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(Transportation-News.com, March 20, 2018 ) Global Geospatial Analytics Market Vertical, and Regional Market Size, Status and Forecast to 2025
The Global Geospatial Analytics Market was valued at USD 30.68 billion in 2016 and is projected to reach USD 150.75 billion by 2025, growing at a CAGR of 19.35% from 2017 to 2025.
Geospatial analytics is the analytic solution providing insightful information on satellite images and data captured from various geospatial technologies including remote sensing, geographic information systems, and global positioning system.
The major players in this market include, Trimble Navigation LTD. (U.S.), Hexagon AB (Sweden), Harris Corporation (U.S.), DigitalGlobe, Inc. (U.S.), Bentley Systems, Inc. (U.S.), ESRI (U.S.), General Electric Co. (U.S.), MacDonald, Dettwiler & Associates, Ltd. (Canada), Fugro N.V. (Netherlands), and RMSI (India), among others.
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Geospatial analytics could be used for analyzing market segmentation on the basis of demography, lifestyle and behavioral. This analysis would help organizations to design their promotional programs and targeting new customers. The need for reducing operational and logistic costs by organizations is anticipated to drive the growth of geospatial analytics market. Government could use geospatial analytics to map crime locations, issue alerts in situation of natural calamities and designing disaster recovery mechanisms.
Emergence of smart cities and increasing demand for innovating technologies in developing countries is likely to boost the market for geospatial analytics. The market is anticipated to grow with the increasing usage of GPS enabled smartphone devices. Innovations in drone technology would also increase the opportunities in geospatial analytics market. The major challenge for the market is the privacy issues related to storage of geospatial data. Legal issues related to storage of personal information could also hamper the growth of market. Moreover, initial setup of geospatial analytics products require high investment, therefore could impact the growth of the market.
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Global positioning system comprises 24 satellites that orbit around earth for determining exact position of an object on earth. Geo tagging is addition of geographical data to media such as images and websites in the form of meta-data. Geospatial analytics products combine geographic data and business data to gain information that supports business decisions such as logistics and marketing.
Market Dynamics:
Market Drivers
1.1 Emergence of big data in geospatial analytics
1.2 Adoption of cloud computing in geospatial analytics
1.3 Better and less expensive geospatial content available
1.4 Rising need of security and safety
1.5 Commoditization of geospatial information
1.6 Integration of geospatial analytics with AI
Market Restraints
2.1 Issues with integration of geospatial data with enterprise solutions
2.2 Complex regulations and policies
2.3 Costly solutions
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