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I AgreeAnalysis of Geospatial Solutions market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global demand for geospatial solutions was valued at US$ 322 Bn in 2021, and is projected to increase at a Y-o-Y growth rate of 15.8% to reach US$ 373 Bn by 2022-end. From 2022 to 2032, the geospatial solutions market is forecast to flourish at a 15.3% CAGR. By the end of the aforementioned forecast period, a valuation of US$ 1.4 Tn is anticipated for the market.
Report Attributes | Details |
Anticipated Base Year Value (2021) |
US$ 322 Bn |
Expected Market Value (2022) |
US$ 373 Bn |
Estimated Market Size (2032) |
US$ 1.4 Tn |
Global Growth Rate (2022-2032) |
14% CAGR |
U.S Market Size (2032) |
US$ 475 Bn |
China Market Growth Rate (2022-2032) |
13.5% CAGR |
Key Companies Profiled |
|
Demand for geospatial analytics solutions is likely to reign supreme, with a documented historical CAGR worth 15.4% from 2015-2021, with respect to technology. In terms of solution type, geospatial solutions hardware will likely experience over 2x growth from 2022-2032.
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As per market research and competitive intelligence provider Fact.MR, sales of geospatial solutions grew at a 16% value CAGR from 2015 to 2021. Rapid advancements in the geographic information system industry, such as deployment of real-time geospatial intelligence, to effectively track developments during adverse events, have largely led to market expansion.
Geospatial data has helped companies in a wide range of industries streamline their operations by providing greater visibility into key assets and guiding more efficient supply chains. But everyday consumers can also take advantage of current trends in GIS. Several key GIS technologies have brought consumer-facing data to the forefront, empowering smart decisions in many areas.
Future possibilities for geospatial solutions appear highly optimistic, with endless possibilities unfolding across multiple application industries. As sensors capable of sharing spatial-temporal information appear everywhere from industrial equipment to coffeemakers, the volume of spatial data will grow exponentially. Simultaneously, businesses will demand greater functionality and integration from spatial software solutions. Against this backdrop, the market for geospatial solutions is projected to grow 3.7x from 2022 to 2032.
Rising Penetration of AI and ML-based Geographic Information Systems
Recent years have witnessed increasing collaboration of artificial intelligence, machine learning and geographic information systems (GIS). While GIS is a powerful technology with extensive data sets and a wide range of AI applications, artificial intelligence provides advanced methods for GIS projects. AI GIS is an amalgamation of AI technology and various GIS processes, such as spatial data analysis algorithms (GeoAI) that combine AI technology, as well as for a series of AI and GIS-enabled technologies.
Applying AI GIS to enhance and maintain the next stage of evolution of GIS technology systems is an efficient way to address the current intelligent problem of GIS systems. AI GIS first started to realize computer vision extraction of geographic information from satellite imagery images and videos. Furthermore, AI technologies such as voice recognition and speech synthesis can be launched, allowing for greater empowerment.
These capabilities, combined with geospatial data, provide enhanced insights to organizations. Geospatial analytics solution providers, such as ESRI and SAP, are deploying AI and ML technology-based solutions to provide enhanced insights to organizations. In recent years, deployment of drones and satellite imagery have enhanced significantly. For instance, in 2020, MicroMultiCopter (Shenzhen) deployed more than 100 drones in different Chinese cities to patrol areas and efficiently detect crowds and traffic during the COVID-19 pandemic.
Rising Adoption of 5G Connectivity and Communications Technology
As 5G technology can be used to collect highly accurate geospatial data, the deployment of 5G network services is expected to create new opportunities for geospatial analytics vendors. The 5G network would work on mainly three bands: low-band, mid-band, and high-band spectrum.
The low-band spectrum can also be described as sub 1GHz spectrum. It is primarily the spectrum band used by carriers and quickly becomes depleted. The mid-band spectrum provides faster coverage and lower latency than a low band. However, a mid-band spectrum fails to penetrate buildings compared to a low-band spectrum.
A high-band spectrum is often referred to as mmWave. It can offer peak speeds up to 10 GBPS and has low latency. 5G requires small cells for the deployment as they help in making connection between users and 5G transceiver towers. In the near future, 5G networks are expected to provide the positioning of devices due to large antenna arrays and wide bandwidths. These would have highly accurate Direction-of-Arrival (DOA) and Time-of-Arrival (TOA) estimation, especially in Line of Sight (LOS) conditions. Geospatial data plays a key role in the deployment of 5G infrastructure.
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Heightened Concerns about Geoprivacy and Data Confidentiality
Government regulations restricting access to individual location data without permission of the user as well as individual concerns related to privacy of their location-based data play a key role in the collection of location-based data. Individuals can deny permission to collect relevant information, which is essential for some of the geospatial analytics applications.
The European Union (EU) GDPR is a unified attempt by the EU that focuses on safeguarding the Personally Identifiable Information (PII) of citizens. Companies collecting the data need to comply with the regional regulations and get the necessary consent from the individual user.
This limits the availability of the user location data with organizations, thereby limiting the effectiveness of the geospatial data analytics solutions, which is expected to restrict the growth of the geospatial analytics market in upcoming years.
Limited Awareness of Capabilities and Benefits of Geospatial Solutions
Several organizations are not aware of the benefits of geospatial analytics solutions that can be used in various business applications; hence, uptake is still quite limited in several industries.
