The global geospatial analytics market is expected to grow at a significant rate during the forecast period. Technological advancements and advent of latest technologies such as IoT (Internet of Things), big data and artificial intelligence along with exaggerating requirement of this system among various business enterprises in developed as well as developing economies, propelling the growth of the market.
Geospatial analytics helps in display, gathering, and management of imagery along with satellite photography, GPS, and collection of historical data that is inscribed in a geographic arena in terms of postal code and street address.
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Based on component, the global geospatial analytics market is categorized into services, and software and solutions, wherein services category is expected to witness faster growth during the forecast period.
On the basis of type, the global geospatial analytics market is divided into network and location analytics, surface and field analytics, geo-visualization, and others.
Based on application, the global geospatial analytics market is categorized into medicine and public safety, climate change adaptation, surveying, disaster risk reduction and management, and others.
On the basis of vertical, the global geospatial analytics market can be segmented into automotive, defense and intelligence, utility and communication, business, natural resources, government, and others. Of all, the automotive sector is expected to witness the fastest growth during the forecast period.
The rapid increase in the adoption of the latest technologies and increasing demand for location-based services are the key trends observed in the global geospatial analytics market. The technologies such as spatial & biz analytics, location-enabled services, IoT, AR and VR are among a few technologies that are drastically emphasizing upon the need for geospatial analytics system.
Global geospatial analytics market has been driven by several key factors, predominantly increasing upgradation of geospatial analytics with the help of artificial intelligence and big data analytics. The geospatial system in AI technology is observing rampant adherence due to the extensive adoption of geospatial data.
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North America has been one of the largest consumers of geospatial analytics during the forecast period. The growth of the market in this region is attributed towards technological advancement and increasing adoption of innovative technologies such as big data, cloud computing, artificial intelligence, Internet of Things (IoT), business intelligence tools and Artificial Intelligence (AI).
Some of the key players operating in the global geospatial analytics market are DigitalGlobe, Alteryx, Fugro N.V., RMSI, Hexagon, SAP, Maxar Technologies, Trimble Navigation, MapLarge, Bentley Systems, Harris Corporation, ESRI, Pitney Bowes, General Electric Company, Oracle and Google.