WASHINGTON, June 14, 2022 (GLOBE NEWSWIRE) -- The Global Geospatial Analytics Market finds that increasing number of AI and ML based GIS solutions, increasing demand for smart cities, are some factors that augment the growth of the Geospatial Analytics Market in recent years. The Global Geospatial Analytics Market revenue is expected to reach a value USD 77.1 Billion in the year 2028.

The Global Market revenue stood at a value USD 58.2 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period; states Vantage Market Research, in a report, titled “Geospatial Analytics Market Size, Share & Trends Analysis Report by Components (Solutions, Services), by Solution (Geocoding and Reverse Geocoding, Data Integration and ETL, Reporting and Visualization, Thematic Mapping and Spatial Analysis), by Service (Consulting, Integration and Deployment, Support and Maintenance), by Type (Surface and Field Analytics, Network and Location Analytics, Geo Visualization, Other Types (Geo Computation, Geo Simulation, Artificial Neural Networks (ANN), Map Generalization, Map Abstraction, Map Sheet, Manipulations, Digital Terrain Analysis, Buffer Generation, Polygon Overlay and Dissolve, And Data Measurements), by Technology (Remote Sensing, GIS, GPS, Other Technologies (Internet Mapping Technologies), by Deployment Mode (Cloud, On-Premises), by Organization Size (SMEs, Large Enterprises), by Application (Surveying, Medicine and Public Safety, Disaster Risk Reduction and Management, Climate Change Adaptation), by Vertical (Utility, Government, Defense and Intelligence, BFSI), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Driver:

A Growing Variety of AI and Machine Learning-Based GIS Solutions are Available

In the last few years, AI and machine learning skills have advanced significantly. Organization benefits from these capabilities when integrated with geospatial data. AI and machine learning-based solutions are being deployed by geospatial analytics solution providers such as ESRI and SAP to give enterprises with better insights. Drone equipment and satellite imagery have been manufactured at a faster rate in recent years. The combination of AI and machine learning with spatial solutions saves a lot of time and money. It allows tasks like picture classification, object detection, semantic segmentation, and instance segmentation to be completed. With advances in AI and machine learning technologies, geospatial analytics solution providers will be able to provide advanced spatial solutions to customers in a variety of industry verticals and deploy them much more quickly. Hence, these are some of the factors propelling the market growth.

Growth of 5G Communication Technology Advancements

The introduction of 5G network services is projected to open new prospects for geospatial analytics suppliers, as 5G technology may be used to capture extremely precise geographical data. The 5G network would primarily use three bands of the spectrum: low-band, mid-band, and high-band. Sub 1GHz spectrum is another term for low-band spectrum. It is largely a carrier's spectrum band, and it quickly becomes depleted. The mid-band spectrum offers better coverage and latency than the low-band spectrum. However, when compared to a low-band spectrum, a mid-band spectrum fails to penetrate buildings. mmWave is a term used to describe a high-band spectrum. It has low latency and can deliver peak rates of up to 10Gbps. Small cells are required for 5G deployment because they aid in the connectivity of users to 5G transceiver towers. Due to huge antenna arrays and broad bandwidths, 5G networks are likely to provide device location shortly. Particularly in Line of Sight (LOS) situations, these would have extremely accurate Direction-of-Arrival (DOA) and Time-of-Arrival (TOA) estimations. The deployment of 5G infrastructure also relies heavily on geospatial data. Shortly, this is also projected to increase the desire for geospatial analytics solutions in the telecom industry. Ultimately, anticipated to be driving the market growth over the forecast period.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Geospatial Analytics market is predicted to grow at a CAGR of roughly 4.8% during the forecast period.
• The Geospatial Analytics market was estimated to be worth roughly USD 58.2 Billion in 2021 and is expected to reach USD 77.1 Billion by 2028; based on primary research.
• On the basis of region, North America is projected to dominate the worldwide Geospatial Analytics market.
  

