According to report “Geospatial Analytics Market by Type (Surface Analytics, Network Analytics & Geovisualization), Technology (Remote Sensing, GPS & GIS), Application (Surveying, Medicine & Public Safety, and Others), Vertical, and Region – Global Forecast to 2021″, the geospatial analytics market is projected to grow from USD 30.71 Billion in 2016 to USD 73.91 Billion by 2021, at a CAGR of 19.2% from 2016 to 2021.
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The market is primarily driven by the demand for the integration and convergence of geospatial information with mainstream technologies, as well as the commoditization of geospatial data for various industries. Moreover, the rising demand for geospatial analytics solutions with artificial intelligence capabilities in various industries and the rising adoption of geospatial solutions for safety and security are driving the geospatial analytics market.
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Global Positioning System (GPS) segment is expected to grow at the highest CAGR during the forecast period
Based on technology, the geospatial analytics market has been segmented into GPS, remote sensing, GIS, and others. The GPS segment of the geospatial analytics market is expected to grow at the highest CAGR from 2016 to 2021. It provides tremendous capabilities in consumer, commercial, industrial, and military applications, which is leading to the high growth of the GPS segment of the geospatial analytics market.
Surveying segment is expected to lead the geospatial analytics market during the forecast period
Based on application, the geospatial analytics market has been segmented into surveying, medicine & public safety, disaster risk reduction & management, climate change adaptation, and others. The surveying segment is projected to lead the geospatial analytics market during the forecast period. The rising demand for surveying geospatial solutions in various sectors such as infrastructure development to optimize the use of available resources is leading to the growth of this segment.
Automotive segment is projected to grow at the highest CAGR the during the forecast period
Based on vertical, the geospatial analytics market has been segmented into business, automotive, utility & communication, government, defense & intelligence, natural resources, and others. The automotive segment of the geospatial analytics market is estimated to grow at the highest CAGR during the forecast period due to the increasing use of geospatial technologies in the automotive industry globally.
Asia-Pacific geospatial analytics market is estimated to grow at the highest CAGR during the forecast period
Based on region, the geospatial analytics market has been segmented into North America, Europe, the Asia-Pacific region, Middle East & Africa, and Latin America. The highest growth rate in the Asia-Pacific region can be attributed to the increasing adoption and usage of geospatial analytics in high growth industrial sectors in the Asia-Pacific region. Infrastructure and smart city developments are also driving the geospatial analytics market in this region.
The major players in this market include, Trimble Navigation LTD. (U.S.), Hexagon AB (Sweden), Harris Corporation (U.S.), DigitalGlobe, Inc. (U.S.), Bentley Systems, Inc. (U.S.), ESRI (U.S.), General Electric Co. (U.S.), MacDonald, Dettwiler & Associates, Ltd. (Canada), Fugro N.V. (Netherlands), and RMSI (India), among others.
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