South Korea Geospatial Analytics Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
*Disclaimer: Major Players sorted in no particular order
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South Korea Geospatial Analytics Market Analysis
South Korea's geospatial analytics market size is expected to grow from USD 0.76 billion in the current year to USD 1.14 billion at a CAGR of 8.44% during the forecast period. South Korea has been experiencing an increasing demand for geospatial analytics due to the factors such as infrastructure development, including smart cities, transportation networks, and sustainable development.
- South Korea has highly developed urban areas with a dense population. Geospatial analytics assists in urban planning, land management, and real estate market analysis. It provides insights into population density, land value, infrastructure planning, and location-based services, driving the demand for geospatial analytics.
- The South Korean government has established various organizations and initiatives to drive geospatial analytics for urban planning. The Korean Land and Housing Corporation and the Ministry of Land Infrastructure and Transport (MOLIT) have also significantly implemented geospatial technologies and policies.
- Moreover, South Korea is prone to various natural disasters. Hence, the country is making various efforts to mitigate the risk. The Ministry of the Interior and Safety has been implementing a GIS-based integrated situation management system to convert disaster management into an electronic map-based. By utilizing geospatial data and analysis techniques, authorities and organizations can better understand and respond to natural disasters.
- During COVID-19, there has been a growth in remote sensing technologies, such as satellite imagery and aerial surveys, become crucial in monitoring social distance measures and identifying high-risk areas. Also, many firms, such as healthcare organizations and governments, adopted geospatial techniques in the delivery of medical supplies and medications during the pandemic assessing the impact of a pandemic on various sectors. This resulted in increased adoption of remote sensing applications, contributing to the growth of the geospatial analytics market.
South Korea Geospatial Analytics Market Trends
Increasing Demand for Geospatial Analytics for Smart Cities Development and Urban Planning
- South Korea strongly focuses on infrastructure development, including smart cities, transportation networks, and sustainable development. Geospatial analytics is crucial in planning, designing, and monitoring these infrastructure projects, leading to increased demand for related services. For instance, Incheon Metropolitan is one of the largest cities in South Korea, which has utilized a digital twin and its geospatial infrastructure to become a smart city. The digital twin allows city agencies and the public to engage and collaborate in addressing present and future challenges.
- Also, In November 2022, Korea's Ministry of Land, Infrastructure and Transport (MOLIT) assigned Asan City, which is among 5 assigned cities to implement Korea's Digital Twin project. The project has 30 people working on a geospatial team to survey roads, waterways, and buildings across the city's 542 square km. MOLIT is developing the Digital Twin National Land Platform to manage the data.
- Around 10 cities in South Korea are smart cities, which are expected to increase. The digital twin will rely on data collection for smart mobility, demographics, tourism, and other factors. Government organizations use the 3D building models to analyze options and opportunities to support decision-making. In the coming future, it is predicted that All4Land will work on a 3D geospatial project of Osan for the South Korea National Mapping Agency (NGII).
- Moreover, Geospatial analytics plays a crucial role in enhancing public safety and emergency response capabilities. By integrating geospatial data with other information systems, South Korea can analyze the location and distribution of emergency services, identify high-risk areas, and optimize emergency response routes. Geospatial analytics also aids in real-time monitoring of natural disasters, such as earthquakes and floods, enabling timely warnings and evacuation plans.
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Increasing Use of Geospatial Analytics in Agricultural Sector
- South Korea continuously uses geospatial analytics in the agricultural sector and has been increasingly utilizing it to improve agricultural practices, enhance productivity, and ensure sustainable food production.
- Geospatial analytics allows farmers to monitor and manage their crops more efficiently. Satellite imagery and aerial surveys provide valuable data on vegetation indices, crop health, and growth patterns. By analyzing this data, farmers can identify areas of concern, such as nutrient deficiencies or pest outbreaks, and take timely actions, such as targeted fertilization or pest control, to optimize crop growth.
- The South Korean agricultural situation is expected to change in the future. There has been some precision-related research and development under the concept of \Low Input Sustainable Agriculture in Korea. And Geospatial analytics plays a significant role in this. As it focuses on optimizing inputs and minimizing environmental impacts. By integrating geospatial data with other sources, such as soil sensors and weather data, farmers can create site-specific management plans. This approach enables the precise application of fertilizers, irrigation, and pesticides, resulting in improved resource efficiency, reduced costs, and minimized environmental impact.
- Moreover, Geospatial analytics helps in mapping and analyzing soil properties across agricultural areas in the country. By combining soil samples with geospatial data, such as topography and land cover, South Korea creates detailed soil maps that provide information on soil type, fertility, and moisture content. This knowledge enables farmers to make informed decisions regarding crop selection, irrigation practices, and soil management techniques.
South Korea Geospatial Analytics Industry Overview
The South Korea geospatial analytics market is moderately consolidated, with the presence of major players like ESRI Inc., Soletop, InSpace Co., Ltd., GBS Korea, S&B Soft, Bentley Systems, Inc., Harris Corporation, Dtonic Corporation, General Electric (GE), and Dabeeo Inc. Players in the market, are adopting strategies such as partnerships, innovations, mergers, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In August 2022, Yahana announced its partnership with Dabeeo, a South Korean startup technology platform, in order to launch the Artificial Intelligence Mirror World Project. With this partnership, users can quickly build 3D maps and landscapes from the real world in Yahana.
South Korea Geospatial Analytics Market Leaders
InSpace Co., Ltd.
Bentley Systems, Inc.
General Electric (GE)
*Disclaimer: Major Players sorted in no particular order
South Korea Geospatial Analytics Market News
- May 2023: Planet Lab announced a new partnership with a South Korean startup Deajeon. This partnership will help the company to implement AI-powered Super Resolution and GeoAI Analytics, Object Detection, to satellite imagery. This will enhance the resolution to analyze changes and abnormalities with its GeoAI Pack.
- February 2023: Bitsensing, a South Korean imaging radar company, announced that the company is launching Traffic Insight Monitoring Sensor (TIMOS), which is a premiere monitoring sensor solution created to revolutionize smart traffic infrastructure.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Introduction of 5G to Boost Market Growth
5.1.2 Increasing Demand for Geospatial Analytics for Smart Cities Development and Urban Planning
5.2 Market Restraints
5.2.1 High Cost and Budget Constraints for Small and Medium Sized Firms
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Surface Analysis
6.1.2 Network Analysis
6.1.3 Geo Visualization
6.2 By End-user Vertical
6.2.2 Utility and Communication
6.2.3 Defense and Intelligence
6.2.5 Mining and Natural Resources
6.2.6 Automotive and Transportation
6.2.8 Real Estate and Construction
6.2.9 Other End-user Verticals
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 ESRI Inc.
7.1.3 InSpace Co., Ltd.
7.1.4 GBS Korea
7.1.5 S&B Soft
7.1.6 Bentley Systems, Inc.
7.1.7 Harris Corporation
7.1.8 Dtonic Corporation
7.1.9 General Electric (GE)
7.1.10 Dabeeo Inc.
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the current South Korea Geospatial Analytics Market size?
The South Korea Geospatial Analytics Market is projected to register a CAGR of 8.44% during the forecast period (2023-2028).
Who are the key players in South Korea Geospatial Analytics Market?
ESRI Inc., InSpace Co., Ltd., Bentley Systems, Inc., General Electric (GE) and Dabeeo Inc. are the major companies operating in the South Korea Geospatial Analytics Market.
South Korea Geospatial Analytics Industry Report
Statistics for the 2023 South Korea Geospatial Analytics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Geospatial Analytics analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.