Geospatial Analytics Market size is projected to grow from USD 59.5 billion in 2021 to USD 107.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period according to a new report by MarketsandMarkets™. 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 of big data analytics, and increased deployment of IoT sensors across locations.
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Increased internet connectivity due to advancements in communication technology and increased flexibility due to cloud computing is changing the way companies are delivering software and services to their customers. Geospatial analytics solution providers are also taking advantage of this improved business ecosystem to provide their customers with easy access to geospatial data. With cloud computing, several users can easily access geospatial data and leverage cloud computing resources to perform analysis and mapping.
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Among the solutions, the data integration and ETL segment is estimated to grow with the highest CAGR during the forecast period. The data integration and ETL solution is used to carry out these associated tasks. Data can be obtained from various sources, including mobile devices, business applications, sensors, and Radio Frequency Identifications (RFIDs). The data obtained can be linked to location data and analyzed with the help of location analytics. ETL helps in extracting geographic data from any source system, transforming it into a format based on users’ needs, and loading it in target systems.
Based on application, the surveying segment is leading the geospatial analytics market in 2021. Surveying is a technique to determine distances and angles between two points on the earth’s surface. It plays a central role in infrastructure development, transportation planning, land boundary determination, construction planning, urban planning, and smart city development. Surveyors use GNSS hardware and GIS software to collect, import, convert, and store geographic data. The demand for surveying in planning and construction would boost the demand for the surveying application.
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Asia Pacific is expected to be the fastest-growing market for geospatial analytics. In this region, geospatial technologies are utilized for rural and agricultural development. In APAC, companies are engaged in engineering and construction, mining and manufacturing, insurance, and agriculture and implement GIS technologies to identify potential markets and use geospatial information to make strategic decisions. In addition, the development of smart cities in China, India, and other Southeast Asian countries has driven the demand for 3D GIS in this region.
4D GIS assembles a large volume of information in a simple manner to provide better decision-making. 4D GIS tools can be used to monitor various changes, such as monitoring changes in weather or monitoring the progress of construction work overtime. Geospatial technologies are being increasingly used to incorporate spatial geographic data and analyze and visualize space across time. 4D GIS data includes 2D data, 3D data, and time change data. Technical advancements in the 4D GIS software represent a significant opportunity for geospatial analytics service providers.
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