Geospatial Analytics Market size worth $ 209 Billion, Globally, by 2030 at 12.4% CAGR: Verified Market Research®

Geospatial Analytics Market size worth $ 209 Billion, Globally, by 2030 at 12.4% CAGR: Verified Market Research®

PR Newswire

JERSEY CITY, N.J., July 10, 2023

The "Global Geospatial Analytics Market Size By Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization), By Component (Software & Solutions, Services), By Application (Surveying, Medicine & Public Safety), By Vertical (Automotive, Utility & Communication), By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Geospatial Analytics Market, including its growth prospects, market trends, and market challenges.

JERSEY CITY, N.J., July 10, 2023 /PRNewswire/ -- The Global Geospatial Analytics Market is projected to grow at a CAGR of 12.4% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 66 Billion in 2021 and is expected to reach USD 209 Billion by the end of the forecast period.

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Browse in-depth TOC on "Geospatial Analytics Market"

202 - Pages
126 – Tables
37 – Figures

Geospatial Analytics Market: Driving Operational Efficiency and Unveiling Hidden Patterns

The Geospatial Analytics Market is experiencing rapid growth, driven by the increasing need of organizations to reduce operational and logistical costs. Geospatial data, which encompasses the classification of geographic locations and characteristics of natural or man-made features on the Earth's surface, serves as the foundation for geospatial analytics. By applying advanced data analytics techniques to these datasets, geospatial analytics enables the identification of trends and patterns that are not easily discernible through traditional visualization methods, while also providing valuable geographical context.

One of the key drivers for the expansion of the Geospatial Analytics Market is the ability of governments to utilize these analytics to map crime locations, issue alerts during natural disasters, and design effective disaster recovery mechanisms. Additionally, the rise of smart cities and the growing demand for innovative technologies in developing countries contribute to the market's growth trajectory.

The widespread use of GPS-enabled smartphones and the advancements in drone technology are also significant factors propelling the Geospatial Analytics Market. These technological advancements create opportunities for capturing and analyzing geospatial data in real-time, empowering organizations to make informed decisions based on accurate and up-to-date information.

However, privacy concerns associated with the storage of geospatial data pose a major challenge for the market. Legal issues related to the storage of personal information further complicate the landscape and may hinder market growth. Moreover, the initial setup of geospatial analytics products requires a substantial investment, which could impact the expansion of the market.

The climate change adaptation segment within the Geospatial Analytics Market is expected to exhibit a higher compound annual growth rate (CAGR) during the forecast period. Geospatial data plays a pivotal role in this segment, addressing the changing climate conditions and growing concerns for public safety. As a result, there is an increasing demand for geospatial analytics solutions to support climate change adaptation efforts.

The Asia Pacific region is anticipated to be the fastest-growing market for geospatial analytics. Geospatial technologies are extensively employed in this region for rural and agricultural development. Industries such as engineering and construction, mining and manufacturing, insurance, and agriculture utilize Geographic Information System (GIS) technologies to identify potential markets and leverage geospatial information for strategic decision-making.

Key players in the Geospatial Analytics Market include Oracle, SAP, Alteryx, Hexagon AB, DigitalGlobe, Trimble, Maxar Technologies, Maplarge, and Harris Corporation. These market leaders employ product benchmarking and SWOT analysis, implement key development strategies, and hold significant market share and ranking analysis.

As the Geospatial Analytics Market continues to grow, organizations are leveraging its potential to drive operational efficiency and gain valuable insights from geospatial data. With a focus on innovation and strategic decision-making, these market players are well-positioned to shape the future of geospatial analytics.

For further information, detailed market insights, and a comprehensive analysis of the Global Geospatial Analytics Market, please Contact Verified Market Research®.

Based on the research, Verified Market Research® has segmented the global Geospatial Analytics Market into Type, Component, Application, Vertical, And Geography.

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