Geospatial Analytics: A Comprehensive Overview
Geospatial analytics refers to the use of geographical data
and techniques to analyze and interpret various aspects of the physical world.
The discipline encompasses a broad range of applications, from mapping and land
use analysis to disaster response and environmental monitoring. In this essay,
we will provide a comprehensive overview of geospatial analytics, its key
components, and its importance in modern society.
Geospatial analytics relies on a variety of data sources,
including satellite imagery, GPS data, and social media feeds. These data
sources are combined and analyzed using advanced algorithms to create maps,
identify patterns, and make predictions. The resulting insights can inform
decision-making in a variety of fields, from urban planning to public health.
One of the primary applications of geospatial analytics is
in the field of environmental monitoring. By analyzing satellite imagery and
other data sources, scientists can track changes in the earth's climate,
identify areas at risk of natural disasters, and monitor the health of
ecosystems. This information can then be used to inform policies aimed at
mitigating the effects of climate change and protecting the environment.
Geospatial analytics also has important applications in the
field of public health. By analyzing data on population density, disease
outbreaks, and healthcare access, researchers can identify areas at risk of
epidemics and design targeted interventions. Geospatial analytics can also be
used to track the spread of diseases in real-time, allowing public health
officials to respond quickly and effectively to outbreaks.
Another important application of geospatial analytics is in
the field of urban planning. By analyzing data on population density, traffic
patterns, and land use, planners can design more efficient and livable cities.
Geospatial analytics can also be used to identify areas at risk of natural
disasters, such as flooding or landslides, and inform building codes and zoning
regulations.
In addition to its practical applications, geospatial
analytics has important implications for our understanding of the world. By
analyzing patterns in geographical data, researchers can gain new insights into
human behavior, such as migration patterns or the spread of cultural practices.
Geospatial analytics can also be used to identify areas of biodiversity and
inform conservation efforts.
Dynamics of Geospatial Analytics Market
Drivers in Geospatial
Analytics Market
The geospatial analytics market is experiencing rapid
growth, with predictions that it will increase from $49.1 billion in 2020 to
$96.3 billion by 2025, at a CAGR of 14.5%. This growth is being driven by
advancements in big data analytics, which are enabling better decision-making,
saving time and resources for organizations. The increasing availability of
location-based data, the emergence of advanced analytics tools, and the rising
demand for real-time data analysis are also contributing to the growth of the
market.
Cloud-based geospatial analytics solutions are becoming more
popular due to their scalability and cost-effectiveness, and the use of AI and
ML technologies is becoming more prevalent in geospatial analytics
applications. The use of Big Data analytics, along with GIS, is resulting in
increasing growth opportunities for emerging geospatial analytics vendors, as
big data analytics can process large amounts of data quickly, thereby
facilitating business intelligence.
Factors impacting the growth of the global geospatial
analytics market include the upsurge in demand for AI-based GIS solutions, the
increase in demand for geospatial analytics in smart cities development and
urban planning, and the use of satellite monitoring to control the spread of
COVID-19. However, the high cost of geospatial analytics, regulatory issues,
and the lack of comprehensive government policies toward geospatial analytics
are expected to affect the market growth negatively.
Despite these challenges, rising government and private
investment towards technological advancement, expansion of industry players
worldwide, and growing R&D activities are stimulating the higher adoption
of geospatial analytics. Furthermore, location-based services have various
applications across various end-use sectors such as mining, retail,
transportation, urban planning, construction, etc. The adoption of cloud-based
GIS and the increase in application of AR and VR technologies in geographic
information system are also expected to have a significant impact on the market
growth during the forecast period. Overall, the geospatial analytics market is
expected to continue its rapid growth trajectory.
Restraints in
Geospatial Analytics Market
The geospatial industry has seen a significant expansion in
recent years, with a growing range of applications for geospatial data.
However, the high cost of GIS solutions and barriers to accessing geospatial
data have been identified as factors limiting the growth of this industry. The
development of real-time GIS solutions has increased the complexity of GIS
software, resulting in higher costs for both software development and data
collection. Moreover, the availability of geospatial data in various
incompatible formats has hindered market growth, leading to the adoption of
geospatial data translators by GIS providers. However, the compatibility of
such translators is often inadequate, resulting in higher costs for data
conversion and integration.
The outbreak of COVID-19 in the last quarter of 2019 has led
to a significant decline in business operations worldwide, with the manufacturing
and transportation sectors being severely impacted. However, the pandemic has
also created opportunities for the geospatial analytics market, with a two-fold
increase expected during the forecast period. High-quality geospatial data has
been instrumental in tackling the pandemic, providing essential information on
risk factors, disease transmission, and prevalence forecasting. Governments
around the world are adopting geospatial analytics to track the spread of the
coronavirus and update infected patient information in real-time.
