The global geospatial analytics market is anticipated to be worth US$ 10.6 billion. The market will reach US$ 34.5 billion by 2032, increasing at a 12.5% CAGR over the assessment period.
According to FMI, technological improvements in machine learning and artificial intelligence, as well as big data technologies for analyzing geographical data, are driving the geospatial analytics industry. Geospatial analytics gathers geographical data and imagery from earth observation, geographic information systems, global navigation and satellite systems and positioning, location sensors, and mobile devices, structures data visualization, and aids in the tracking of relationships between places and people.
As per the report by the Bureau of Labor Statistics, geographical information system development will be specifically strong in cities with a well-established base of database and cartography technology. This includes federal government agencies comprising the United States Geological Survey, Forest Service National Oceanic and Atmospheric Administration, National Imagery and Mapping Agency, and Federal Emergency Management Agency.
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The telecom industry is transforming quickly and needs the support of modern spatial technology to enhance its effectiveness and meet the increasing demand. Cell phone utilization is rising in emerging and developed nations, and telecom companies are looking to expand their reach. This quick diversification of the telecom industry is driving the usage of geographic information systems.
The geographic network has proven to be specifically useful in today’s telecommunication industry, as it offers the means to generate highly precise maps, increase asset location, and visualize details more effectively and interactively. Utilizing geographic information tools at network installation, maintenance, and planning stages, telecommunication operators can lower network construction prices and make sure that their networks are formed in the right places. Thus, the increasing usage of GIS in the telecommunication industry will continue augmenting the growth in the market over the forecast period.
Key Takeaways from the Geospatial Analytics Market Report:
Competition Landscape:
Alteryx, Trimble Inc., Bentley Systems, Google, Esri, Oracle Corporation, Deloitte, General Electric, SAP, and Orbital Insights are some of the leading players operating in the global geospatial analytics market.
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Geospatial Analytics Market Segmentation:
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Technology , Geo , Software
Feb 01, 2024