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Segmentation of the Global Geospatial Analytics Market:

• Components
  • Solutions
  • Services
• Solution
  • Geocoding and Reverse Geocoding
  • Data Integration and ETL
  • Reporting and Visualization
  • Thematic Mapping and Spatial Analysis
  • Other Solutions (DBMS and Data Storage Software)
• Service
  • Consulting
  • Integration and Deployment
  • Support and Maintenance
• Type
  • Surface and Field Analytics
  • Network and Location Analytics
  • Geo Visualization
  • Other Types (Geo Computation, Geo Simulation, Artificial Neural Networks (ANN), Map Generalization, Map Abstraction, Map Sheet, Manipulations, Digital Terrain Analysis, Buffer Generation, Polygon Overlay and Dissolve, And Data Measurements)
• Technology
  • Remote Sensing
  • GIS
  • GPS
  • Other Technologies (Internet Mapping Technologies)
• Deployment Mode
  • Cloud
  • On-Premises
• Organization Size
  • SMEs
  • Large Enterprises
• Application
  • Surveying
  • Medicine and Public Safety
  • Disaster Risk Reduction and Management
  • Climate Change Adaptation
  • Other Applications (Supply Chain Planning and Optimization, Sales and Marketing Optimization, Predictive Asset Management, and Inventory Management)
• Vertical
  • Utility
  • Government
  • Defense and Intelligence
  • BFSI
  • Real Estate and Construction
  • Healthcare
  • Mining and Natural Resources
  • Security
  • Logistics and Supply Chain
  • Automotive
  • Agriculture
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The Report on Geospatial Analytics Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

North America Holds Largest Market Share

North America is expected to dominate the growth of the Geospatial Analytics Market in 2021. The market growth in the region is attributed to extensive use of geospatial analytics technologies in applications such as construction, agriculture, transportation, and utilities. However, Asia Pacific market is expected to grow at the quickest Compound Annual Growth Rate (CAGR)during the forecast period. The urban population of the region has exploded as a result of the region's rising economies, such as India, China, and Indonesia. As a result of this growth, smart cities, smart infrastructure, and well-planned urban landscapes are in high demand. China, South Korea, and India are leading the way in the development of 5G and IoT infrastructure. Hence, expected to grow at the quickest Compound Annual Growth Rate (CAGR)during the forecast period.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Geospatial Analytics Market Size, Share & Trends Analysis Report by Components (Solutions, Services), by Solution (Geocoding and Reverse Geocoding, Data Integration and ETL, Reporting and Visualization, Thematic Mapping and Spatial Analysis), by Service (Consulting, Integration and Deployment, Support and Maintenance), by Type (Surface and Field Analytics, Network and Location Analytics, Geo Visualization, Other Types (Geo Computation, Geo Simulation, Artificial Neural Networks (ANN), Map Generalization, Map Abstraction, Map Sheet, Manipulations, Digital Terrain Analysis, Buffer Generation, Polygon Overlay and Dissolve, And Data Measurements), by Technology (Remote Sensing, GIS, GPS, Other Technologies (Internet Mapping Technologies), by Deployment Mode (Cloud, On-Premises), by Organization Size (SMEs, Large Enterprises), by Application (Surveying, Medicine and Public Safety, Disaster Risk Reduction and Management, Climate Change Adaptation), by Vertical (Utility, Government, Defense and Intelligence, BFSI), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/geospatial-analytics-market-100225

List of Prominent Players in the Geospatial Analytics Market:

• Alteryx (US)
• Bentley Systems (US)
• Carto (US)
• Descartes Labs (US)
• ESRI (US)
• Fugro (Netherlands)
• General Electric (US)
• Geospin (Germany)
• Google (US)
• Hexagon AB (Sweden)
• Mapidea (Portugal)
• MapLarge (US)
• Maxar Technologies (US)
• Oracle (US)
• Orbica (New Zealand)
• Orbital Insight (US)
• Precisely (US)
• RemOT Technologies (Spain)
• RMSI (India)
• SAP (Germany)
• Skymap Global (Singapore)
• Sparkgeo (Canada)
• TomTom (Netherlands)
• Trimble (US)
• Ubimo (US)
  

Recent Developments:

May 2021: ArcGIS Insights, a location analytics suite from Esri, has received technical improvements. Esri is a global pioneer in location intelligence and geospatial analytics technologies. ArcGIS Insights now supports connectivity with a variety of cloud-native databases, including Snowflake, Amazon Redshift, Google BigQuery, Microsoft Azure SQL, and others, thanks to recent updates.

June 2021: Trimble added a geotechnical portfolio to its geospatial monitoring platform as a result of a partnership with a major manufacturer of geotechnical IoT monitoring products. The survey, geotechnical, and structural engineers can quickly expand their monitoring business prospects with a full system that includes geotechnical and geospatial data.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Geospatial Analytics Market?
• How will the Geospatial Analytics Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Geospatial Analytics Market?   
• What is the Geospatial Analytics market drivers and restrictions?
• What will be the CAGR and size of the Geospatial Analytics Market throughout the forecast period?

This market titled “Geospatial Analytics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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