According to a new report published by Allied Market Research, titled, “Geospatial Solutions Market,” The geospatial solutions market was valued at $432.00 billion in 2021, and is estimated to reach $1,457.7 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031.
North America is expected to dominate the global geospatial solutions market in 2021. Rise in investments in the defense sector and technological advancements in the telecommunication industry acts as key driving forces for the geospatial analytics market in North America. In addition, implementation of LBS-enabled drones for border security and monitoring high-risk situation by federal agencies, government, and nongovernment organizations is expected to boost the market investment for these services. Advanced sensors onboard satellites provide reliable, cost-effective, and impartial information about variety of vegetation and hydrological parameters at various spatial resolutions.
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Key players operating in the global geospatial solutions market include Apple Inc., Bentley Systems, Inc., General Electric, GIS Cloud Ltd., Google Inc., L3Harris Geospatial Solutions, Inc., Oracle Corporation, Living Map, Mappedin, Microsoft Corporation, Pix4D S.A., SAP SE, Telenav Inc., TomTom International BV, and Uber Technologies, Inc.
Furthermore, post-pandemic, government bodies are focusing on enhancing disaster management strategies by scrutinizing data obtained by the GIS. With the use of this data, they are trying to decrease impacts of natural disasters such as cyclones and earthquakes on human beings and environment, which is expected to boost growth of the geospatial solutions market during the forecast period.
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KEY FINDINGS OF THE STUDY
- By solution type, the services segment is anticipated to exhibit significant growth in the near future.
- By technology, the scanning segment is anticipated to exhibit significant growth in the near future.
- By application, the geovisualization segment is anticipated to exhibit significant growth in the near future.
- By end-use, the infrastructural development segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Cloud-based geospatial solutions are gaining traction at the moment. Cloud-based geospatial solutions deliver on-demand geospatial data, images, and maps. It also enables companies to share data and perform operations such as viewing, monitoring and analyzing geospatial data. Moreover, few companies are also launching cloud-based geospatial solutions, which fuels growth of the geospatial solutions market. For instance, in April 2019, HERE launched Here XYZ for mapmaking and geospatial data management for developers and non-coders. It also launched a new cloud service for fast and flexible management of location data.
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