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Geospatial Analytics Market Poised to Reach 86.32 Billion USD by 2023 at a CAGR of 16.3%

(IT-NEWSWIRE.COM, June 11, 2018 ) According to report "Geospatial Analytics Market by Component (Software & Solution, Service), Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization), Application (Surveying, Medicine & Public Safety), Vertical, and Region - Global Forecast to 2023", the geospatial analytics market size is estimated to be USD 40.65 Billion in 2018 and is projected to reach USD 86.32 Billion by 2023, at a CAGR of 16.3% from 2018 to 2023.

The increasing penetration of Internet of Things (IoT), integration of geospatial technology with mainstream technologies, and advancements in geospatial analytics with the introduction of artificial intelligence and big data analytics are driving the market growth.

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Based on component, the services segment of the geospatial analytics market is expected to witness the highest growth during the forecast period.

Based on component, the services segment is projected to grow at the highest CAGR during the forecast period. The need for appropriate training & support services, post the deployment of geospatial analytics software & solutions, is projected to drive the growth of the services segment.

Based on application, the surveying segment is estimated to lead the geospatial analytics market in 2018.

Based on application, the surveying segment is estimated to lead the geospatial analytics market in 2018. With the advancements in sensors, positioning, and other technologies, a huge amount of geospatial data is available. Surveyors can rely on geospatial analytics solutions to evaluate such data and find useful insights in real time. Geospatial solutions are used for surveying in infrastructure development, mining, defense & government, agriculture, and other sectors to utilize available resources optimally. Hence, the surveying segment is expected to show considerable growth during the forecast period.

Based on vertical, the automotive segment is estimated to grow at the highest CAGR during the forecast period.

Based on vertical, the automotive segment is estimated to grow at the highest CAGR during the forecast period. The use of geospatial technologies in the automotive industry is witnessing high growth globally owing to the growing safety concerns among passengers, due to which governments across several regions have mandated the use of GIS and GPS technology in vehicles.

North America is estimated to lead the geospatial analytics market in 2018.

North America is estimated to lead the geospatial analytics market in 2018. The growth of the geospatial analytics market in North America is primarily driven by the presence of key players in this region, such as Alteryx, Inc. (US), DigitalGlobe (US), Trimble Navigation Ltd. (US), Harris Corporation (US), ESRI (US), Pitney Bowes (US), and Google (US) which offer geospatial analytics software & solutions. The high adoption of latest technologies such as cloud computing, big data, Internet of Things (IoT), Artificial Intelligence (AI), and business intelligence tools is one of the significant factors driving the geospatial analytics market in the North America region.

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Key players operating in the geospatial analytics market include Alteryx (US), DigitalGlobe (US), Fugro N.V. (Netherlands), Hexagon (Sweden), RMSI (India), SAP (Germany), Trimble Navigation(US), Maxar Technologies (Canada), MapLarge (US), Harris Corporation (US), Bentley Systems (US), ESRI (US), General Electric (US), Pitney Bowes (US), Oracle (US), and Google (US).

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