Geospatial Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The geospatial analytics market was valued at USD 22 billion in 2020 and is expected to reach a value of USD 33.19 billion by 2026, at a CAGR of 7.2%, over the forecast period (2021 - 2026). Geospatial analysis refers to a broad range of activities, which emphasize on applying various techniques to data, comprising of geographical or space-related characteristics.

• Some of the key factors driving the growth of the geospatial analytics market include the growing use of GPS devices, technological advancements in the field of GIS technology, recent trends in integration and convergence of geospatial technologies, advent of new business models aimed at leveraging the demand for geospatial information, and increased application of geospatial analytics in city and town planning.
• There have been recent developments leading to the convergence of geospatial practices. For instance, Kongsberg Geospatial, an Ottawa-based developer of real-time, mission-critical, geospatial visualization software, and CarteNav Solutions, a leading provider of situational awareness solutions for the maritime, land, and air environments, recently declared that their TerraLens platform was selected by CarteNav to provide geospatial capabilities for its new generation of CarteNav’s mission system software called AIMS.
• The smart city investments have escalated rapidly in the present days and are expected to boost the demand for services that use location-based solutions. Further, the Consumer Technology Association reported that the smart city spending to be USD 14.85 billion in 2015, and is anticipated to reach USD 34.35 billion by 2020.
• There are also high costs and operational concerns. However, geospatial analytics tools are further leveraging the strengths of machine learning models, for making informed predictions and unlocking key patterns, among the real-world problems.

Scope of the Report

The geospatial analysis uses this data to build infrastructure, graphs and blueprints, statistics, and cartograms, making complex relationships understandable. It collects information, display of images, geographical coordinates, etc. It is used in monitoring the climate and weather, helps retail stores in planning their logistics transportation, human population forecasting, and others. This report segments the market by Type (Surface Analysis, Network Analysis, Geovisualization) End-user Industry(Agriculture, Utility and Communication, Defense and Intelligence, Government, Natural Resources) and Geography.

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Key Market Trends

Defense and Intelligence has Seen the Maximum Application in Geospatial Analytics Market

• Historically, the defense and intelligence end-user vertical has been one of the forerunners,  in terms of geospatial analytics adoption for gathering actionable intelligence from massive amounts of imagery and other data.
• NATO, for its peacekeeping and security missions, need fast and easy access to accurate and up-to-date geographic information. Data, thus available, is analyzed to evaluate terrains, ship, and other vessels navigation and logistics management
• Companies operating in this space are involved in M&A activity to develop highly specialized solutions, capable of handling strategic decisions. Since October 2017, there have been seven acquisitions within geospatial analytics and geographic information system companies. DigitalGlobe, a provider of high-resolution optical satellite imagery, was acquired by MacDonald, Dettwiler and Associates’ (MDA’s) for a whopping USD 3.5 billion.
• The increasing crime rates have propelled the governments to deploy solutions that enable them to track the source of crimes or provides them with the intel that would allow them to stop the crime even before it occurs. This is expected t boost the adoption of the geospatial analytics over the forecast period.

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