Fact.MR, in its latest survey, offers unbiased analysis on
the global geospatial solutions market for the upcoming decade. The
study also provided comprehensive details on the latest
developments likely to surge the sales of geospatial solutions
across 6 major verticals through various segments such as
technology, solution type, end user, application, and
regions.
NEW YORK, April 6, 2022 /PRNewswire/ -- The global
geospatial solutions market is estimated to register year-on-year
growth at 15.8% in 2022. Sales in the market are expected to reach
US$ 373 Bn by 2022. Exhibiting growth
at 14% CAGR, the overall sales of geospatial solutions are expected
to surpass US$ 1.4 Tn by the end of
2032.
Rising demand for superior functionality and integration of
spatial software solutions across various businesses to gain a
better understanding of the assets and the ongoing supply chain is
likely to drive the market.
In addition to this, several private companies are adopting
artificial intelligence (AI) and machine learning (ML) based
geographic information system to gain better insights into the
organization. This will further propel the demand for spatial data
analysis algorithms (GeoAI).
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Further, use of drones and satellite imagery in geospatial
solutions offer better extraction of geographic information through
the images and videos. For instance, MicroMultiCopter (Shenzhen) released over 100 drones across
China in 2020 to detect
crowding.
Subsequently, surging adoption of 5G connectivity and
communication services for providing accurate positioning of
devices will bolster the demand in geospatial solutions market.
Besides this, need for remote sensing technologies for mapping,
geospatial analytics, and modeling tools in defense & military
is increasing. This is likely to create conducive environment for
the market.
Report
Attributes
|
Details
|
Base Year Value
(2021A)
|
US$ 322 Bn
|
Estimated Year Value
(2022E)
|
US$ 373 Bn
|
Projected Year Value
(2032F)
|
US$ 1.4 Tn
|
Global Growth Rate
(2022-2032)
|
CAGR 14%
|
Key Takeaways:
- The U.S. geospatial solutions market is projected to reach
US$ 475 Bn by 2032 owing to surging
adoption of remote sensing capabilities in defense & military
sector.
- Sales of geospatial solutions in the U.K. are expected to
exceed US$ 57 Bn, registering
12.7% CAGR between 2022 and 2032.
- Demand for geospatial solutions in China is projected to surge at 13.5% CAGR over
the upcoming decade
- Based on solution type, geospatial hardware segment is
estimated to register growth at a CAGR of 13.4% until
2032.
- By technology, geospatial analytics segment is likely to
exhibit growth at 13.5% CAGR during the forecast
period.
Growth Drivers:
- Development of smart cities coupled with rising demand for
real-time data in India and
China will drive the growth in
Asia Pacific geospatial solutions
market.
- Rapid adoption of smartphone devices enabled with GPS is
anticipated to be the major factor bolstering the growth in the
market.
Restraints:
- Lack of awareness about the potential capabilities of the
geospatial analytic solutions might limit its adoption.
- Growing concerns related to privacy of data confidentiality and
geo-privacy among the consumers and government bodies might
restrain the growth in the market.
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Competitive Landscape:
Leading manufacturers operating in the global geospatial
solutions market are focusing on providing advanced remote sensing
enabled technologies across various industries to expand their
businesses.
Some of the players are adopting inorganic growth strategies
such as partnerships, collaborations, and acquisitions to gain a
competitive edge in the market.
For instance,
- January 2022: Scania, a
well-known transport solution provider, entered into a partnership
with HERE Technologies. This partnership will help Scania
commercialize its next generation infotainment platform for its
range of trucks across the globe. The company also plans to
integrate the HERE SDK's routing, mapping, and search functions for
better truck specific road data and vehicle regulations.
- March 2022: ESRI developed
the latest land cover maps using AI and ML enabled geospatial
solutions, which merged 26 pictures taken from every point on the
Earth. The latest map provides details regarding the changes that
occurred on the Earth over the last 5 Years.
Key Companies Profiled by Fact.MR
- Atkins PLC
- HERE Technologies
- Hexagon AB
- Topcon Positioning Systems Inc.
- DigitalGlobe Inc.
- General Electric Company
- ESRI
- Bentley
- Baidu
- Telenav Inc.
- Oracle Corporation
- Amazon.com Inc.
- Microsoft Corporation
- RMSI Private Limited
- TomTom International B.V
- Geospatial Corporation
- Harris Corporation
- Pitney Bowes Inc.
- Google LLC
- Apple Inc.
- IBM Corporation
- China Geo-Engineering Corporation
- Orbital Insight
- SAP SE
More Valuable Insights on Geospatial Solutions Market
In the latest study, Fact.MR offers in-depth market analysis on
the global geospatial solutions market for the forecast period of
2022 to 2032. The report also offers exhaustive coverage on trends
and factors propelling the demand in the geospatial solutions
market with detailed segmentation as follows:
By Technology:
- Geospatial Analytics Solutions
- GNSS & Positioning Geospatial Solutions
- Geospatial Solutions for Scanning
- Geospatial Solutions for Earth Observation
By Solution Type:
- Geospatial Hardware
- Geospatial Software
- Geospatial Services
By End User:
- Utility Geospatial Solutions
- Business Geospatial Solutions
- Transportation Geospatial Solutions
- Defense & Intelligence Geospatial Solutions
- Infrastructural Development Geospatial Solutions
- Natural Resource Geospatial Solutions
- Other Geospatial Solutions
By Application:
- Surveying & Mapping
- Geovisualization
- Asset Management
- Planning & Analysis
- Other Applications
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Covered in the Geospatial Solutions Market
Report
- What is the estimated market value for geospatial solutions in
2022?
- Which region will dominate the global geospatial solutions
market during 2022-2032?
- At what rate will the geospatial solutions market grow until
2032?
- Which are the factors impeding the growth in the geospatial
solutions market?
- At what rate will the India
market for geospatial solutions flourish between 2022 and
2032?
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