Geospatial Analytics Market : Investment Trends, Growth and Future Market Analysis by 2024

Geospatial analytics helps in display, gathering and management of imagery along with satellite photography, GPS and collection of historical data that is inscribed in a geographic arena in terms of postal code and street address. The global geospatial analytics market is expected to grow at a significant rate during the forecast period. Technological advancements and advent of latest technologies such as IoT (Internet of Things), big data and artificial intelligence along with exaggerating requirement of this system among various business enterprises in developed as well as developing economies is expected to accentuate the growth of geospatial analytics market considerably across the globe.

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Rapid increase in the adoption of latest technologies and increasing demand for location based services are the key trends observed in the growth of the geospatial analytics market, globally. The technologies such as spatial & biz analytics, location enabled services, IoT, AR and VR are among a few technologies that are drastically emphasizing upon the need for geospatial analytics system.

The increasing up-gradation of geospatial analytics with the help of artificial intelligence and big data analytics is the key factor that is driving the growth of the geospatial analytics market. The geospatial system in AI technology is observing rampant adherence due to extensive adoption of geospatial data. According to a recent report, it has been observed that approximately 80% of the data that is being developed and soured is in spatial form and in order to exploit that data AI technology and automation is used that further makes the data useable for various other industry domains.

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Geographically, geospatial analytics market in North America generated the largest revenue in 2017, globally and is further anticipated witnessing considerable growth during the forecast period. The growth of the market in this region is attributed towards technological advancement and increasing adoption of innovative technologies such as big data, cloud computing, artificial intelligence, Internet of Things (IoT), business intelligence tools and Artificial Intelligence (AI). Moreover, extensive security measures across several border areas are further anticipated to accentuate the growth of geospatial analytics market in North America.

The geospatial analytics market is fragmented and the key players operating in the market include DigitalGlobe, Alteryx, Fugro N.V., RMSI, Hexagon, SAP, Maxar Technologies, Trimble Navigation, MapLarge, Bentley Systems, Harris Corporation, ESRI, Pitney Bowes, General Electric Company, Oracle and Google.

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