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IN THE NEWSOctober, 2021: HERE Technologies launched a new data service delivering application, HERE Probe Data, providing insights and real-time data on transportation network.
August, 2021: Maxar Technologies announced that it has received an order from SiriusXM to build a geostationary communications satellite SXM-10.
The global geospatial solutions market is estimated to grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing applications of geospatial solutions followed by the integration of advanced technologies in GIS applications. Geographical information systems (GIS) are used to analyze and study spatial and geographic data. Incorporation of technologies, such as, Augmented Reality (AR), 3D printing, and Artificial Intelligence (AI) in geospatial solutions is projected to boost the market growth. Moreover, the growing research activities regarding the space and earth, and constant investment in these research activities are estimated to fuel the market growth. In addition to this, the increasing use of Global Positioning System (GPS) across the globe, is expected to strengthen the market growth.
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The market is segmented by application into resource management, web mapping, research, and others, out of which, the web mapping segment is anticipated to hold the largest share in the global geospatial solutions market over the forecast period on account of increasing proliferation of free-to-use mapping software, along with growing accessibility of e-maps. Based on the end-user, the market is segmented into utility, business, transportation, defense & intelligence, infrastructural development, and others. Among these, the transportation segment is anticipated to gain substantial share over the forecast period, owing to the increasing trend of travelling, use of in-built mobile maps, and others.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global geospatial solutions market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of development in terms of technology enhancement and rising investment in research associated with geospatial solutions.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of leading technology providers in the region, along with early adoption of advanced technologies in the region. Moreover, the growing investment in research regarding space and earth is expected to boost the market growth. According to the report by the National Aeronautics and Space Administration (NASA), the budget provided to NASA amounted to USD 21 billion in FY2020.
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The global geospatial solutions market is further classified on the basis of region as follows:
Our in-depth analysis of the global geospatial solutions market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing integration of technological advancement in geospatial solutions to boost the market growth.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
High initial investment is estimated to hamper the market growth.
The market in the North America region will provide more business opportunities over the forecast period, owing to the growing adoption of advanced technology in the region.
The major players in the market are Telenav, Inc., HERE Global B.V., Hexagon AB, esri, SNC-Lavalin, Topcon Corporation, MAXAR Technologies Inc., Harris Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, solution, application, end-user, and others.
The software segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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