Portland, OR, Nov. 02, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the globalgeospatial analytics market was estimated at $60.94 billion in 2020 and is expected to hit $209.47 billion by 2030, registering a CAGR of 13.0% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in demand for AI-based GIS solutions, rise in inclination toward adopting GIS software in smart cities development and urban planning, and surge in the use of satellites in monitoring the spread of COVID-19 drive the global geospatial analytics market. On the other hand, high cost of GIS solutions and several regulatory issues, and lack of comprehensive government policies pertaining to geospatial analytics hinder the growth to some extent. However, the incorporation of advanced technologies such as AR, VR, and IoT for GIS and development of 4D GIS software are expected to create lucrative opportunities in the industry.
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COVIS-19 scenario-
- Various governmental bodies are adopting geospatial analytics to gain real-time scenarios in terms of tracking the spread of the coronavirus and getting an accurate and constant updation of infected patients, which in turn has impacted the global geospatial analytics market positively.
- This trend is quite like to continue until the pandemic is completely over.
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The global geospatial analytics market is analyzed across component, deployment mode, enterprise size, industry vertical, solution, technology, type, and region. Based on component, the solution segment accounted for the major share in 2020, holding more than three-fifths of the global market. The service segment, on the other hand, would grow at the fastest CAGR of 14.3% throughout the forecast period.
Based on deployment mode, the on-premise segment generated the highest share in 2020, accounting for nearly three-fifths of the global geospatial analytics industry. The cloud segment, however, is projected to manifest the fastest CAGR of 14.5% from 2021 to 2030.
Based on region, the market across North America held the lion’s share in 2020, garnering around two-fifths of the global market. The market across Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 15.7% by the end of 2030.
The key market players analyzed in the global geospatial analytics market report include Bentley Systems, Incorporated, ESRI, Furgo NV, General Electric, TOMTOM International, Inc., Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and Alteryx, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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