Geospatial Market Size to Reach USD 211.17 Billion, With a CAGR of 12.70% CAGR by 2030 - Report by Market Research Future (MRFR)
Geospatial Market Is Driven by Introduction of 5G to Boost Market Growth
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Geospatial Market, By Type, By Technology, By End-users- Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 211.17 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 12.70% during the assessment timeframe.
Geospatial Market Analysis
Eminent market players profiled in the global geospatial market report include-
- Bentley Systems, Inc. (U.S.)
- DigitalGlobe, Inc. (U.S.)
- General Electric Co. (U.S.)
- Harris Corporation (U.S.)
- Dettwiler & Associates, Ltd. (Canada)
- ESRI (U.S.)
- Hexagon AB (Sweden)
- Fugro N.V. (Netherlands)
- MacDonald, Trimble Navigation LTD. (U.S.)
- RMSI (India)
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|Revenue forecast in 2030||USD 211.17 Billion|
|Growth Rate:||CAGR of 12.70% from 2022 to 2030|
|Key Market Opportunities||Increase in the development of the small cities|
|Key Market Drivers||It providers are well conducting the deployment of the technology-based solutions.|
Introduction of 5G to Boost Market Growth
Given that 5G technology has the potential to be utilized to collect incredibly detailed geographic data, the launch of 5G network services is anticipated to open up new opportunities for providers of geospatial analytics. The low-band, mid-band, and high-band portions of the spectrum would be predominantly used by the 5G network. This will bolster market growth over the forecast period.
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Increasing Adoption in Smart City Development to offer Robust Opportunities
Solutions for geospatial analytics have evolved into a platform for the growth of smart cities. An IT infrastructure for installing and managing applications and data in each stage of the development life cycle of smart cities is provided by a centralized information system based on GIS. This will offer lucrative opportunities for the market over the forecast period.
Restraints and Challenges
High Cost to act as Market Challenge
The high price of GIS solutions, geospatial data barriers, and dearth of skilled manpower may act as market restraints over the forecast period.
Geospatial Market Segmentation
The global geospatial market is bifurcated based on end users, technology, and type.
By type, the geospatial market is segmented into Network Analytics, Surface Analytics, and Geo-visualization
By technology, the geospatial market is segmented into GPS, Remote Sensing, and GIS.
By end users, the geospatial market is segmented into Automotive, Government, and Defense & Intelligence
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The COVID-19 epidemic had a negligible effect on the worldwide market, however some firms experienced decreased demand for products and solutions. Strict lockdown regulations and the suspension of import-export operations by several governments during the pandemic impeded the growth of the transportation and logistics, manufacturing, and retail sectors. On the other hand, geospatial and location-based platforms and services are being quickly adopted by various industries, including healthcare & life sciences, energy, and utilities. While geospatial data & technology are helping governments all around the world address crucial COVID-19 concerns, each country faces unique difficulties that have an impact on response efforts. Healthcare organizations and governments are aided by location information and geospatial technologies in the delivery of medical supplies and medications, the distribution of vaccines, and the analysis of escalating cases specific to locations. To manage vaccine distribution plans and track important vaccine distribution indicators, for instance, enterprises and healthcare communities can use ArcGIS Solutions, which Esri developed in December 2020. Increased GIS and geolocation technology adoption across the healthcare, retail, and military sectors would be the primary driver of the worldwide market's long-term growth. Some of the technologies that are anticipated to increase exponentially in the coming years include maps and GIS. The source and pattern of COVID-19 are being understood and analyzed with the use of the GIS-based comparative study.
Geospatial Market Analysis
North America to Lead Geospatial Market
In the geospatial analytics industry, North America is anticipated to hold the greatest market share. Geospatial analytics has a very open market in North America. It is one of the markets for geospatial analytics that is most well-known. In sectors including transportation, utilities, agriculture, and construction, the bulk of players are situated in North America and largely rely on geospatial analytics tools. The growing investments in location-based technologies are predicted to hasten the adoption of geospatial technology and applications in North America. In 2020, North America will control the worldwide market. In North American industrial applications like construction, mining, agriculture, transportation, & the military and defense, geospatial technology is frequently used. To plan and gather geophysical, geological, and topographic data and information on natural resources, for instance, the United States National Mining Association integrated GIS and location-based solutions in May 2020. In the upcoming years, it is quite likely that the growth of mobile GIS technologies, which will have a positive effect on the North American market, will increase demand for location-based services and real-time information. The majority of revenue came from North America. In the North American region, geospatial analytics technologies are in high demand across numerous industries, including construction, transportation, & agriculture. Real-time services are in greater demand throughout the region, which is fostering market expansion. The market expansion in the North American area is being positively impacted by the implementation of GIS technologies. For instance, the demand for real-time and remote services, such as healthcare and education, is expected to increase significantly in North America by 2020, according to the Kaiser Family Foundation (KFF). The market's demand is being accelerated by the gradual increase in demand for patient monitoring, medicine and medication delivery, online meetings, and digital healthcare services. Modern technology is used in the remote delivery of medical services for disease diagnosis, treatment, & prevention.
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APAC to Have Admirable Growth in Geospatial Market
The market in Asia Pacific will have the greatest CAGR. The number of people residing in cities has significantly increased as a result of the region's rising economies, including those of India, China, and Indonesia. This expansion has surged demand for smart cities, smart infrastructure, and well-planned urban landscapes. Leading the way in the creation of 5G and IoT infrastructure are China, South Korea, and India. These factors will cause the APAC market to grow at the highest CAGR during the forecast period. Due to increased investment in cutting-edge technologies, smart projects, etc., the Asia Pacific market will develop at the maximum CAGR in the forecasted years. Additionally, the market expansion is attributable to global geospatial data growth, fast urbanization and industrialization, and growing AI capabilities. Digitalization and the uptake of IoT devices among millennials, who have more discretionary income, are two more reasons that support market expansion.
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