by The global Geospatial Analytics Market is estimated to be valued at US$ 63.68 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geospatial analytics offers location-based insights through various tools such as geospatial analytics platforms and services to identify and analyze patterns, relationships and trends in spatial data. It combines various data sources such as geographic information systems and data analytics techniques to gather deeper insights and to understand spatial patterns and relationships across various locations. Geospatial analytics helps organizations in various sectors such as agriculture, transportation, urban planning and others for applications such as site selection, asset management, population estimation and risk assessment.
Market key trends:
The increasing adoption of location-based applications across various industries is a major trend. For instance, geospatial analytics is used by social media companies to analyze consumer behavior of users in a particular area and to serve location-based targeted ads. Automobile manufacturers are also using geospatial analytics to analyze driving patterns in different locations to enhance safety features. In addition, rising usage of geospatial analytics by utility companies for applications such as locating underground utility lines and assessment of renewable energy sources in a given region is supplementing the market growth. Technological advancements in the field of IoT, artificial intelligence and cloud computing are further augmenting the geospatial analytics market.
Porter’s Analysis
Threat of new entrants: The growing focus on technological innovation and high capital requirements pose challenges to new entrants in the Geospatial Analytics Market Size.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of solutions from various geospatial analytics solution providers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute products and services.
Threat of new substitutes: Emerging technologies such as artificial intelligence and cloud computing pose a threat of substitution.
Competitive rivalry: The geospatial analytics market features the presence of numerous solution providers leading to high competitive rivalry.
Key Takeaways
The global geospatial analytics market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing adoption of location-based services and applications across industries.
The North America region is expected to hold the largest share of the geospatial analytics market during the forecast period. This is attributed to the presence of major players and growing adoption of geospatial analytics across various industry verticals including government & public sector, real estate, agriculture, and others in the region.
Key players operating in the geospatial analytics market are Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. Alteryx, Inc. offers products such as Alteryx Designer, Alteryx Server, Alteryx Analytics Gallery, Alteryx Connect, and Alteryx Promote for spatial data analytics and visualization.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
