MARKET OUTLOOK
The global geospatial analytics market is expected to progress at a CAGR of 16.45% over the forecasting years of 2019-2027. The presence of a plethora of Big Data companies, better global connectivity leading to the increased Internet of Things, coupled with the technological advancement in artificial intelligence are the factors that are mainly driving the geospatial analytics market globally.
It is expected that the data volume would rise by four folds and the number of devices connected through IoT would be more than the world population by 2025. The increasing demand for smart city infrastructure and the enhanced usage of cloud storage promise huge growth opportunities for the geospatial analytics market globally. The market is broadly classified into type, technology, end-user and application.
REGIONAL OUTLOOK
The global geospatial analytics market has been segmented region-wise into Europe, North America, Asia-Pacific, the Middle East & Africa and Latin America. Europe holds the largest market share in the global geospatial analytics market due to the increased smart city infrastructure, security and privacy services for data storage. On the other hand, the North America geospatial analytics market is developing due to the rising expenditure on military technologies like GPS tracking, space exploration and better global security to safeguard the private data.
The Asia-Pacific region is expected to grow tremendously for the geospatial analytics market, especially in countries such as India, Japan and China. In these countries, the governments are taking initiatives to curb the rising pollution and monitor particulate matters released by the manufacturing industries using devices that are connected via IoT and also for the enhancement of smart city developments. All these factors have not only increased the market revenue but have promised a profitable share for the major players during the forecasting years.
COMPETITIVE OUTLOOK
Some of the geospatial analytics market players are Pitney Bowes, Inc., UrtheCast Corporation, Google, Inc., Esri, Inc. (Environmental Systems Research Institute), Trimble Geospatial, Autodesk, Inc., Harris Corporation, Bentley Systems, Inc., Atkins, Critigen LLC, Fugro, EOS Data Analytics, Inc., MDA Corporation (Macdonald, Dettwiler and Associates), General Electrical Company and Hexagon AB (Subsidiary: Intergraph).
Hexagon AB is a Swedish company that is present in the geospatial analytics sector. It operates through two segments: measurement technologies and other operations. Measurement technologies include ecosystems, metrology and technology. Geosystems division captures, analyses, processes and stores geographical information, to be further presented as 3D images. These solutions are used by industries such as infrastructure. Metrology systems are used for manufacturing evaluation, process qualification and final parts inspection. Technology division offers enterprise engineering software, geospatially powered solutions and Global Navigation Satellite System (GNSS) products.