CHICAGO, Sept. 1, 2020
CHICAGO, Sept. 1, 2020 /PRNewswire/ -- According to the new market research report "Geospatial Analytics Market by Component, Solution (Geocoding and Reverse Geocoding, Thematic Mapping and Spatial Analytics), Service (Consulting), Type, Technology, Deployment Mode, Organization Size, Application, Vertical, Region - Global Forecast to 2025", published by MarketsandMarkets™, the Geospatial Analytics Market size is projected to grow from USD 52.6 billion in 2020 to USD 96.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period. The major factors driving the growth of the Geospatial Analytics Market include the increasing number of AI and ML based GIS solutions, development of smart cities and urbanization, increased deployment of IoT sensors across locations, and advancement of bid data analytics for organizations by improving the workflow.
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Based on component, the services segment to grow at a higher CAGR during the forecast period
The services segment includes consulting, integration and deployment, and support and maintenance. Organizations require geospatial analytics services to implement effective geospatial analytics strategies, which can be handled by third-party companies so that organizations can concentrate on their core business activities. The demand for geospatial analytics services is surging during the pandemic, due to the rising tailored demands of customers. The customers are coming up with customization requirements for already installed solutions to enhance asset performance
Based on solutions, Geocoding and Reverse Geocoding is to lead the market during the forecast period
The geocoding and reverse geocoding solution segment is estimated to lead the Geospatial Analytics Market in 2020. The geocoding and reverse geocoding solution helps businesses across verticals map coverage, acquire new customers, and identify competitors to determine prime target areas for promotional activities. The growing need to perform risk assessments using exact location information for making accurate analysis during natural calamities, such as earthquakes and floods, is driving the adoption of the geocoding and reverse geocoding solution in the Geospatial Analytics Market.
Based on services, integration and deployment services to grow at a higher CAGR during the forecast period
The integration and deployment services in the Geospatial Analytics Market help end users gain better knowledge of their requirements and use case scenarios, and assist them in efficiently simplifying and designing geospatial analytics implementation. Deployment and integration services seamlessly integrate each location-based platform and system, regardless of the technologies used for integration.
Based on organization size, large enterprises segment to lead the market during the forecast period
The demand for geospatial solutions is increasing across the globe, owing to the adoption of wireless devices and location-based sensors. Using analytics solutions, organizations can visualize business objects on maps, thus adding location information to business information. This provides a competitive advantage to organizations, and the information can help verticals such as transportation, energy and utilities, and public sector to improve efficiency and the decision-making process.
Based on application, the climate change adaption segment to grows at a higher CAGR during the forecast period
Geospatial data plays a key role in the climate change adaptation segment. Owing to changing climate conditions and increasing concerns over public safety, the demand for geospatial analytics solutions in the climate change adaptation segment is expected to grow.
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Based on vertical, automotive segment grows at a higher CAGR during the forecast period
Automotive players can use geospatial data to estimate the local demand for automotive vehicles. By mapping the distribution of existing and prospective customers, automotive companies can efficiently market and deliver automotive vehicles. The need to analyze the local demand for automotive vehicles is driving the demand for geospatial analytics in the automotive vertical.
Asia Pacific to hold the highest market size during the forecast period
Asia Pacific is expected to be the fastest-growing market for geospatial analytics. In this region, geospatial technologies are utilized for rural and agricultural development. In APAC, companies are engaged in engineering and construction, mining and manufacturing, insurance, and agriculture and implement GIS technologies to identify potential markets and use geospatial information to make strategic decisions. Surveying and mapping technologies are widely used in APAC. In addition, the development of smart cities in China, India, and other Southeast Asian countries has driven the demand for 3D GIS in this region. The use of GIS for transportation planning, highway and roadway management, forestry management, and precision farming is driving the growth of the Geospatial Analytics Market in this region.
Major vendors operating in the Geospatial Analytics Market include ESRI (US), Precisely (US), Oracle Corporation (US), Alteryx, (US), Fugro N.V. (Netherlands), Hexagon AB (Sweden), RMSI (India), SAP (Germany), Trimble Navigation Ltd. (US), Maxar Technologies (US), MapLarge (US), L3Harris Corporation (US), Bentley Systems (US), General Electric (US), Google (US), TomTom (Netherlands), Atkins (UK), AAM Pty (Australia), Critigen (US), Orbital Insights (US), Autodesk (US), Descartes Labs (US), ZillionInfo (US), Geospin (Germany), and Mapidea (Portugal).
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