The global geospatial analytics market is expected to grow at a significant rate during the forecast period. Technological advancements and the advent of the 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, propelling the growth of the market. Geospatial analytics helps in the 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.
Based on the application, the global geospatial analytics market is categorized into medicine and public safety, climate change adaptation, surveying, disaster risk reduction and management, and others. Of all, the surveying application accounted for the largest share in 2017 due to the development of the latest technologies such as sensors in which a large volume of geospatial data is accessible. Geospatial analytics systems are used at the time of natural calamity along within various industries such as mining, defense & government, infrastructural development, and agriculture in order to exploit existing possessions in an optimum manner.
The global geospatial analytics market has been driven by several key factors, predominantly increasing upgradation of geospatial analytics with the help of artificial intelligence and big data analytics. The geospatial system in AI technology is observing rampant adherence due to the 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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Furthermore, increasing dispersion of the internet of things (IoT) is another factor driving the growth of the geospatial analytics market, globally. There are several sensors such as scanners and cameras that provide data to smart systems on an everyday basis that includes the data regarding transport, healthcare, energy, and agriculture. Several industry domains are utilizing this data in order to predict the failure of machinery and further order it automatically before it becomes obsolete. Moreover, increasing adoption and benefits of these latest technologies are helping the business organizations in the effective functioning of their business operations that are thereby driving the growth of the global market.
North America has been one of the largest consumers of geospatial analytics during the forecast period. The growth of the market in this region is attributed to 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.
Some of the key players operating in the global geospatial analytics market are 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.