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The geospatial analytics market size is estimated to grow at a CAGR of 17.72% between 2022 and 2027. The geospatial analytics market size is forecast to increase by USD 102.97 billion. The growth of the market depends on several factors, including the increasing adoption of geospatial data analytics in the healthcare and insurance sectors, rising applications of geospatial data analytics in disaster management, and growing requirement for real-time data capture.
This geospatial analytics market report extensively covers market segmentation by technology (GPS, GIS, remote sensing, and others), end-user (BFSI, government and utilities, telecom, manufacturing and automotive, and retail and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing adoption of geospatial data analytics in healthcare and insurance sectors is notably driving market growth, although factors such as data privacy and security concerns may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing adoption of geospatial data analytics in the healthcare and insurance sectors is notably driving the market growth. Evidence-based medicine heavily depends on geography and spatial relationships. For example, Dr. John Snow tracked cholera deaths caused by a contaminated water source in the Soho neighborhood of London in the 1840s using a map. This was the healthcare sector's first application of analytics. Geodata infrastructure is used in medical informatics to improve patient care and personal health. Tracking the water quality in major cities, examining a person's location information and exposure to chemicals, and visualizing the risk of heart disease and stroke are a few of the major applications.
Furthermore, global demand for geospatial data analytics solutions is also being driven by the growing applications of geospatial data analytics in mapping the infected areas (of the human body) and the rising popularity of medical tourism. Hence, such factors will boost the growth of the market during the forecast period.
The emergence of smart cities is an emerging trend in market growth. The term smart cities refer to the integration of various digital technologies that will improve communication between devices by enhancing their performance, lowering costs, and assisting in the efficient use of resources. End-users can respond to urban settlement challenges more quickly with the aid of smart cities. During the forecast period, there will be an increase in the number of smart cities. As a result, it is anticipated that the installed smart devices in these smart cities will generate a significant amount of data. In order to innovate for a better future with faster connectivity and provide prompt suggestion-based services, this data will need to be analyzed.
GIS is increasingly being used in the creation of smart cities. The goal of the smart city concept is to create a comprehensive system that makes use of geospatial data to comprehend the intricacies of urban systems as well as their effectiveness and security. The design of the urban digital model, data collection using the sensing layer, data analysis, interactive data presentation, and system control are a few of the many steps that go into putting smart city projects into action. GIS is essential to each of these procedures. GIS enables managers of smart cities to control urban operations through a popular and user-friendly digital platform. Thus, the rising development of smart cities will propel the growth of the global market during the forecast period.
Data privacy and security concerns are major challenges impeding market growth. As devices are connected via the internet and rely on the use of both private and public networks, data privacy and security issues are the main challenges for any organization. A highly secure environment must be created as important data is transferred through the system networks. A system network for an organization also includes a variety of devices, which occasionally may lead to interoperability problems.
Data breaches and cybersecurity problems have increased as a result of increased connectivity and data sharing. In the past, cybersecurity efforts were focused on a limited number of connected devices. The Internet of Things (IoT) revolution, however, will cause a significant blending of the real and virtual worlds. In comparison to the privacy breaches of personal data, the potential economic loss from cyberattacks on industries is substantial. Therefore, in an industrial setting, the risk of cyberattacks on the data gathered used sensors and devices is high. Such information can be accessed online and must go through authentication layers. Thus, these factors will adversely affect the growth of the global market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Geospatial Analytics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CartoDB Inc. - The company offers GIS, web mapping, and spatial data science tools for data analysis and visualization. The key offerings of the company include geospatial data analytics for cloud connectivity, integration, and visualization.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the GPS segment will be significant during the forecast period. GPS allows for the georeferencing, positioning, navigation, and control of time and frequency. This helped the GPS to become the largest segment of the global geospatial data analytics market in 2022 and the trend is also expected to continue.
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The GPS segment was valued at USD 28.05 billion in 2017 and continued to grow until 2021. The use of a GPS as a data input for a GIS is becoming more common, particularly for collecting field data and locating precise geospatial data. It is a satellite-based radio navigation system owned by the US government and run by the US Space Force and is also one of the geospatial data analytics technologies. It is a GNSS that enables the transmission of geolocation and time data to a GPS receiver anywhere on or near the Earth where there is an unhindered line of sight to four or more GPS satellites. Thus, GPS technology is expected to help in the precise positioning of geospatial data, which will foster the demand for GPS technology in the global market during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America was the largest region of the global geospatial data analytics market in 2022 and will continue to be the largest segment of the market during the forecast period. North America is a desirable market for GIS products because it was a pioneer in implementing cutting-edge technologies across industries. The industrial sector is technologically advanced and developed throughout the region. Since the industry is more developed, there are more success stories, which eventually causes technology adoption to accelerate. In addition, the top vendors in the market that have a strong presence and penetration in the region will also contribute to the market growth during the forecast period.
One of the most desirable markets in the area for GIS products is the US. It is a significant source of revenue for the regional market because it is the global industrial hub and a pioneer in implementing cutting-edge technologies. In the US, the telecommunications and healthcare industries both make extensive use of geospatial data analytics solutions. The US market for geospatial data analytics is dominated by Esri Global Inc. Similarly, Canada makes a sizable contribution to the regional geospatial data analytics market. Due to the increased adoption of geospatial data analytics solutions by the government, utilities, and telecommunications sectors, the market in Canada is also anticipated to expand quickly. Thus, the above-mentioned factors will boost the growth of the regional market during the forecast period.
The outbreak of COVID-19 in 2020 impacted the regional market significantly. However, in 2021, the US carried out vaccination drives to contain the spread of COVID-19, using GIS mapping software and location intelligence technology. The demand for COVID-19 vaccines surged during the second half of 2021, and therefore, the demand for such mapping software, GIS tools, and dashboards increased significantly for the tracking of people flows in hospitals, retail pharmacies, provider clinics, and emergency centers. Moreover, due to the lockdown and social distancing norms implemented during the pandemic, geospatial data analytics and other digital solutions had become more popular for remote work and data sharing. Overall, the pandemic has accelerated the adoption of geospatial data analytics in North America. Hence, such factors will fuel the growth of the market in North America during the forecast period.
The geospatial analytics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global geospatial data analytics market as a part of the global application software market within the global IT software market. The parent global application software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Geospatial Analytics Market Scope |
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Report Coverage |
Details |
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Page number |
188 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.72% |
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Market growth 2023-2027 |
USD 102.97 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
14.97 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 39% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alphabet Inc., Alteryx Inc., Autodesk Inc., Bentley Systems Inc., CartoDB Inc., Development Seed, Esri Global Inc., Fugro NV, General Electric Co., Geomap Co., Hexagon AB, International Business Machines Corp., L3Harris Technologies Inc., Maxar Technologies Inc., Pitney Bowes Inc., QlikTech international AB, SAP SE, TomTom NV, Topcon Positioning Systems Inc., and Trimble Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Historic Market Size
6 Five Forces Analysis
7 Market Segmentation by Technology
8 Market Segmentation by End-user
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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