March 28, 2020

Geospatial Analytics Market | Leading Players are Alteryx, DigitalGlobe, Fugro, Hexagon, RMSI, SAP, Trimble Navigation

According to a new market report published by Credence Research, Inc., “the global market for geospatial analytics is expected to grow by 14.9 per cent CAGR during the forecast period from 2019 to 2027.”

Product Insights: The global market for geospatial analytics amounted to US$ 44.94 billion in 2018 and is likely to show significant growth, growing at CAGR by 14.9 per cent during the forecast period from 2019 to 2027. Introduction of Big Data and Artificial Intelligence (AI) coupled with the increasing adoption of the Internet of Things (IoT) across various end-use applications are some of the key factors that increase the market for geospatial analytics worldwide. IoT and other related technologies have penetrated the daily lives of a number of individuals as they are used to address a wide range of real-life challenges. These technologies and a number of handheld devices allow organizations to collect geo-referenced data on any event to build graphs, maps, statistics and charts to make complex relationships understandable.

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Geospatial analytics uses facts from all kinds of technology, including location sensors, mobile devices, GPS, satellite imagery, social media, etc., to construct data visualizations for the discovery of trends and understanding of phenomena in complex relationships between places and people. It is helpful to add location and timing to the conventional type of data, and this additional context allows for a more complete picture of events.

Based on the application, the survey segment held a majority stake in the overall market for geospatial analytics in 2018. Extensive implementation of geospatial analytics in the monitoring of natural resources and the agriculture sector promotes the growth of the segment. On the contrary, the military intelligence segment is most likely to be the fastest-growing market segment in the forecast period.

In addition, North America, based on geography, was the largest regional market for geospatial analysis in 2018. In the coming years, the region is likely to endure its reign. Increased engagement of advanced and emerging technologies such as IoT, cloud computing, business intelligence tools, big data analysis, etc. across the U.S. is boosting regional growth. Furthermore, the widespread adoption of UAV technology for the capture of geospatial data, the availability of high-speed communication and Internet network infrastructure, and the high availability of remote sensing satellites are also expected to support the regional market.

Competitive Insights:

Major players in the geospatial analytics market include Alteryx, Inc., DigitalGlobe, Fugro N.V., Hexagon AB, RMSI, SAP SE, Trimble Navigation Ltd., Maxar Technologies Inc., MapLarge, Harris Corporation, Bently Systems, Inc., ESRI, GE Grid Solutions, LLC, Oracle Corporation, Pitney Bowes Inc. and Google LLC among others. The major players are taking up strategies such as new product development partnerships, product innovation, product enhancement, etc. to have an edge in the competitive market settings.

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