Geospatial Market Overview:
Market Research Future (MRFR) has conducted an extensive research study titled Geospatial Market, By Type, By Technology, By End-users - Forecast 2030, revealing highly encouraging projections for the market. According to the report, the geospatial market is poised to reach an impressive valuation of approximately USD 211.5835 Billion by the end of 2030. Furthermore, experts anticipate a robust compound annual growth rate (CAGR) of over 12.70% throughout the assessment period, showcasing a flourishing trajectory for the industry.
Key Players
Eminent market players profiled in the global geospatial market report include-
- Bentley Systems, Inc. (U.S.)
- DigitalGlobe, Inc. (U.S.)
- General Electric Co. (U.S.)
- Harris Corporation (U.S.)
- Dettwiler & Associates, Ltd. (Canada)
- ESRI (U.S.)
- Hexagon AB (Sweden)
- Fugro N.V. (Netherlands)
- MacDonald, Trimble Navigation LTD. (U.S.)
- RMSI (India)
Segmentation:
The global geospatial market is bifurcated based on end users, technology, and type.
By type, the geospatial market is segmented into Network Analytics, Surface Analytics, and Geo-visualization.
By technology, the geospatial market is segmented into GPS, Remote Sensing, and GIS.
By end users, the geospatial market is segmented into Automotive, Government, and Defense & Intelligence
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COVID-19 Analysis
The global market was minimally impacted by the COVID-19 pandemic, although certain companies experienced reduced demand for their products and services. The stringent lockdown measures and disruptions in import-export operations imposed by various governments hindered the growth of transportation and logistics, manufacturing, and retail sectors. However, industries such as healthcare & life sciences, energy, and utilities rapidly embraced geospatial and location-based platforms and services. Governments worldwide are leveraging geospatial data and technology to address critical COVID-19 concerns, although each country faces unique challenges that affect their response efforts. Location information and geospatial technologies are assisting healthcare organizations and governments in the distribution of medical supplies, medications, vaccines, and analysis of virus spread in specific areas. Esri's ArcGIS Solutions, introduced in December 2020, provide enterprises and healthcare communities with tools to manage vaccine distribution plans and track key indicators. The long-term growth of the global market will be primarily driven by increased adoption of GIS and geolocation technology in healthcare, retail, and military sectors. Maps and GIS are among the technologies anticipated to experience exponential growth in the coming years, as they are being used to understand and analyze the source and spread patterns of COVID-19 through comparative studies based on geospatial analysis.
Regional Analysis:
Regional analysis of the geospatial market reveals significant growth and adoption of geospatial technologies across different regions.
- North America: North America holds a prominent position in the geospatial market. The United States and Canada have a strong presence of key market players, advanced infrastructure, and a high level of technological advancements. The region witnesses substantial demand for geospatial solutions in sectors such as government, defense, transportation, and utilities.
- Europe: Europe is another key region in the geospatial market. Countries like the United Kingdom, Germany, France, and the Netherlands exhibit a robust adoption of geospatial technologies across multiple industries. The European Union's initiatives and regulations promoting the use of geospatial data and technologies further contribute to market growth in this region.
- Asia Pacific: The Asia Pacific region showcases tremendous potential for geospatial market growth. Rapid urbanization, infrastructural developments, and a burgeoning population drive the demand for geospatial solutions in countries like China, India, Japan, and South Korea. Additionally, the region's focus on smart city initiatives and digital transformation in various sectors fuels the adoption of geospatial technologies.
- Latin America: Latin America is witnessing a gradual increase in the adoption of geospatial technologies. Countries like Brazil, Mexico, and Argentina are investing in infrastructure development and are utilizing geospatial solutions in sectors such as agriculture, mining, and natural resource management. The region offers growth opportunities for market players due to rising awareness and government initiatives supporting geospatial applications.
- Middle East and Africa: The Middle East and Africa region are experiencing a steady growth in the geospatial market. Governments in countries like the United Arab Emirates, Saudi Arabia, and South Africa are incorporating geospatial technologies in various sectors such as urban planning, agriculture, and oil and gas. The region's focus on digital transformation and smart city projects contributes to the adoption of geospatial solutions.
Overall, the geospatial market exhibits a global presence, with North America and Europe leading in terms of adoption and market share. However, the Asia Pacific region is emerging as a significant growth driver due to its rapid technological advancements and increasing investment in geospatial applications. Latin America and the Middle East and Africa regions also offer potential growth opportunities, driven by infrastructure development and government initiatives.
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Big Data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems.Amid the proliferation of real-time and historical data from sources such as connected devices, web, social media, sensors, log files and transactional applications, Big Data is rapidly gaining traction from a diverse range of vertical sectors.
The insurance industry is no exception to this trend, where Big Data has found a host of applications ranging from targeted marketing and personalized products to usage-based insurance, efficient claims processing, proactive fraud detection and beyond.
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Led by a plethora of business opportunities for insurers, reinsurers, insurance brokers, InsurTech specialists and other stakeholders, these investments are further expected to grow at a CAGR of approximately 14% over the next three years.The “Big Data in the Insurance Industry: 2018 - 2030 - Opportunities, Challenges, Strategies & Forecasts” report presents an in-depth assessment of Big Data in the insurance industry including key market drivers, challenges, investment potential, application areas, use cases, future roadmap, value chain, case studies, vendor profiles and strategies.
The report also presents market size forecasts for Big Data hardware, software and professional services investments from 2018 through to 2030.