Collaboration and partnerships between different sectors
have been instrumental in driving market growth, as seen in Tunisia where the
Ministry of Public Health partnered with companies such as Esri, Graphiec, and
the African Association for Geospatial Development to build a georeferenced
database of hospital bed capacity and medical equipment. However, technical
challenges such as the integration of geospatial databases and maps and the
conversion of data into easily shareable visuals still persist.
Opportunities in
Geospatial Analytics Market
The utilization of geospatial analytics and its benefits,
such as having full control over geographical data, are now being acknowledged
by a variety of small and medium-sized enterprises (SMEs). This has resulted in
an increasing interest among businesses of all sizes to leverage the advantages
of geospatial analytics to enhance their company's agility and scalability. To
cater to the industry-specific demands of clients, particularly SMEs in sectors
such as BFSI, retail, healthcare, and public, location analytics providers are
adopting aggressive business strategies, such as acquisitions, to expand their
service offerings in analytics. Enterprises have recognized several benefits of
using geospatial analytics, including cost savings, improved agility and
scalability, increased revenue, and better performance.
The growing adoption of the Internet of Things (IoT) and the
increasing number of connected devices are expected to generate a massive
amount of location-based data. This trend is anticipated to lead analytics
vendors and SMEs to leverage geospatial analytics to enhance their operational
capabilities and extract meaningful insights from this data. The concept of
smart cities, which are data-driven and rely on real-time awareness sharing, is
gaining traction. By collecting data from numerous IoT sensors and analyzing it
through an enterprise GIS, data visualization on a map can provide immediate
actionable insights. This data can be utilized to track the delivery of city
services and highlight areas where local council services need improvement.
Location-based analysis of IoT data has also been used by local governments to
create smarter parks, enhance safety, and drive innovation.
Challenges in
Geospatial Analytics Market
However, one of the main challenges in integrating
geospatial analytics data with enterprise solutions, such as ERP and CRM, is
the lack of skilled manpower. To make heterogeneous data from geographic
sources compatible with existing databases, it needs to be processed. As
various business enterprises use different business tools, this process often
requires a customized approach. Geospatial analytics solution providers require
trained personnel to meet clients' specific requirements. The shortage of
experienced personnel is a significant challenge for providers of
location-based analytics services since there is a limited number of
specialists capable of delivering geospatial analytics solutions.
Ecosystem of Geospatial Analytics Market
The geospatial analytics market is segmented by vertical
into several industries, including energy & utility, government, defense
& intelligence, BFSI, real estate & construction, healthcare, mining
& natural resources, automotive & transportation, agriculture, and
other verticals such as sports, education, tourism, and media and
entertainment. The agriculture vertical is expected to grow at the highest CAGR
during the forecast period, owing to its ability to enhance land management and
increase productivity while reducing costs. Geospatial technology can be
utilized to analyze soil, estimate crop yield, analyze crop yield, and prevent
soil erosion. Moreover, geospatial solutions can be used to alleviate the
impact of droughts by examining the spatial distribution of rainfall and
real-time sensors.
In terms of service segments, services are essential for
integrating next-generation geospatial analytics solutions into enterprises'
business environments. Geospatial analytics services can help to transform
businesses with smart governance and technology integration roadmaps. As the
adoption of geospatial analytics solutions increases across enterprises and
service providers, the demand for supporting services is also expected to rise
among organizations. The on-premise segment accounted for the largest share in
2020 due to its high level of data security and safety. However, the cloud
segment is projected to witness the highest growth in the upcoming years, as it
eliminates the need for IT infrastructure investment, and all data is stored on
cloud servers, increasing the demand for geospatial analytics software in small
and medium scale organizations.
The largest revenue share in the industry is held by the
geospatial analytics solutions segment, which includes data integration,
spatial analysis, visualization, geocoding, and more. Numerous businesses,
including SMEs, large enterprises, and various other end-use verticals, are
integrating geospatial analytics tools and solutions to evaluate, locate, and
respond to changes in business trends and circumstances.
Additionally, companies are adopting geospatial analytics to
improve agility and overall operational productivity, resulting in reduced
operating expenses and increased knowledge of business patterns. As a result,
the segment's growth is being bolstered across the global industry. The
geospatial analytics services segment is expected to exhibit the highest CAGR
over the forecast period, including maintenance and support services for
thematic data and mapping, GIS consulting services, image processing, and other
services.
The increasing demand and adoption of location intelligence
technology are driving the segment's growth. Moreover, the rising application
of geospatial analytics services across various verticals in developing nations
such as India, China, Brazil, and many others is further fueling the segment's
demand over the coming years.
Regional Insights
According to market research, North America is projected to
dominate the geospatial analytics market in terms of market share during the
forecast period. North America is an open market for geospatial analytics and
is one of the leading regions in the industry. Many prominent players in the
market are based in North America, and they rely heavily on geospatial
analytics technologies across various sectors such as transportation,
utilities, agriculture, and construction. Additionally, the adoption of
location-based technologies in North America is expected to accelerate due to
rising investments.
