(Wireless-NewsWire.Com, June 16, 2022 ) According to a research report "Geospatial Analytics Market by Component, Solution (Geocoding and Reverse Geocoding and Thematic Mapping and Spatial Analytics), Service, Type, Technology, Deployment Mode, Organization Size, Application, Vertical, and Region - Global Forecast to 2026" published by MarketsandMarkets, The geospatial analytics market size is projected to grow from USD 59.5 billion in 2021 to USD 107.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period. The major factors driving the growth of the geospatial analytics market include the increasing number of AI and ML based GIS solutions, development of smart cities and urbanization, advancement of big data analytics, and increased deployment of IoT sensors across locations.
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Based on solutions, Geocoding and Reverse Geocoding to lead the market during the forecast period
The geocoding and reverse geocoding solution segment is estimated to lead the geospatial analytics market during the forecast period. The geocoding and reverse geocoding solution helps businesses across verticals map coverage, acquire new customers, and identify competitors to determine prime target areas for promotional activities. The growing need to perform risk assessments using exact location information for making accurate analysis during natural calamities, such as earthquakes and floods, is driving the adoption of the geocoding and reverse geocoding solution in the geospatial analytics market.
Based on vertical, automotive segment to grow at the highest CAGR during the forecast period
Automotive players can use geospatial data to estimate the local demand for automotive vehicles. By mapping the distribution of existing and prospective customers, automotive companies can efficiently market and deliver automotive vehicles. The need to analyze the local demand for automotive vehicles is driving the demand for geospatial analytics in the automotive vertical.
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North America to hold the highest market size during the forecast period
North America is one of the most prominent regions in the geospatial analytics market. The demand for real-time information and location-based services is expected to increase in the coming years, owing to the increase in the adoption of mobile GIS technologies that will have a positive impact on the geospatial analytics 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 the geospatial analytics market in this region.
ESRI (US), Google (US), (US), Oracle (US), Precisely (US), and SAP (Germany) are the key players in the geospatial analytics market.
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