Allied Market Research recently published a report, titled, “Geospatial Solutions Market by Solution Type (Hardware, Software, Services), by Technology (Geospatial Analytics, GNSS & Positioning, Scanning, Earth Observation), by Application (Surveying, Navigation & Mapping, Geovisualization, Asset Management, Planning & Analysis, Others), by End Use (Utilities, Defense and Intelligence, Transportation and Logistics, Infrastructural Development, Natural Resources, Agriculture, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” As per the report, the global Geospatial Solutions industry was estimated at $432 billion in 2021, and is set to reach $1,457.7 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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A prominent penetration of artificial intelligence based geographic information systems along with a surge in application of location-based solutions integrated with geographic information systems drive the growth of the global geospatial solutions market. Nonetheless, lack of awareness about benefits of geospatial solutions can impede the expansion of the global market. However, the launch of 4D GIS software will create new growth opportunities for the global market.
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Covid-19 scenario:
- The COVID-19 pandemic favorably impacted the growth of the global geospatial solutions market with geospatial techniques such as geographic information system and mapping massively used for detecting disease pattern.
- During the COVID-19 pandemic, geospatial services were utilized for determining real-time updates on confirmed and active cases of government and healthcare workers, thereby driving the global market trends.
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Based on the solution type, the software segment is set to contribute to the highest market share in 2021, accounting for more than two-fifths of the global geospatial solutions market share. Furthermore, the segment is projected to contribute majorly towards the global market share in 2031. The growth of the segment over the forecast timeframe can be attributed to the use of GIS software in performing GIS functions which enable users to manipulate, store, and analyze spatial and non-spatial data & information. Moreover, the services segment is set to record the fastest CAGR of nearly 14.2% over the forecast period. The segmental growth can be attributed to surge in need for remote sensing and mapping consultancy as well as GPS satellite surveying and positioning services in various industries.
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On basis of the application, the surveying, navigation & mapping segment contributed to the highest market share in 2021, accounting for more than one-third of the global geospatial solutions market share. Furthermore, the same segment is anticipated to dominate the market growth over the forecast period. The growth of the segment over the forecast timeline is subject to huge application of geographical mapping with the use of geospatial techniques for extensive applications in construction, government, military, mining, and civil engineering sectors. In addition, the geovisualization segment is predicted to record the highest CAGR of 15.5% over the forecast period. The growth of the segment over the forecast timeline can be attributed to the rapid breakthroughs in remote sensing and earth observation technologies in a decade.
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