Triton Market Research presents the Global Geospatial Analytics Market report segmented by Types of Analysis (Surface Analysis, Geo-visualization, Network Analysis, Other Analysis Types), by Technology (Remote Sensing, Geographical Information Systems (GIS), Global Positioning Systems (GPS), Other Technologies) by Application (Surveying, Medicine and Public Safety, Disaster Risk Reduction and Management, Other Application), by End-users (Business, Utility and Communication, Defense and Intelligence, Government, Automotive, Others)
Triton Market Research depicts that the Global Geospatial Analytics Market is developing at a CAGR of 16.45% during the forecast period (2019-2027). The technological advancement is increasing the utilization of geospatial practices in varied sectors, augmenting commoditization and commercialization of spatial data, and increase in the adoption and number of smart city projects are the factors augmenting the growth of the geospatial analytics market across the globe.
The geospatial analysis comprises of varied activities, emphasizing on implementing multiple techniques of data, which include geographical or space-related features. Geospatial analysis is a procedure of gathering, presenting, categorizing historical, real-time and satellite-based imageries that can be precast into geographic data, in the form of landmarks or coordinates.
Europe is the leader in the global geospatial analytics market, accounting for the colossal share in 2018. The region held the highest revenue in the global scenario. The key factors driving the market in the region include rising safety concern and augmenting requirement of geospatial analytics in utility analysis and commercial applications. The existence of key players like Trimble Navigation and Bentley Systems is also contributing to the development of the market in Europe. Moreover, the integration of public and private firms for the optimization of security mechanisms is majorly aiding the region to sustain its position in the market in the coming years.
The Asia Pacific region is estimated to evolve rapidly at the fastest growth rate throughout the forecasting period. The major countries of the region have aimed their focus on upgrading their infrastructure, in which geospatial analysis is widely being utilized, increasing the demand of the market in the region. In addition, the rise in the disposable income has also surged growth in the end-user industries.
The major market players in the global geospatial analytics market are MDA Corporation, Trimble Geospatial, ESRI Inc., Bentley Systems, Inc., Hexagon AB, other companies. The majority of the companies in the market are aiming at varied strategies like the launch of new product, collaboration, agreements, contracts, partnership, etc. to sustain a competitive position in the market. A prime example, in November 2017, Hexagon partnered with Huawei to establish Barcelona’s Smart Cities, which required geospatial data for ecological balance and improved quality of life. In addition, in October 2017, MDA, a worldwide communication and information firm acquired Digital Global Inc., which provide high-resolution earth imagery and information.
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