Implementing geospatial analytics requires a comprehensive understanding of the particular application area of business and knowledge of the full potential capabilities of geospatial analytics solutions. Geospatial data along with BI supports better business decision-making, leading to new revenue opportunities, improved cost visibility, and better risk management.
Geospatial analytics solution providers can overcome this challenge by proactively increasing the awareness related to the benefits of using geospatial analytics across verticals.
Extensive Reliance on Remote Sensing Technology Widening Uptake
The geospatial solutions industry in the U.S is expected to reach US$ 475 Bn in value terms by 2032-end. Growth is attributed to high adoption of remote sensing capabilities by notable end use industries, including utilities, transportation, defence & intelligence and infrastructure development. Drone, aerial, and satellite imagery and other types of remotely sensed data are opening new frontiers in nearly every facet of life.
Deploying powerful mapping, geospatial analytics, geospatial artificial intelligence and modeling tools have come a long way in improving remote sensing capacities in the country in recent years. Among all industries, geospatial solutions have proven highly useful in strengthening defence and military capacities across the U.S. Given the substantially high budget allocation for strengthening defence capabilities, demand for defence geospatial solutions is rising impressively.
In December 2021, the U.S Senate voted to pass approximately US$ 770 Billion defence spending bill for FY 2022, which aims to strengthen surveillance and monitoring capacities. Players such as ESRI are already active in this domain, offering the ArcGIS platform, capable of mapping, analyzing, visualizing and sharing imagery and raster data to derive richer insights. The U.S is likely to generate an absolute opportunity worth US$ 342 Bn until 2032.
Strengthening Internal Security, Swift Urbanization Driving Market Demand
According to Fact.MR, geospatial solutions are forecast to exhibit high demand across the U.K. This is attributed to the presence of developed infrastructure for defense and internal security and rapid urbanization. In June 2020, UK launched geospatial strategy that unlock opportunities from location data. This strategy is expected to help develop the UK’s location data framework across the next half-a-decade, in concurrence with the UN’s Integrated Geospatial Information Framework (IGIF).
As per the Geospatial Commission of the U.K, the country is expected to develop a coherent national location data framework. This is based on the belief that future technologies will be underpinned by data about events occurring at a time and place. Location data will offer a unifying connection between things, systems, people and the environment. Valuable data that currently sits locked in silos will be easy to access and combine securely to create new insights.
Hence, several service providers are seeking out business across the country. Some prominent regional geospatial solution providers include Beeline, City Mapper, Gather, Geolytix, iGeolise, Navmi and Open Cage Data Ltd. By 2032, the U.K market for geospatial solutions is expected to flourish at a CAGR of 12.7% to be valued at US$ 57 Bn.
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U.S |
13.6% CAGR |
U.K |
12.7% CAGR |
China |
13.5% CAGR |
Japan |
13% CAGR |
South Korea |
12.7% CAGR |
Demand for Geospatial Analytics to Experience Significant Adoption
By technology, Fact.MR expects geospatial analytics to be the most widely adopted, expected to flourish at a 13.5% CAGR from 2022-2032. Geospatial analysis has emerged an important source of innovation, helping solve problems across talent, operations and marketing.
In the future, geospatial analytics are expected to prove highly useful in bringing about a major organization wide transformation, changing the way business is conducted and data assimilation. Furthermore, geospatial analytics will likely prove useful in answering critical questions, especially with regard to where key customers are situated geographically.
Geospatial Hardware to Rein Supreme, Software Services to Gain Traction
According to Fact.MR, demand for geospatial hardware is expected to incline at a staggering 13.4% CAGR until 2032. Geospatial hardware solutions help in various applications such as surveying and mapping, geovisualization, planning and analysis, and land management.
Also, rising adoption of geospatial software across major industries such as military and supply chain management, will spur demand for geospatial software segment. Fact.MR expects demand for geospatial software solutions to incline significantly in forthcoming years.
Prominent providers are focusing on offering remote sensing enabled technology innovations so as to unlock enhanced applications of key geospatial solutions. Furthermore, top ranking geospatial service providers are relying on collaborations, acquisitions and partnerships with existing players to widen their outreach. Some notable developments are as follows:
Attribute |
Details |
Historical Data Available For |
2015-2021 |
Projected Forecast Period |
2022-2032 |
Market Analysis |
US$ Bn for Value and Units for Volume |
Key Regions Covered |
|
Key Segments Covered |
|
Key Countries Profiled |
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As per Fact.MR, geospatial solutions market worth was valued at US$ 322 Bn in 2021
By 2022, the geospatial solutions market is likely to reach US$ 373 Bn
From 2015-2021, demand for geospatial solutions grew at a 16% value CAGR
From 2022-2032, Fact.MR expects geospatial solutions demand to surge at a 14% CAGR
By 2032, the geospatial solutions industry is forecast to reach US$ 1.4 Tn
According to Fact.MR, geospatial solutions in the U.S will generate a dollar opportunity worth US$ 342 Bn
Geospatial solutions demand in the U.K is expected to flourish at a CAGR of 12.7% until 2032
China, Japan and South Korea will lead the APAC market, registering CAGRs of 13.5%, 13% and 12.7% respectively
Geospatial analytics solutions will grow the fastest, registering a CAGR of 13.5% from 2022-2032