DUBLIN–(BUSINESS WIRE)–The “Geospatial Analytics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The geospatial analytics market was valued at USD 22 billion in 2020 and is expected to reach a value of USD 33.19 billion by 2026, at a CAGR of 7.2%, over the forecast period (2021 – 2026).
Geospatial analysis refers to a broad range of activities, which emphasize on applying various techniques to data, comprising of geographical or space-related characteristics.
Some of the key factors driving the growth of the geospatial analytics market include the growing use of GPS devices, technological advancements in the field of GIS technology, recent trends in integration and convergence of geospatial technologies, advent of new business models aimed at leveraging the demand for geospatial information, and increased application of geospatial analytics in city and town planning.
There have been recent developments leading to the convergence of geospatial practices. For instance, Kongsberg Geospatial, an Ottawa-based developer of real-time, mission-critical, geospatial visualization software, and CarteNav Solutions, a leading provider of situational awareness solutions for the maritime, land, and air environments, recently declared that their TerraLens platform was selected by CarteNav to provide geospatial capabilities for its new generation of CarteNav’s mission system software called AIMS.
The smart city investments have escalated rapidly in the present days and are expected to boost the demand for services that use location-based solutions. Further, the Consumer Technology Association reported that the smart city spending to be USD 14.85 billion in 2015, and is anticipated to reach USD 34.35 billion by 2020.
There are also high costs and operational concerns. However, geospatial analytics tools are further leveraging the strengths of machine learning models, for making informed predictions and unlocking key patterns, among the real-world problems.
Key Market Trends
Defense and Intelligence has Seen the Maximum Application in Geospatial Analytics Market
Historically, the defense and intelligence end-user vertical has been one of the forerunners, in terms of geospatial analytics adoption for gathering actionable intelligence from massive amounts of imagery and other data.
NATO, for its peacekeeping and security missions, need fast and easy access to accurate and up-to-date geographic information. Data, thus available, is analyzed to evaluate terrains, ship, and other vessels navigation and logistics management
Companies operating in this space are involved in M&A activity to develop highly specialized solutions, capable of handling strategic decisions. Since October 2017, there have been seven acquisitions within geospatial analytics and geographic information system companies. DigitalGlobe, a provider of high-resolution optical satellite imagery, was acquired by MacDonald, Dettwiler and Associates’ (MDA’s) for a whopping USD 3.5 billion.
The increasing crime rates have propelled the governments to deploy solutions that enable them to track the source of crimes or provides them with the intel that would allow them to stop the crime even before it occurs. This is expected t boost the adoption of the geospatial analytics over the forecast period.
Competitive Landscape
Key Market Players are General Electric (GE), ESRI Inc., MDA Corporation, Hexagon AB, Trimble Geospatial, Bentley Systems, Inc., and others. The market is led by these giants and they dominate the market. Hence the market is consolidated. Therefore, market concentration is high.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.4 Market Drivers
4.4.1 Recent Developments Leading to Convergence of Geospatial Practices
4.4.2 Increased Adoption of Geospatial Services in Novel Applications
4.5 Market Challenges
4.5.1 High Costs and Operational Concerns
4.5.2 Legal Hurdles
4.6 Technology Snapshot
4.6.1 GIS
4.6.2 GPS
4.6.3 Remote Sensing
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Surface Analysis
5.1.2 Network Analysis
5.1.3 Geovisualization
5.2 By End-user Vertical
5.2.1 Agriculture
5.2.2 Utility and Communication
5.2.3 Defense and Intelligence
5.2.4 Government
5.2.5 Natural Resources
5.2.6 Other End-user Industries
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ESRI Inc.
6.1.2 MDA Corporation
6.1.3 Hexagon AB
6.1.4 Trimble Geospatial
6.1.5 Bentley Systems, Inc.
6.1.6 Fugro NV
6.1.7 Harris Corporation
6.1.8 Atkins PLC
6.1.9 General Electric (GE)
6.1.10 Critigen LLC
6.1.11 Intermap Technologies Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/qlvrbh