Geospatial Analysis Market Worth $ 107.8 Billion By 2026
CHICAGO, June 30, 2021 / PRNewswire / – According to New Market Research Report “Geospatial Analysis Market by component, solution (geocoding and reverse geocoding and thematic mapping and spatial analysis), service, type, technology, mode of deployment, organization size, application, vertical and region – Global forecasts until 2026 “, published by MarketsandMarkets â¢, the size of the geospatial analysis market is expected to increase from $ 59.5 billion in 2021 to $ 107.8 billion by 2026, at a compound annual growth rate (CAGR) of 12.6% over the forecast period.
The main factors driving the growth of the geospatial analysis market include the increasing number of GIS solutions based on AI and ML, the development of smart cities and urbanization, the advancement of the big data analysis and increased deployment of IoT sensors across locations.
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Solution based, geocoding and reverse geocoding to dominate the market during the forecast period
The geocoding and reverse geocoding solutions segment is expected to dominate the geospatial analysis market during the forecast period. The Geocoding and Reverse Geocoding solution helps businesses across all verticals map coverage, acquire new customers, and identify competitors to determine key target areas for promotional activity. The growing need to perform risk assessments using exact location information to perform accurate analysis during natural disasters, such as earthquakes and floods, leads to the adoption of the geocoding and geocoding solution. reversed in the geospatial analysis market.
Based on the automotive vertical segment, it is expected to grow at the highest CAGR during the forecast period
Automotive players can use geospatial data to estimate local demand for automotive vehicles. By mapping the distribution of existing and potential customers, automakers can effectively market and deliver motor vehicles. The need to analyze local demand for motor vehicles is driving the demand for geospatial analysis in the automotive industry.
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North America hold the highest market size during the forecast period
North America is one of the most important regions of Geospatial Analysis Market. The demand for real-time information and location-based services is expected to increase in the coming years, owing to the increased adoption of mobile GIS technologies which will positively impact the geospatial analysis market. in this region. In addition, the presence of leading companies such as Trimble (US), L3Harris (US), Bentley Systems (US), ESRI (US) and Maxar Technologies (US) in this region is expected to propel the growth of geospatial analysis. Market in this region.
ESRI (United States), Google (United States), (United States), Oracle (United States), Precisely (United States) and SAP (Germany) are the major players in the geospatial analysis market.
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