The geospatial analytics market for surveying reached US $59,986.7 Mn in the year 2021 and is expected to reach US $23,9756.2 Mn by 2030 growing at a CAGR of 16.46% during the forecast period 2023 to 2030. Introduction of sophisticated tools such as 3D tools, HD imagery, terrestrial scanning, artificial intelligence, internet of things (IOT), Big data have all boosted the application of the geospatial analytics market and have enhanced the precision, and analytical input required for surveying purposes.

Agriculture and Natural Resources Remains Key Area of Application

The growth is mainly attributed to its wide-ranging adoption in monitoring agriculture and natural resource. Geospatial analytics solutions are used majorly for surveying purposes in the agricultural industry to understand topsoil erosion. Nevertheless, the military intelligence application is projected to rise as the highest growing segment over the estimation period. The growth of this segment is majorly accredited to the growing number of remote sensing satellites worldwide for border guarding, which thereby demands the usage of geospatial analytics. 

Network and Location Analytics Adopted Across Applications

In 2021, the largest segment by type in the geospatial analytics market by type was network and location analytics which accounted to about 40% of the total revenues in the same year. This segment remained high due to its application in utility networks, transportation networks, and networks based on social connections. The network and location analytics segment remains the highest due to wide range applications in planning operations and social networking data analytics. Increased application of GPS technologies, social media, and so on has increased the recent traction of the market. The network and location analytics establishes trends between complex relationships between multi-parametric data points. This adds significant value by providing visual patterns and images that enable an enhanced decision-making process. 

Software – The Brain of Geospatial Analytics

Software remains the key element of the geospatial analytics segment that provides elementary function such as data capture to sophisticated functions such as deriving trend line and forecasting, recognizing patterns, and also provides response management.  Geospatial analytic software enables visualization of data through maps and networks. It also offers better foresight by providing real time data that account for various changes and enabling the user to decide on future course of action and response to the potential changes. It enables derive a targeted solution based on various geographical data input that enable build a successful plan or business.

High Cost of Services Curtailing Its Application

Although the geospatial analytics services are crucial for effectively benefitting from the technology its acceptance levels is constrained due to high cost of consultation and integration. To attain high level of efficiency complete enterprise integration is required; however, this level of integration comes with significant cost. Similarly small to medium level geospatial analytic companies have limited operations hence do not see the role of service providers as very crucial. However, increasing application of geospatial analytics to deal with large level data in many industries are enabling the uptake of geospatial analytics services to expand business revenues and opportunities.

Access to Technology Drives Revenues in North America

The geospatial analytics market in North America hit the largest revenue share in 2021. Access to enhanced technology, increased investment in R&D, aggressive focus on innovation by domestic companies, enhanced infrastructure with respect to satellite mapping and data infrastructure, and availability of structured data are the key reason for the increased market revenues in the U.S.

Highly Fragmented Market with Numerous Market Players

The geospatial analytics market is fragmented and characterized by the presence of both domestic and global players. The players in the geospatial analytics market are centering their efforts for developing new Product ranges catering to various applications. Major players in the market include Maxar technologies, Hexagon AB, Trimble, Alteryx, RMSI, Fugro and L3Harris.  The other tertiary player includes SAP, Google, GE Grid, Esri, MapLarge, Bentley Systems, Inc., Oracle Corporation.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Geospatial Analytics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Geospatial Analytics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Geospatial Analytics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Geospatial Analytics market?
• Which is the largest regional market for Geospatial Analytics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Geospatial Analytics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Geospatial Analytics market worldwide?