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(Wireless-NewsWire.Com, February 21, 2018 ) The Global Geospatial Analytics Market has been estimated at USD 39.46 billion in 2017 and is expected to register a CAGR of 17.89% during the forecast period, 2018 to 2023. Europe accounted for the largest share, accounting for around 35% of the global market share, while Asia-Pacific is estimated to register the fastest CAGR through the forecast period, 2018-2023.
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Commoditization of Geospatial Information
A gradual shift in market dynamics of geospatial analytics has transformed the way end users interact with technology. The focus has shifted from standalone products with limited geo-referencing to the concept of ‘system integration’, wherein, geospatial analytics is being integrated across all the major workflows and solutions within a business.
The advent of UAVs and drones is partly responsible for greater availability of data, as they enable remote monitoring of location data with minimal human intervention. Consumerization of geospatial services is also expected to add further pressure on analytics vendors, to constantly innovate and collaborate with other firms for staying relevant in the market.
GIS to Dominate the Technology Segment
Remote Sensing, GPS, and GIS are the major technologies considered in the report. The global geospatial analytics market is dominated by GIS and GPS technologies. The GIS segment is expected to register a CAGR of 17.10% through the forecast period. GIS refers to the set of information systems that enable the design, development, and presentation of spatial-data, while GPS refers to satellite-based geolocation systems that provide universal access to location-based data through stand-alone or connected units. The emergence of cloud-based spatial data offers cost-effective end-user solutions to a wide range of end-user verticals. Going forward, GIS solutions are expected to witness high traction in defense, infrastructure, and transportation services.
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Europe to Dominate the Market Growth
Europe has the highest share, accounting for around 35% of the global market share in 2017. The market in Europe is highly driven by increased emphasis on security and safety, and the high demand for implementing geospatial services to gather real-time information. The major players in this region, such as Intergraph Corporation, Trimble Navigation Limited, and Hexagon AB, hold a significant share in the European geospatial analytics market. Asia-Pacific is the fastest growing region, owing to the increasing geospatial analytics market in China and Japan. The growth in China could be mainly attributed to its rapid industrialization and growth in the logistics and semiconductor sectors.
Key Developments in the Market
• December 2017: Bank Negara Malaysia (BNM) and the Malaysian Remote Sensing Agency (MRSA) signed a Memorandum of Understanding (MoU) for the development of geospatial analytics.
• November 2017: Hexagon acquired Luciad; this acquisition is expected to strengthen Hexagon’s ability to deliver smart digital realities, enhancing the Smart M.App platform with 3D, 4D (real-time sensor feed integration), and 5D (dynamic analytics) capabilities
Major Players: ESRI INC., MDA CORPORATION, HEXAGON AB, TRIMBLE GEOSPATIAL, BENTLEY SYSTEMS, INC. amongst others
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Reasons to Purchase this Report
• Analysis of how the adoption by several end-user verticals, such as transportation and businesses, fuel the Asia-Pacific market scenario.
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis.
• The product type and application that are expected to dominate the market.
• The regions that are expected to witness fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst support, along with the Market Estimate sheet (in excel)
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