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(Wireless-NewsWire.Com, June 08, 2018 ) The geospatial analytics market is projected to grow from USD 30.71 Billion in 2016 to USD 73.91 Billion by 2021, at a high CAGR of 19.2% during the forecast period. The substantial growth of the geospatial analytics market is attributed to the high demand for the convergence and integration of geospatial technology with mainstream technologies. The increasing demand for geospatial analytics solutions along with artificial intelligence and commoditization of geospatial data, are the key drivers extending the utility of geospatial analytics across varied industries. The rising adoption of geospatial analytics solutions by governments and public safety organizations for safety and security is driving the market.
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The report provides detailed insights into the market, which is segmented by type, technology, application, vertical, and region. Based on type, the geospatial analytics market is divided into surface analytics, network analytics, geovisualization, and others. The network analysis segment of the market is projected to grow at the highest CAGR during the forecast period. This growth is characterized by the growing adoption of network analytics solutions by various industries to minimize the additional time required and cost incurred due to inefficient networks.
Based on technology, the geospatial analytics market is segmented into GPS, remote sensing, GIS, and others. The remote sensing segment is projected to lead the market in terms of revenue during the forecast period. This growth is characterized by the exponential adoption of remote sensing by government bodies in the North American region, as well as the rising investments for geospatial technologies in the Latin American region.
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 climate change adaptation segment of the geospatial analytics market is expected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the increasing awareness about climate change among organizations such as environment related organizations.
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The report covers all the major aspects of the geospatial analytics market and provides an in-depth analysis across North America, Europe, the Asia-Pacific region (APAC), the Middle East and Africa (MEA), and Latin America. At present, Europe holds the largest share of the global market. The geospatial analytics market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period, which can be attributed to the increased adoption and usage of geospatial analytics in the exponentially growing industrial sectors.
Vendors also face challenges in the development and deployment of geospatial analytics solutions due to the high cost, which is a restraining factor in the growth of the geospatial analytics market. Most vendors have adopted agreements, collaborations, and partnerships as key strategies to enhance their client bases and reach more customers. The players in this market are constantly innovating and upgrading their products to strengthen their market shares. Furthermore, owing to technological advancements in geospatial analytics, key vendors are focusing on growth opportunities in cloud-based geospatial analytics, and the introduction of big data in geospatial analytics solutions, among others.
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