Geospatial analytics market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period. Geospatial analytics is used to add timing and location to traditional types of data and to build data visualizations. These visualizations can include maps, graphs, statistics and cartograms that show historical changes and current shifts. The ability of governments to utilize these analytics to map crime locations, issue alerts during natural disasters, and design effective disaster recovery mechanisms is a key factor driving the growth of the global market. Additionally, the rise of smart cities and the growing demand for innovative technologies in developing countries contribute to the market's growth.

The widespread use of GPS-enabled smartphones and the advancements in drone technology are further contributing to global market. These technological advancements create opportunities for capturing and analyzing geospatial data in real-time, empowering organizations to make informed decisions based on accurate and up-to-date information. For instance, in October 2023, Hayden AI has announced the successful closing of its $53 million Series B funding round. Hayden AI’s platform provides data-driven intelligence applications that help governments and businesses solve real world problems using geospatial analytics. Growing funding for geospatial analytics R&D is further contributing to the global market growth.

However, privacy concerns associated with the storage of geospatial data create a major challenge for the market. Legal issues related to the storage of personal information further restrain the market growth.

Segmental Outlook

The global geospatial analytics market is segmented based on type and end-user industry. Based on type, the market is segmented into surface analysis, network analysis, and geo visualization. Based on end-user industry, the market is segmented into agriculture, utility and communication, defense and intelligence, government, and natural resources.

Defense & Intelligence Held Considerable Share in Global Geospatial Analytics Market

According to the official sources in defense and security establishments, Geospatial data plays a vital role in a broad spectrum of critical data management applications, such as disaster, military operations and emergency management, environmental monitoring, and land and city planning. The high demand for geospatial analytics in military & defense along with growing military expenditure globally is further driving the growth of this market segment. According to Stockholm International Peace Research Institute (SIPRI), in 2022, military spending worldwide amounted to $2.2 trillion, the highest during the period under consideration. 

Global Military Spending, 2019-2022 ($ Trillion)

Source: SIPRI

Regional Outlook

The global geospatial analytics market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among all the regions, the Asia-Pacific region is anticipated to exhibit highest CAGR during the forecast period. 

Global Geospatial Analytics Market Growth, by Region 2023-2030

North America Held Considerable Share in the Global Geospatial Analytics Market 

The regional market is driven by the continuous efforts of public and private entities in development of geospatial technologies across the region. For instance, in October 2023, a new project led by researchers at the Center for Geospatial Analytics at North Carolina State University has modernized the infrastructure of GRASS GIS, a freely available geospatial software platform that has helped researchers create and innovate geospatial workflows for over forty years. The project also strategically grow the GRASS community to achieve a technologically and socially sustainable open-source ecosystem. The work is supported by a two-year, $1.5 million grant from the National Science Foundation (NSF) Pathways to Enable Open-Source Ecosystems (POSE) program. The various grants for such projects are further contributing to the regional market growth.

Market Players Outlook

The major companies serving the global geospatial analytics market include ESRI Inc., MDA LTD., Hexagon AB, TRIMBLE INC., and Bentley Systems, Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2023, Esri, provider of location intelligence, partnered with Databricks, the data and AI company. The collaboration will provide users with the advanced spatial analytics capabilities of Esri’s ArcGIS software easily accessible in Databricks’ big data platform, the Databricks Lakehouse Platform. Esri offerings that integrate with the Databricks Lakehouse Platform include ArcGIS GeoAnalytics Engine and Big Data Toolkit, which are built specifically to enable users to perform spatial analysis on big datasets.

In May 2023, TomTom (TOM2) has expanded its more than ten-year-old partnership with the Analytics Cloud Platform Company, Alteryx. The partnership will support new Alteryx cloud-based analytics offerings, such as Alteryx Location Intelligence. Together, TomTom and Alteryx collaborate to integrate TomTom’s Maps APIs into Alteryx products and location insights packages, such as Alteryx Designer and the recently launched Location Intelligence offering on the Alteryx Analytics Cloud Platform. 

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global geospatial analytics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.