Geospatial analytics provide location-based intelligence through integration of geospatial data and tools for visualization and analysis. It offers capabilities for smarter decision making in applications like urban planning, emergency response, transportation, and defense & intelligence.
The global Geospatial Analytics Market is estimated to be valued at Us$ 73.36 Bn in 2023 and is expected to exhibit a CAGR Of 14.% over the forecast period 2024 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased government usage for urban planning: Geospatial analytics help government agencies in infrastructure development, transportation planning, and disaster management through visualization and analysis of geospatial data. Many governments across regions are increasingly adopting geospatial analytics solutions for various applications like urban mobility, smart cities, and emergency response, which is accelerating the growth of this market over the forecast period.
Segment Analysis
The global geospatial analytics market is dominated by the surface analytics sub segment. This sub segment accounts for over 30% of the total market share due to the widespread use of geospatial analytics for various applications related to land, weather, agriculture, infrastructure development and more. Surface analytics helps analyze earth observation data for various land-related projects and policy making.
Key Takeaways
The Global Geospatial Analytics Market Demand is expected to witness high growth over the forecast period of 2024 to 2030. With a projected market size of US$ 73.36 Bn in 2024, growing at an impressive CAGR of 14%, the market is likely to surpass US$ 200 Bn by 2030.
Regional analysis:
The North American region currently dominates the global geospatial analytics market with over 35% share. This is attributed to widespread adoption of geospatial technology across various industries and ongoing research and development activities in the region. The region is projected to continue its dominance over the forecast period as well. The Asia Pacific region is expected to witness the fastest growth, registering a CAGR of over 16% during the forecast period. Significant infrastructure development projects coupled with growing use of geospatial analytics in agriculture and natural resource management are driving the market growth in Asia Pacific region. Countries like China and India are emerging as major markets in this region.
Key players:
The global geospatial analytics market is highly competitive with presence of many established as well as emerging players. Key players operating in the Geospatial Analytics market are Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC. These key players are focusing on new product launches and partnerships to consolidate their market presence.
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