Jersey City, NJ, April 20, 2023 (GLOBE NEWSWIRE) -- The global  is estimated to reach over USD 187.51 billion by 2031, exhibiting a CAGR of 12.47% during the forecast period.

Geospatial analytics collects, displays, and manipulates geographic information to provide insights and solutions. While many factors are driving the growth of the global geospatial analytics market, the lack of skilled manpower is also considered a significant challenge.

The field of geospatial analytics involves complex data analysis and requires a range of technical skills, such as knowledge of GIS software, data analysis and visualization tools, and programming languages. There is a growing demand for geospatial analytics expertise across many industries, including agriculture, defense, transportation, and urban planning. The major limitation of this market is data privacy concerns. Using geospatial analytics involves collecting and analyzing large amounts of data, including sensitive and personal information. This has raised concerns over data privacy and security; some organizations may need to be more open to using these tools.


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Recent Developments:

List of Prominent Players in the Geospatial analytics market:


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Geospatial Analytics Market Report Scope:

Report AttributeSpecifications
Market size value in 2022USD 66.29 Bn
Revenue forecast in 2031USD 187.51 Bn
Growth rate CAGRCAGR of 12.47% from 2023 to 2031
Quantitative unitsRepresentation of revenue in US$ Million, and CAGR from 2023 to 2031
Historic Year2019 to 2022
Forecast Year2023-2031
Report coverageThe forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments coveredDelivery Mode, Application, Destination, Service Type, Vehicle Type And Mode Of Operation
Regional scopeNorth America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scopeU.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Market Dynamics:

Drivers:

Technological advancements have been a major driver of the global geospatial analytics market in recent years. As technology continues to improve, more and more data can be gathered, analyzed, and visualized in real-time, providing businesses with valuable insights that can be used to construct more informed conclusions.

The increasing use of artificial intelligence, machine learning, and big data analytics has also helped to drive the growth of the geospatial analytics market. These technologies enable companies to extract more value from their data and better understand complex spatial relationships. Moreover, the growing demand for location-based services, such as navigation, asset tracking, and emergency response, has also played a key role in driving the adoption of geospatial analytics solutions across various industries.

Challenges:

The prime challenge is the lack of skilled manpower, which is predicted to reduce the growth of the geospatial analytics market. However, there currently needs to be more skilled professionals who can meet this demand, particularly in emerging markets where the use of geospatial analytics is growing rapidly.

Many organizations are investing in training and education programs to address this challenge to build a pipeline of skilled geospatial analysts. This includes partnerships with universities and vocational training programs to provide students with the necessary skills and experience to work in the field. Additionally, companies are using automation and artificial intelligence to augment the skills of their existing workforce and make geospatial analytics more accessible to non-experts.

Regional Trends:

The North American geospatial analytics market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. This can be linked to the presence of significant players in the region and the increasing adoption of geospatial analytics solutions in various industries such as government, defense, and transportation. Additionally, the region has a highly developed technology infrastructure and a high level of awareness about the benefits of geospatial analytics, which further fuels the market's growth.


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Segmentation of the Geospatial Analytics Market-

By Component

By Technologies

By Type

By Deployment mode

By Organization Size

By Application

By Vertical

By Region-

North America-

Europe-

Asia-Pacific-

Latin America-

 Middle East & Africa-

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