Geospatial Analytics Market Illustrating Extensive CAGR of 16.46% – Technology Advancement is the Key

The geospatial analytics market for surveying reached US $45,130 Mn in the year 2019 and is expected to reach US $2,05,870 Mn by 2029 growing at a CAGR of 16.46% during the forecast period 2021 to 2029. Introduction of sophisticated tools such as 3D tools, HD imagery, terrestrial scanning, artificial intelligence, internet of things (IOT), Big data have all boosted the application of geospatial analytics market and have enhanced the precision, and analytical input required for surveying purpose. Increased application of GPS technologies, social media and so on has increased the recent traction of the market. The network and location analytics establishes trend between complex relationships between multi-parametric data points. This adds significant value by providing visual patterns and images that enables enhanced decision making process. 

In 2020, the largest segment by type in the geospatial analytics market by type was network and location analytics that accounted to about 40% of the total revenues in the same year. This segment remained high due to its application in utility networks, transportation networks and networks based on social connections. Network and location analytics segment remains the highest due to wide range application in planning operations and social networking data analytics.

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The geospatial analytics market in North America hit the largest revenue share in 2020. Access to enhanced technology, increased investment in R&D, aggressive focus on innovation by domestic companies, enhanced infrastructure with respect to satellite mapping and data infrastructure, availability of structured data are the key reason for the increased market revenues in the U.S.

The geospatial analytics market is fragmented and characterized by the presence of both domestic and global players. The players in the geospatial analytics market are centering their efforts for developing new Product ranges catering to various applications. Major players in the market include Maxar technologies, Hexagon AB, Trimble, Alteryx, RMSI, Fugro and L3Harris.  The other tertiary player includes SAP, Google, GE Grid, Esri, MapLarge, Bentley Systems, Inc., Oracle Corporation.

Key Market Movements:

• The geospatial analytics market for surveying reached US $45130 Mn in the year 2019 and is expected to reach US $205870 Mn by 2029 growing at a CAGR of 16.46% during the forecast period 2021 to 2029.
• The surveying segment had highest share in the global geospatial analytics market.
• The growth is mainly attributed to its wide-ranging adoption in monitoring agriculture and natural resource.
• The largest segment by type in the geospatial analytics market by type was network and location analytics that accounted to about 40% of the total revenues in 2020.
• The largest segment by type in the geospatial analytics market by component was software segment.
• North America was the largest contributor of geospatial analytics market revenue in the year 2020. North America contributed over 41% of the total revenues generated by the geospatial analytics market in 2020.
• The geospatial analytics market is fragmented and characterized by the presence of both domestic and global players.
• Major players in the market include Maxar technologies, Hexagon AB, Trimble, Alteryx, RMSI, Fugro and L3Harris.  The other tertiary player includes SAP, Google, GE Grid, Esri and so on.
  

The Global Geospatial Analytics Market is Segmented into:

ATTRIBUTE	DETAILS
Research Period	2019-2029
Base Year	2020
Forecast Period	2021-2029
Historical Year	2019
Unit	US$ Million
Segmentation	Component Segment (2019-2029; US$ Mn)
	Type Segment (2019-2029; US$ Mn)
	Application Segment (2019 – 2029; US$ Mn)
	End-use Vertical Segment (2019 – 2029; US$ Mn)
	Geography Segment (2019–2029; US$ Mn)

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