Burlingame, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Geospatial Analytics Market, By Component (Solution, Service), By Solution (Geocoding & Reverse Geocoding, Data Integration & ETL, Reporting & Visualization, Thematic Mapping & Spatial Analysis, Others), Deployment Mode (On-premise, Cloud),By Enterprise Size (Large Enterprises, SMEs), By Technology (Remote Sensing, GIS, GPS, Others), By Type (Surface & Field Analytics, Network & Location Analytics, Geovisualization, Others), By Industry Vertical (Automotive, Energy & Utilities, Government, Defense & Intelligence, Smart Cities, Insurance, Natural Resources, and Others), - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030,” According to the report, the global geospatial analytics market is estimated to be valued at US$ 59.46 b illion in 2022 and is expected to exhibit a CAGR of 7.1 % during the forecast period ( 2023-2030).

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Analysts’ Views on Global Geospatial Analytics Market

Geospatial analytics, a field of data analysis, focuses on understanding and interpreting patterns, trends, and relationships within geographic or spatial data. It is used to add timing and location to traditional types of data and to build data visualizations (maps, graphs, statistics and cartograms). Geospatial analytics gathers and displays geographic information system (GIS) data and imagery including GPS and satellite photographs. Geospatial analytics combines traditional data analytics with geographic information system (GIS) technology to gain valuable insights and make informed decisions related to various spatial phenomena.

Key Trends and Analysis of the Global Geospatial Analytics Market:

Growing penetration of geospatial artificial intelligence (GeoAI) is one of the key trends expected to augment growth of the global geospatial analytics market. For instance, GeoAI is an emerging science that uses advances in high-performance computing to apply novel/advanced technologies to extract meaningful information from spatial big data. Many companies worldwide are updating novel or advanced technologies, such as artificial intelligence (AI) and Machine Learning (ML) to provide accurate insights. This trend is expected to continue over the forecast period owing to the emergence of 5G technologies or advent of 5G.

Global Geospatial Analytics Market – Drivers

High demand for GIS solutions to drive market growth

A GIS Software (Geographic Information System) is designed to store, manage, retrieve, display, and analyze all types of geographic and spatial data. GIS software helps build data visualizations (maps and other graphic displays) for analysis and presentation. In December 2021, Esri India, one of the leading GIS software and solutions provider, launched Indo ArcGIS to address the need for ready-to-use GIS-based solutions and geospatial content for GIS users in India. Esri India is also providing more than 300 layers and these data layers are very important for both the government and private organizations for making critical decisions.

Geospatial Analytics Market Report Coverage

Introduction of 5G to augment the market growth