Geospatial analytics - the collection and manipulation of data based on location - uses multiple technologies including Global Positioning Systems (GPS), Geographic Information Systems (GIS), georeferencing, metadata, and remote sensing, to provide accurate modeling, trend analysis, and predictions. According to the study, increasing penetration and adoption of Internet of Things (IoT) across the globe coupled with the introduction of artificial intelligence (AI) and big data analysis are expected to result in significant growth of the market over the forecast period.
In addition, numerous innovations and advancements in drone technology and increasing deployment of Unmanned Aerial Vehicles (UAVs) for remotely monitoring and gathering a large number of location data with minimal human intervention are likely to unfold new opportunities for market growth. The increasing use of GPS-enabled smartphones and devices is also anticipated to drive market growth.
Key findings from the report include the following:
- The service segment is anticipated to emerge as the fastest-growing component segment over the forecast period owing to the increasing demand for deployment, training, and support services by government and public safety agencies
- The network & location analytics segment is anticipated to gain traction owing to the increasing use of network and location analytics systems by companies for analyzing buying behavior and foot traffic patterns as well as for studying behavior patterns in a brick-and-mortar environment
- The military intelligence application segment is expected to witness the highest growth over the forecast period owing to the rising adoption of UAVs and increasing number of remote sensing satellites
- Asia Pacific is expected to register the highest CAGR from 2019 to 2025. Numerous smart city initiatives such as the ASEAN Smart Cities Initiative are anticipated to fuel the demand for geospatial analytics software in the region
- Key players operating in the geospatial analytics market include Alteryx, DigitalGlobe, Fugro N.V., Hexagon AB, RMSI, SAP SE, Trimble, Maxar Technologies, MapLarge, Harris Corporation, Bentley Systems Incorporated, ESRI, General Electric, Oracle Corporation, and Google.
"Increasing smart city initiatives have resulted in the growing need for innovative technologies for use in 3D urban mapping; monitoring and mapping natural resources, agriculture, and utilities; and disaster management," the report says. "In case of natural disasters, location-based analytics enables decision makers to take suitable actions. Moreover, major oil & gas companies across the globe are increasingly deploying geospatial analytics solutions to discover potential crude oil and natural gas deposits and to monitor their vast pipeline network."
The report also notes the increasing use of geospatial technologies in the automotive industry owing to growing safety concerns. Automotive manufacturers are addressing this by focusing on implementing technologies such as IoT and location-based services in vehicles to make driving safer and easier. The commercialization of upcoming autonomous vehicles also heavily relies on the integration of Geographic Information Science (GIS) and advanced geospatial technology.
For more, see ""Geospatial Analytics Market Size, Share & Trends Analysis Report By Component, By Type, By Application (Surveying, Medicine & Public Safety), By Region And Segment Forecasts, 2019 - 2025"."
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