Geospatial Analytics Market was valued at USD 126.22 billion in 2022 and is expected to rise from USD 142 billion in 2023 to reach a value of USD 364.34 billion by 2031, at a CAGR of 12.5% during the forecast period (2024–2031).
Geospatial analytics market is speedily transforming due to the growing significance of geospatial data in real-time, mounting use of drones, and UAVs, and growth of 3D geospatial data among others. The manifold uses of GIS technology are remarkably offering imprints in several sectors. Moreover, the forthcoming years will expect a heavy rise in its applications, thereby impacting the market growth. Growing number of improvements in machine learning and artificial intelligence to examine GIS data is fueling the geospatial analytics market.
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Top Players in the Geospatial Analytics Market
- GOOGLE (US)
- ALTERYX (US)
- HEXAGON AB (Sweden)
- TOMTOM (Netherlands)
- MAXAR TECHNOLOGIES (Canada)
- TRIMBLE (US)
- PRECISELY (US)
- ESRI (US)
- CALIPER CORPORATION (US)
- BLUE MARBLE GEOGRAPHICS (US)
- RMSI (India)
- MAPLARGE (Germany)
- GENERAL ELECTRIC (US)
- BENTLEY SYSTEMS (US)
- FUGRO (Netherlands)
- ORBITAL INSIGHT (US)
- MAPIDEA (US)
- GEOSPIN (US)
- SPARKGEO (US)
- ORBICA (US)
- DESCARTES LABS (Canada)
- REMOT TECHNOLOGIES (US)
- CARTO (US)
- MAPBOX (US)
Machine learning and artificial intelligence are heavily used to create novel and modernized approaches to gather, process, and study geospatial data. For instance, artificial intelligence is currently being used to make fresh algorithms and picture classification and detection of objects. Machine learning is being applied to make novel models to project natural calamities and several other disastrous events. ML and AI are actively used in geospatial analysis for better automation of jobs, enhance precision, and obtain fresh visions from the data. In the coming years, ML and AI are expected to grow with optimal efficiency and sophistication.
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Segments covered
Offering
Solution (Type [Geocoding & reverse geocoding, Data integration & ETL, Reporting & visualization, Thematic mapping & spatial analysis and Other] and Deployment [ On-Premises and Cloud]) and Services (Consulting Services, Deployment & Integration and Training Support & Maintenance)
Technology
Remote Sensing, Global Positioning Systems, Geographic Information Systems and Other
Vertical
Energy & Utility (Asset Management, Network Analysis, Outage Management System, Wildlife Fisheries Science & Management and Other), Government (Land Management, Optimization & Location-allocation Modelling, Public Safety & Emergency Management, Environmental Monitoring and Other), Defence & Intelligence (Real-time Situational Awareness, Terrain Analysis & Visualization, Intelligence Analysis, Logistics Planning and Other), BFSI (Risk Assessment, Credit Scoring, Mobile Banking, Insurance Claims Management and Other), Real Estate & Construction (Recreation Planning & Management, Land Surveying & Mapping, Urban & Regional Planning, Real Estate Portfolio Management and Other), Healthcare & Life science (Disease Mapping, Health Resource Allocation, Emergency Response Planning, Medical & Public Safety and Other), Mining & Natural Resources (Resource Mapping, Land Resource and Inventory Management, Environmental Monitoring, Geological Hazard Mapping, Mining Operations Management and Other), Automotive (Fleet Management, Traffic Management, Problem Detection & Management, Smart Parking & Tolling, Autonomous Vehicle Navigation and Other), Agriculture (Smart Farming, Soil Mapping, Crop Monitoring, Land Management, Pest & Disease Management and Other) and Others
Geospatial AI to Hold Profound and Broad Applications in Coming Years
Sensors’ miniaturization is considerably driving the market to new heights. Small-size sensors are highly efficient, economic, and user-friendly. Their applications can offer an efficient andeconomical way to collect information in real-time. Also, geospatial AI makes use of AI algorithms to study and understand huge amounts of data that comprises geographic data like satellite imagery, maps, GPS data and other sources of data. By using AI technologies like deep learning and ML, geospatial AI can detect problems, predict the future, and identify changes automatically associated with certain areas. Geospatial AI holds a wide range and profound applications. It can also be used in environment monitoring for tracking alterations in ecosystems, urban planning to enhance infrastructure development, and disaster management to study the effect of natural calamities.
In December 2023, Indian Public Policy Think Tank (CKS) Centre for Knowledge Sovereignty and Esri India Technologies Pvt Ltd, a dedicated GIS solutions provider signed an agreement to introduce the (MMGEIS) program, also known as ‘Master Mentors Geo- Enabling Indian Scholars’. This program’s objective is to make the nation a global geospatial technology center by aiming pupils from 8th standard to undergraduates.
In August 2022, T-Hub announced alliance with Hexagon, a leading provider of digital reality technologies to develop a Geospatial Experience Center at T-Hub. This alliance will help both companies to speed up India’s rising ecology by offering technical skill to new entrants.
In July 2024, Trimble pronounced enlarging of their long-established alliance with Esri to improve partnership in GIS software, mapping and location intelligence. Current efforts improved approaches to enhance process, automate workflows, and aid decision-making that allow green infrastructure planning, building, and operations for mutual clients.
In July 2024, CARTO, a platform that offers cloud-native spatial analysis declared the introduction of CARTO AI Agents in a secretive opening. The leading technology in the industry efficiently combines geospatial technology with AI.
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Continuous Evolutions and Progressing Trends and Technologies to Broaden Applications
The geospatial analytics market is continuously transforming with technologies and trends, which will further advance and notably intensify applications. The geospatial analytics market is itself witnessing significant changes. The progressing technologies and trends 5G, edge computing, digital twins, and more are projected to impact the process of data collection, processing, and uses. These trends will undoubtedly impact on its broader range in various sectors and industries.
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