The Geospatial Analytics Market is Estimated To Witness High Growth Owing To Trends Towards Location

Geospatial analytics refers to the use of spatial data and analytical tools to understand geographic patterns and insights. It includes technologies such as geographic information systems (GIS), remote sensing, global positioning systems (GPS), and digital mapping, among others. Geospatial analytics finds applications in urban planning, infrastructure development, mining, defense, agriculture, logistics, and government applications. It provides location intelligence by allowing spatial analysis of data for better understanding and decision making.

Market key trends:

The Geospatial Analytics Market Size is driven by trends towards location-enabled decision-making across organizations. With increased availability of spatial data sources like satellite imagery, location analytics is helping organizations gain insights about their business operations, customers, assets and events. For example, geospatial analytics helps analyze farm fields, predict crop yield and optimize water usage in agriculture. In logistics, it allows tracking fleet movement and monitoring performance in real-time. Insurance companies are leveraging spatial analysis to better understand risks and support more accurate underwriting. With rise in popularity of spatial big data, the demand for geospatial analytics is expected to increase significantly over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the geospatial analytics market requires high capital investment and expertise. Established players have significant economies of scale and brand recognition.

Bargaining power of buyers: The bargaining power of buyers is high since the market comprises large organizations with significant volume requirements that can negotiate favorable terms.

Bargaining power of suppliers: Suppliers have moderate bargaining power as major players have alternatives for raw materials and components.

Threat of new substitutes: Alternative technologies like GPS, location technologies pose moderate threat of substitution.

Competitive rivalry: Intense as major players compete on technology, data, capabilities and pricing.

SWOT Analysis

Strength: Growing adoption of location-based applications and AI, massive data generation.

Weakness: High initial investments, technical skill shortage, data privacy and security issues.

Opportunity: Scope in various verticals like urban planning, transportation, utilities. Adoption of geospatial analytics for disaster management.

Threats: Changing regulations, economic slowdowns reducing IT budgets.

Key Takeaways

The global Geospatial Analytics market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing adoption in various industries for applications like urban planning, emergency response management and others. North America dominates the market currently due to large presence of GPS device manufacturers and geospatial analytics vendors in the region. The Asia Pacific region is expected to grow at the fastest rate attributed to rapid infrastructure development and government initiatives for geospatial data collection.

Key players operating in the Geospatial Analytics market are Alteryx, Inc., Bentley Systems Incorporated, ESRI, Furgo NV, General Electric, Hexagon AB, Google, Inc., MDA Corporation, Oracle Corporation, SAP SE, Trimble, Inc., and TOMTOM International, Inc. Major players are focusing on partnerships and acquisitions to extend their capabilities, strengthen geographic presence and provide holistic solutions to clients.

Coherent Market Insights *Note: 1. Source: Coherent Market Insights, Public sources, Desk research 2. We have leveraged AI tools to mine information and compile it