Geospatial Analytics – Global Market Outlook (2017-2026): According to Stratistics MRC, the Global Geospatial Analytics Market is expected to grow from $38.65 billion in 2017 to reach $174.65 billion by 2027 with a CAGR of 18.2%. Need for reducing operational and logistic costs by organizations, technology advancement in artificial intelligence (AI) and commoditization of geospatial information are some of the key factors driving the market growth. However, high cost for implementation and official issues & policies are restraining the market.
Geospatial analytics is gathering, exhibit, and manipulation of imagery, GPS, satellite photography and historical data, described clearly in terms of geographic coordinates or completely, in terms of a street address, postal code, or forest stand identifier as they are applied to geographic models. Geospatial analysts filter out related from unrelated data and apply it to conceptualize and imagine the order hidden within the apparent disorder of geographically sorted data.
Climate change adaptation is a response to global warming and climate change, that seeks to diminish the susceptibility of social and biological systems to comparatively sudden change and thus offset the effects of global warming. This growth can be attributed to the increasing awareness about climate change among organizations such as environment related organizations.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The growth is due to rising acceptance and usage of geospatial analytics in high expansion industrial sectors. Infrastructure and smart city developments are also chief factors which are driving the market growth in this region.
Some of the key players in the Geospatial Analytics market include Harris Corporation, General Electric, Hexagon AB, Trimble Navigation Ltd, Fugro N.V., RMSI, Bentley Systems, Inc, Digitalglobe Inc, ESRI, Atkins, Critigen, Nokia, TomTom, WS Atkins Plc and Macdonald, Dettwiler & Associates, Ltd.