The demand for real-time and remote services in North America,
including healthcare and education, is increasing significantly. The Kaiser
Family Foundation reports that during the forecast period, the demand for
patient monitoring, drug and medication delivery, online meetings, and digital
healthcare services is increasing gradually, which is driving market demand.
The remote provision of healthcare services is adopting advanced technology for
diagnosis, treatment, and disease prevention.
Furthermore, the Asia Pacific region is projected to exhibit
the highest compound annual growth rate (CAGR) during the forecast years due to
increasing investments in innovative technologies and smart projects. The
market growth is also attributed to rapid urbanization, industrialization, and
growing AI capabilities with geospatial data across the world. Additionally,
the penetration of IoT devices among the millennial population, rising
disposable income, and digitalization are other factors that are fostering
market growth.
Dominating Companies in Geospatial Analytics Market
- ESRI
- PRECISELY
- GOOGLE
- HEXAGON AB
- TOMTOM
- TRIMBLE
- MAXAR TECHNOLOGIES
- CALIPER CORPORATION
- BLUE MARBLE GEOGRAPHICS
- ESPATIAL
- RMSI
- MAPLARGE
- GENERAL ELECTRIC
- BENTLEY SYSTEMS
- FUGRO
- ORBITAL INSIGHT
- MAPIDEA
- GEOSPIN
- SPARKGEO
- ORBICA
- DESCARTES LABS
- SKYMAP GLOBAL
- REMOT TECHNOLOGIES
- CARTO
- UBIMO
- PASCO CORPORATION
- MANDALAY TECHNOLOGY
- GEOVIET CONSULTING
- GIS CO., LTD
- SUNTAC TECHNOLOGIES
- GEOMATIC CONSULTING INTERNATIONAL
- IMAGO GLOBAL
- MAPPOINTASIA
- VEGASTAR TECHNOLOGY
- HERE TECHNOLOGIES
- Alteryx, Inc.
- Oracle
- SAP SE
Recent Developments in Geospatial Analytics Market
- In 2021, Trimble Inc., a California-based technology
company, acquired a 51% stake in Mobiliya Technologies, an Indian software
development company that specializes in geospatial and mobility solutions. The
acquisition was aimed at expanding Trimble's capabilities in the areas of
location-based services, mapping, and navigation.
- In 2020, Bentley Systems, a Pennsylvania-based software
company, acquired Citilabs, a Florida-based provider of transportation planning
software. The acquisition was aimed at enhancing Bentley's offerings in the
areas of mobility and smart city planning, leveraging Citilabs' expertise in
geospatial analytics and modeling.
- In 2019, Hexagon AB, a Swedish technology company, acquired
Thermopylae Sciences and Technology, a Virginia-based geospatial software
company. The acquisition was aimed at strengthening Hexagon's position in the
areas of defense and intelligence, leveraging Thermopylae's expertise in
geospatial data management and analytics.
- Also in 2019, Esri, a California-based provider of
geospatial software, announced a partnership with Mobileye, an Israeli provider
of advanced driver assistance systems. The partnership was aimed at integrating
Mobileye's technology for real-time mapping and localization with Esri's ArcGIS
platform, enabling more accurate and up-to-date geospatial data for
transportation planning and management.
- In November 2021, Geospark Analytics, a provider of
AI-powered predictive analytics, announced that it had been acquired by
Palantir Technologies. The acquisition will allow Palantir to integrate
Geospark's technology into its own products and solutions.
- In August 2021, HERE Technologies, a location data and
technology platform, announced a strategic partnership with PwC India. The
partnership will enable PwC India to leverage HERE's geospatial technology and
data to offer location-based solutions to its clients in India.
- In May 2021, Trimble, a provider of GPS and geospatial
technology, announced that it had acquired ICEYE, a provider of satellite-based
radar imaging. The acquisition will enable Trimble to expand its geospatial
capabilities and offer new solutions to customers in industries such as
agriculture, construction, and mining.
- In March 2021, Descartes Labs, a provider of geospatial
analytics and AI, announced a strategic partnership with AWS. The partnership
will enable Descartes Labs to leverage AWS's cloud infrastructure and services
to offer scalable and cost-effective geospatial analytics solutions to its
customers.
- In February 2020, Maxar Technologies, a provider of
satellite imagery and geospatial solutions, announced that it had acquired 3D
data and analytics company Vricon. The acquisition will allow Maxar to enhance
its geospatial capabilities and offer new solutions to customers in industries
such as defense and intelligence.
In conclusion, geospatial analytics is a powerful tool for
understanding and addressing a wide range of challenges facing modern society.
By combining data from a variety of sources and applying advanced algorithms,
geospatial analysts can create maps, identify patterns, and make predictions
that inform decision-making in fields ranging from environmental science to
public health. As our ability to collect and analyze data continues to grow,
geospatial analytics will only become more important in shaping our
understanding of the world around us.