Geospatial Analytics Market (By Component; By Type; By Application: Surveying, Medicine & Public Safety) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global geospatial analytics market size was estimated at USD 98.97 billion in 2023 and it is expected to surpass around USD 325.7 billion by 2033, poised to grow at a CAGR of 12.65% from 2024 to 2033. The geospatial analytics market has emerged as a pivotal force in the data-driven decision-making, offering valuable insights derived from geographic data. Geospatial analytics, an amalgamation of geographic information systems (GIS), satellite imagery, GPS technology, and advanced data analysis techniques, has transformed the way businesses, government agencies, and researchers perceive and utilize spatial information. This overview provides a comprehensive insight into the key aspects, trends, and dynamics shaping the geospatial analytics market.

Key Pointers

• North America led the market with the largest revenue share of 34% in 2023.
• Asia Pacific is expected to grow at the noteworthy CAGR of 17.67% between 2024 to 2033. 
• By Component, the software segment registered the maximum market share of 67% in 2023.
• By Component, the services segment is anticipated to grow at the noteworthy CAGR of 13.45% between 2024 to 2033. 
• By Type, the surface & field analytics segment contributed more than 59% of market share in 2023.
• By Type, the network & location analytics segment is expected to grow at the notable CAGR of 13.75% over the forecast period.
• By Application, the surveying segment registered the maximum market share of 22% in 2023 and is anticipated to grow at the fastest CAGR of 14.25% from 2024 to 2033.

Geospatial Analytics Market Growth 

The growth of the geospatial analytics market can be attributed to several key factors driving its expansion. Firstly, rapid advancements in technology, including satellite imaging, GIS software, and data analytics algorithms, have significantly enhanced the accuracy and efficiency of geospatial analysis. Secondly, the increasing demand for location-based services across diverse sectors, such as transportation, agriculture, and urban planning, has fueled the adoption of geospatial analytics solutions. Additionally, the integration of geospatial analytics with emerging technologies like IoT and big data has opened new avenues for real-time spatial data analysis, driving market growth further. Moreover, supportive government initiatives and policies promoting geospatial infrastructure development have played a crucial role in expanding the market.

Report Scope of the Geospatial Analytics Market

Geospatial Analytics Market Dynamics

Drivers

• Increasing Demand for Location-based Services: Growing reliance on location-based services in sectors such as transportation, agriculture, and urban planning has spurred the demand for geospatial analytics. Businesses leverage spatial data for optimizing routes, enhancing customer experiences, and improving operational efficiency.
• Integration with IoT and Big Data: Geospatial analytics integrated with IoT devices and big data technologies enables real-time analysis of spatial and non-spatial data. This integration facilitates proactive decision-making, predictive analytics, and innovative solutions across various industries.

Restraints

• Infrastructure Limitations in Developing Regions: Developing regions may face infrastructure limitations, such as inadequate internet connectivity and limited access to advanced computing resources. These challenges hinder the seamless collection, transmission, and analysis of geospatial data, impacting the market's penetration in these areas.
• Ethical and Societal Implications: Geospatial analytics, especially when applied to areas like surveillance and public monitoring, raise ethical concerns related to privacy, surveillance, and individual rights. Striking a balance between utilizing geospatial data for societal benefit and respecting individual privacy rights poses a challenge for both businesses and policymakers.

Opportunities

• Precision Agriculture and Sustainable Farming: Geospatial analytics empower precision agriculture by providing farmers with valuable insights into soil quality, crop health, and weather patterns. By leveraging this information, farmers can optimize irrigation, crop selection, and pest control, leading to increased yields and sustainable farming practices. Precision agriculture also supports environmentally friendly practices by minimizing the use of water, pesticides, and fertilizers.
• Satellite-based Services and Remote Sensing: The growing deployment of small satellites and advancements in remote sensing technologies present lucrative opportunities for satellite-based geospatial services. These services include Earth observation, environmental monitoring, and climate studies. Industries such as agriculture, forestry, mining, and insurance rely on satellite imagery and geospatial analytics for accurate data-driven decision-making.

Component Insights

The software segment accounted for the largest revenue share of 67% in 2023. These software solutions encompass a wide array of applications, including Geographic Information Systems (GIS), remote sensing software, and spatial data analytics platforms. GIS software enables the creation of detailed maps, spatial analysis, and geographic modeling, aiding various sectors such as urban planning, natural resource management, and disaster response.

