next few years. It will grow to $173.55 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to smart city development, precision agriculture adoption, healthcare and epidemic monitoring, integration with IoT and big data, environmental conservation efforts. Major trends in the forecast period include geospatial big data analytics, mobile geospatial applications, blockchain integration for spatial data security, social media and geospatial analysis, urban mobility and smart city planning.
The development of smart cities is expected to propel the growth of the geospatial analytics market going forward. A smart city is a modern technology metropolitan region that makes use of available information to optimize resource consumption and control activities. Geospatial analytics integrates smart city planning and conceptualization by delivering high-end visualization tools to aid decision-making for better site identification, increased efficiency, and a better understanding of complex urban processes using geospatial data. For instance, according to Otonomo, an Israel-based automotive data services platform, smart cities are expected to grow to over $820 billion by 2025 from $410.8 billion in 2020. Therefore, the development of smart cities is driving the geospatial analytics market growth.
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The geospatial analytics market covered in this report is segmented –
1) By Components: Solutions, Services
2) By Type: Surface And Field Analytics, Network And Location Analytics, Geovisualization, Other Types
3) By Technology: Remote Sensing, GIS, GPS, Other Technologies
4) By Application: Surveying, Medicine And Public Safety, Disaster Risk Reduction And Management, Climate Change Adaptation, Other Applications
5) By End-User Industry: Agriculture, Utility And Communication, Defense And Intelligence, Government, Natural Resources, Other End User Industries
Major companies operating in the geospatial analytics market are launching new software such as geospatial production software to increase their profitability in the market. Geospatial production software in geospatial analytics refers to a set of tools and applications designed to process, analyze, and visualize spatial data. For instance, in March 2023, Mach9 Robotics Inc., a US-based geospatial solution provider launched revolutionary software platform that generates 2D and 3D maps using mobile LiDAR technology at a staggering 30 times the speed of current solutions. By employing AI and computer vision, the platform swiftly transforms massive-scale LiDAR data into high-quality engineering models, offering a significant cost advantage. This accelerates the production of CAD and GIS deliverables, enabling engineering and construction organizations to focus on strategic planning rather than tedious data processing. The result is enhanced accessibility to top-notch maps and actionable data for efficient infrastructure management.
The geospatial analytics market report table of contents includes:
1. Executive Summary
2. Geospatial Analytics Market Characteristics
3. Geospatial Analytics Market Trends And Strategies
4. Geospatial Analytics Market – Macro Economic Scenario
5. Global Geospatial Analytics Market Size and Growth
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26. South America Geospatial Analytics Market
27. Brazil Geospatial Analytics Market
28. Middle East Geospatial Analytics Market
29. Africa Geospatial Analytics Market
30. Geospatial Analytics Market Competitive Landscape And Company Profiles
Top Major Players:
- UnitedHealth Group Incorporated
- McKesson Corporation
- Optum Inc
- Walgreens Boots Alliance Inc
- Accenture PLC
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