The incorporation of advanced technologies such as AR, VR, and IoT for GIS and development of 4D GIS software are expected to create lucrative opportunities in the industry. Increase in demand for AI-based GIS solutions, a rise in inclination toward adopting GIS software in smart cities development and urban planning, and surge in the use of satellites in monitoring the spread of COVID-19 drive the global geospatial analytics market.
Key market players such as – Bentley Systems, Incorporated, ESRI, Furgo NV, General Electric, TOMTOM International, Inc., Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and Alteryx, Inc.
The global geospatial analytics market was estimated at $60.94 billion in 2020 and is expected to hit $209.47 billion by 2030, registering a CAGR of 13.0% from 2021 to 2030.
The global geospatial analytics market is analyzed across component, deployment mode, enterprise size, industry vertical, solution, technology, type, and region. Based on component, the solution segment accounted for the major share in 2020, holding more than three-fifths of the global market. The service segment, on the other hand, would grow at the fastest CAGR of 14.3% throughout the forecast period.
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Based on region, the market across North America held the lion’s share in 2020, garnering around two-fifths of the global market. The market across Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 15.7% by the end of 2030.
Based on deployment mode, the on-premise segment generated the highest share in 2020, accounting for nearly three-fifths of the global geospatial analytics industry. The cloud segment, however, is projected to manifest the fastest CAGR of 14.5% from 2021 to 2030.
- Various governmental bodies are adopting geospatial analytics to gain real-time scenarios in terms of tracking the spread of the coronavirus and getting an accurate and constant updation of infected patients, which in turn has impacted the global geospatial analytics market positively.
- This trend is quite like to continue until the pandemic is completely over.
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