Fort Collins, Colorado, Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the geospatial analytics market size was valued at USD 71.2 Billion in 2022 and is projected to reach USD 191.9 Billion by 2032 with a CAGR of 10.5%.
Geospatial techniques are a crucial tool in defense, as they allow the analysis of map data from satellites, drones, and cameras to spot the enemy precisely. The integration and development of 5G infrastructure captures precise geographical data for maps and navigation, further enlarging the demand for these technologies across various industries to drive the geospatial market.
Developing smart city programs has increased the demand for geospatial analytics. These techniques effectively map out routes and predict traffic congestion. Furthermore, they are used in various industries, such as smart transportation, urban planning, and mining, and offer personalized recommendations and shops through location-based push notifications. These computing devices mainly track the spread of natural disasters such as forest fires, cyclones, and tornadoes. It has an alarm feature that signals about the occurrence of any calamities. Moreover, these techniques provide invaluable information for earthquake analysis, including active tectonics and damaged areas.
In the business landscape, several businesses can segment customers based on location and promptly send tailored notifications to their devices. These notifications may include restaurant recommendations, biking routes, or sightseeing spots. This approach allows companies to build a robust database of customer preferences. An excellent example is Under Armour, a renowned sports company in the U.S. that uses GIS that harnesses data from fitness communities to share updates and notifications to its users.
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Segmentation Overview:
The global geospatial analytics market has been segmented into component, deployment, enterprise size, application, end-use, and region. The software dominates the component segment and is expected to retain a significant share in the following years. The service segment is expected to be the fastest-growing due to its users' widespread use of geospatial analytics. North America is a leading region for geospatial analytics owing to the increase in innovation adopted by several key players.
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Geospatial Analytics Market Report Highlights:
- The global geospatial analytics market growth is anticipated at a CAGR of 10.5% by 2032.
- The large adoption of artificial intelligence and IoT drives the growth of the geospatial analytics market.
- Software components accounted for a significant market share in 2022 and are projected to maintain a competitive edge in the following years.
- Cloud technology accounts for a prominent position in 2022 and is expected to remain dominant in the following years. The growing popularity of cloud solutions supplements the industry growth.
- The environment is a leading end-user for geospatial analytics owing to the massive growth in environmental changes and global warming.
- Some prominent players in the geospatial analytics market report include Alteryx, Microsoft Corporation, Bentley Systems, Google LLC, Pitney Bowes, TomTom, Fugro, HERE Technologies, Zebra Technologies, General Electric Company, and Oracle Corporation.
Industry Trends and Insights:
- In 2023, the newly developed Geospatial analytics developed by Clark is all set to conduct an international workshop for 40 delegates from the U.S. and abroad to discuss the booming advancements in geography and satellite imagery.
- Bowman Consulting Group Ltd and Cuhaci PetersonTM collaborated for the geospatial division to save time and costs for Bowman’s clients using its minimally invasive ceiling scanning techniques.
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Geospatial Analytics Market Segmentation:
- By Component: Solution, Service.
- By Deployment: Cloud, On-Premise.
- By Enterprise Size: Small, Medium, and Large.
- By Application: Disaster Management & Risk Reduction, Public Safety & Medicine Delivery, Surveying, Climate Change Adaption & Others.
- By End-use: Defense & internal security, retail & logistics, government, BFSI, energy.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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