The services segment is expected to expand at the fastest CAGR of 13.45% during the forecast period. Services play a pivotal role in the market. Geospatial analytics services encompass a diverse range of offerings, including consulting, implementation, training, and support. Geospatial consultants provide expertise to businesses, helping them understand their specific geospatial needs and tailor solutions accordingly. Implementation services involve the integration of geospatial technology into existing systems, ensuring seamless functionality and data flow.

Type Insights

The surface & field analytics segment contributed the largest market share of 59% in 2023. Surface & Field Analytics delve deep into the physical landscape, focusing on the intricate details of terrains, soil quality, and environmental conditions. This type of analytics is indispensable for industries like agriculture and environmental conservation, where understanding the nuances of the Earth's surface is critical. Surface & Field Analytics provide valuable information for precision agriculture, enabling farmers to optimize irrigation, assess soil health, and enhance crop productivity.

The network & location analytics segment is estimated to register the fastest CAGR of 13.75% over the forecast period. Network & Location Analytics focus on the connectivity and relationships within geographic data. This type of analytics is instrumental in optimizing routes, managing transportation networks, and enhancing logistics operations. Industries such as transportation and urban planning leverage Network & Location Analytics to streamline traffic flow, plan efficient transportation routes, and reduce congestion in metropolitan areas.

Application Insights

The surveying segment generated the maximum market share of 22% in 2023 and is expected to grow at the fastest CAGR of 14.25% over the forecast period. Geospatial analytics in surveying have revolutionized traditional methods, offering precise and efficient ways to gather topographical data, map terrains, and assess land features. Surveyors leverage advanced tools and techniques to create accurate digital maps, enabling urban planners, engineers, and architects to make well-informed decisions. From infrastructure development to environmental conservation, geospatial analytics in surveying play a pivotal role in ensuring that projects are executed with precision, minimizing risks and optimizing resources.

Military intelligence, geospatial analytics have become indispensable tools for defense and national security agencies. By harnessing satellite imagery, GIS technology, and spatial data analysis, military professionals can gain valuable insights into enemy movements, strategic locations, and geopolitical developments. Geospatial analytics provide real-time situational awareness, enabling military commanders to make swift and informed decisions on the battlefield. Military intelligence agencies also utilize geospatial analytics for threat analysis, mission planning, and disaster response. The ability to visualize and analyze geographical data enhances military operations, ensuring the safety of personnel and the success of missions.

Regional Insights

North America dominated the market with the largest revenue share of 34% in 2023. North America, with its robust technological infrastructure and early adoption of advanced analytics, stands as a prominent hub for geospatial innovations. The presence of major industry players and extensive government investments in research and development contribute significantly to the region's market growth. The region's applications span various sectors, including agriculture, transportation, and urban planning, fostering a dynamic ecosystem for geospatial analytics solutions.

Asia Pacific is predicted to grow at the remarkable CAGR of 17.67% during the forecast period. Asia Pacific, characterized by its rapid economic growth and urbanization, presents vast opportunities for geospatial analytics adoption. Countries like China and India are witnessing substantial investments in infrastructure development, agriculture, and environmental conservation, driving the need for precise spatial insights. Geospatial analytics find applications in land-use planning, natural resource management, and disaster risk reduction efforts across the region. The presence of a burgeoning technology sector and increasing awareness about the benefits of geospatial analytics further fuel market expansion in Asia Pacific.

Geospatial Analytics Market Key Companies

• Alteryx, Inc.
• Bentley Systems Incorporated
• ESRI
• Fugro N.V.
• General Electric Company
• Google LLC
• Foursquare
• Trimble
• Maxar Technologies Inc.
• SAP SE

Recent Developments

In April 2023, Hexagon AB launched the HxGN AgrOn Control Room. It is a mobile app that allows managers and directors of agricultural companies to monitor all field operations in real time. It helps managers identify and address problems quickly, saving time and money. Additionally, the app can help to improve safety by providing managers with a way to monitor the location and status of field workers.

In December 2022, ESRI India announced the availability of Indo ArcGIS offerings on Indian public clouds and services to provide better management, collecting, forecasting, and analyzing location-based data.

In May 2022, Trimble announced the launch of the Trimble R12i GNSS receiver, which has a powerful tilt adjustment feature. It enables land surveyors to concentrate on the task and finish it more quickly and precisely.

Geospatial Analytics Market Report Segmentations:

By Component

• Software
• Service

By Type

• Surface & Field Analytics
• Network & Location Analytics
• Geovisualization
• Others

By Application

• Surveying
• Medicine & Public Safety
• Military Intelligence
• Disaster Risk Reduction & Management
• Marketing Management
• Climate Change Adaption (CCA)
• Urban Planning
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa