DUBLIN–(BUSINESS WIRE)–The “Geospatial Analytics Market by Component, Solution (Geocoding and Reverse Geocoding and Thematic Mapping and Spatial Analytics), Service, Type, Technology, Deployment Mode, Organization Size, Application, Vertical, and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The geospatial analytics market size is projected to grow from USD 59.5 billion in 2021 to USD 107.8 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.
The major factors driving the growth of the geospatial analytics market include the increasing number of AI and ML based GIS solutions, development of smart cities and urbanization, advancement in big data analytics, and increased deployment of IoT sensors across locations.
Based on type, network and location analytics segment is estimated to grow at the highest CAGR during the forecast period
Based on type, network and location analytics is estimated to grow with the highest CAGR during the forecast period. Network and location analytics is primarily used to solve complex routing problems by businesses in the transportation and logistics vertical. Most of the verticals are expected to adopt network and location analytics solutions in the coming years to reduce additional time and costs incurred due to less efficient networks.
On-premises deployment mode to lead the market during the forecast period
The on-premises segment is estimated to lead the geospatial analytics market due to security and data privacy concerns. Organizations are making the use of geospatial analytics solutions and services for increasing business agility and productivity by gaining valuable insights on various regions and changing business trends around the world.
North America to lead the market share and Asia Pacific to grow at the highest CAGR during the forecast period
North America is one of the most prominent regions in the geospatial analytics market. In North America, geospatial analytics technologies are extensively used in applications such as construction, agriculture, transportation, and utilities. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Due to the growing demand for niche technologies, such as AI, Internet of Things (IoT), big data, and ML the adoption of geospatial analytics is a must for developed and developing countries.
- Increasing Number of Ai and Ml-Based Gis Solutions
- Development of Smart Cities and Urbanization
- Increased Deployment of IoT Sensors Across Locations
- Advancements in Big Data Analytics
- Concerns Related to Geoprivacy and Confidential Data
- High Cost of Gis Solutions and Geospatial Data Barriers
- Technical Advancements in 4D Gis Software
- Advancements in 5G Communications Technology
- High Adoption Rate in Small and Medium-Sized Enterprises
- Lack of Awareness Related to Capabilities and Benefits of Geospatial Analytics
- Lack of Skilled Manpower
- Bentley Systems
- Descartes Labs
- General Electric
- Geomatic Consulting International
- Geoviet Consulting
- GIS Co. Ltd
- Here Technologies
- Hexagon Ab
- Imago Global
- Mandalay Technology
- Maxar Technologies
- Orbital Insight
- Pasco Corporation
- Remot Technologies
- Skymap Global
- Suntac Technologies
- Vegastar Technology
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