Geospatial Analytics Market Size, Share, Industry Trends and Forecast to 2030

Geospatial Analytics Market Size & CAGR in 2021

The global geospatial analytics market is expected to have a growth rate of 14.5% CAGR from 2021 to 2026. The market size is anticipated to reach USD 145.3 billion by 2026.

COVID-19 Impact on the Geospatial Analytics Market

The COVID-19 pandemic had a significant impact on the geospatial analytics market. The restrictions imposed due to the pandemic led to a surge in demand for location-based services, which in turn increased the adoption of geospatial analytics solutions across various industries.

Companies started using geospatial analytics to track the spread of the virus, plan healthcare resources, and optimize supply chains. This increased utilization of geospatial data to combat the pandemic positively impacted the market growth.

Geospatial Analytics Dynamics

The geospatial analytics market is driven by the increasing adoption of location-based services, advancements in satellite technology, and the growing demand for real-time location data. Organizations are utilizing geospatial analytics to gain insights, improve decision-making, and enhance operational efficiency.

Furthermore, government initiatives for smart city development, the rise in location-based marketing strategies, and the integration of artificial intelligence and machine learning techniques in geospatial analytics are contributing to the market's growth.

Segments and Related Analysis

The geospatial analytics market is segmented based on components, deployment models, applications, and verticals. The components include software and services, while deployment models consist of cloud-based and on-premises solutions.

In terms of applications, the market is categorized into surveying, disaster management, climate change, urban planning, and others. Verticals in which geospatial analytics are widely used include government, defense, healthcare, energy, and transportation.

By Region Analysis

In 2021, North America held the largest market share in the geospatial analytics market due to the presence of key market players, technological advancements, and high adoption rates of analytics solutions. The region is expected to maintain its dominance throughout the forecast period.

Asia Pacific is anticipated to witness significant growth in the geospatial analytics market owing to the increasing investments in infrastructure development, smart city projects, and digital transformation initiatives. Countries like China, India, and Japan are driving the market growth in this region.

Key Market Players and Competitive Landscape

Some of the key players in the geospatial analytics market include Google LLC, Esri, Trimble Inc., Hexagon AB, IBM Corporation, Oracle Corporation, SAP SE, Microsoft Corporation, and TomTom International BV.

The market is highly competitive, with companies focusing on product innovations, strategic partnerships, and acquisitions to gain a competitive edge. Technological advancements and the development of AI-driven geospatial analytics solutions are key trends in the market.

Recent Happenings in the Geospatial Analytics Market

- In September 2021, Google LLC launched new geospatial analytics tools to enhance location intelligence and mapping capabilities for businesses.

- Esri partnered with NVIDIA Corporation in November 2021 to optimize AI-driven geospatial analytics solutions for real-time data processing and analysis.

- Trimble Inc. announced the acquisition of KOREC Group in January 2022 to expand its geospatial solutions portfolio and strengthen its presence in the European market.

These recent developments highlight the growing importance of geospatial analytics in various industries and the continuous innovation in the market to meet evolving business needs.