The global market for geospatial analytics is estimated to grow at a CAGR of 14.07% during the forecast period. The principal factors driving the market growth are recent developments leading to the integration of geospatial practices, increased usage of spatial services in novel applications, and commercialization of spatial data.
Geospatial analytics refers to a wide range of activities, emphasizing on applying different techniques to data, which comprises of geographical or space-related characteristics. Geospatial data is expected to grow rapidly in the coming years with trends such as the Internet of Things (IoT). Geospatial analytics is expected to grow at a rate of 20% per year. The combination of Geographical Information System (GIS) and data analytics yields immense benefits as it offers deep insights into what is impacting customer behavior. Geospatial data helps in detecting and preventing fraud by providing information about the location of the fraud.
The obstacle to the adoption rate of geospatial analytics is caused by high costs and operational concerns. Though the overall costs of geospatial analytics have reduced in the last decade, it remains the main issue for small and medium-sized companies. GIS and other mapping technologies involve privacy-related concerns. In the US, geospatial data related to natural resource management and agriculture was involved in legal hassles. However, such legal hassles are expected to be cleared through detailed regulation during the forecast period.
The geospatial analytics market is researched geographically on the basis of markets located across the regions of North America, Asia Pacific, Europe, and the Rest Of the World. As of 2019, the market region of North America holds the largest market share in terms of revenue, and is estimated to continue the trend by the end of the projected period. This is ascribed to defense,intelligence, transportation, and logistics. The region of Asia Pacific is projected to be the fastest-growing market in terms of revenue. One of the major factors boosting the market growth is the spreading of geographical data and adoption of cloud analytics by various industries.
Some of the leading players present in the market are MacDonald, Dettwiler and Associates Ltd., Bentley Systems Inc., Trimble Inc, Environmental Systems Research Institute, Inc., Intermap Technologies, Inc., etc.
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