The Geospatial Analytics Market size is projected to grow from USD 59.5 billion in 2021 to USD 107.8 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period. The major factors driving the growth of the geospatial analytics market include the increasing number of AI and ML based GIS solutions, development of smart cities and urbanization, advancement in big data analytics, and increased deployment of IoT sensors across locations.
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Based on solutions, Geocoding and Reverse Geocoding to lead the market during the forecast period
The geocoding and reverse geocoding solution segment is estimated to lead the geospatial analytics market during the forecast period. The geocoding and reverse geocoding solution helps businesses across verticals map coverage, acquire new customers, and identify competitors to determine prime target areas for promotional activities. The growing need to perform risk assessments using exact location information for making accurate analysis during natural calamities, such as earthquakes and floods, is driving the adoption of the geocoding and reverse geocoding solution in the geospatial analytics market.
Based on vertical, automotive segment to grow at the highest CAGR during the forecast period
Automotive players can use geospatial data to estimate the local demand for automotive vehicles. By mapping the distribution of existing and prospective customers, automotive companies can efficiently market and deliver automotive vehicles. The need to analyze the local demand for automotive vehicles is driving the demand for geospatial analytics in the automotive vertical.
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Major geospatial analytics vendors include Alteryx (US), Bentley Systems (US), CARTO (US), Descartes Labs (US), ESRI (US), Fugro (Netherlands), General Electric (US), Geospin (Germany), Google (US), Hexagon AB (Sweden), Mapidea (Portugal), MapLarge (US), Maxar Technologies (US), Oracle (US), Orbica (New Zealand), Orbital Insight (US), Precisely (US), RemOT Technologies (Spain), RMSI (India), SAP (Germany), Skymap Global (Singapore), Sparkgeo (Canada), TomTom (Netherlands), Trimble (US), Ubimo (US). These market players have adopted various growth strategies, such as partnerships, collaborations, acquisitions, and new product launches, from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
ESRI (US) is one of the leading vendors in the geospatial analytics market. The company offers a wide range of solutions for geospatial analytics that includes such as GIS and mapping products, geo-enabled products, and location analytics products. The company focuses on the adoption of both the organic and inorganic growth strategies to enhance its position in the geospatial analytics market. For instance, in July 2020, Esri announced new additions to the ArcGIS platform at a virtual user conference. As part of the June 2020 ArcGIS online update, Esri added a new deployment option to ArcGIS Indoors and Space Planner (a new app template), and a number of other enhancements for ArcGIS Indoors mobile and ArcGIS Indoors in ArcGIS Pro. In April 2021, ESRI extended its partnership with SAP by announcing the certification and support for SAP’s database-as-a-service offering and key component of SAP Business Technology Platform, SAP HANA Cloud. With this capability, ESRI and SAP are accelerating customer adoption of cloud-based location intelligence platforms with a high-performance environment that scales to the largest enterprises.
Oracle (US) is another geospatial analytics solution and services provider across the globe. Oracle offers a wide range of solutions for geospatial analytics, which include the Oracle spatial and graph, Oracle analytics cloud, and Oracle Business Intelligence Enterprise Edition (OBIEE). The company majorly focuses on the organic growth strategies to improve its place in the geospatial analytics market. For instance, in December 2019, Oracle announced that the machine learning, and spatial and graph features of Oracle Database could be used for development and deployment purposes with all on-premises editions and Oracle Cloud Database Services. This enhances the benefits of Oracle’s multi-model converged architecture by supporting multiple data types, data models, algorithms, and workload types within a single database.
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Content Source: https://www.marketwatch.com/press-release/geospatial-analytics-market-growing-at-a-cagr-126-key-player-esri-google-oracle-precisely-and-sap-2022-07-06
