Geospatial Solution Market
By Solution (Hardware, Software, Service),
By Technology (Geospatial Analytics, GNSS & Positioning, Scanning, Earth Observation),
By Application (Surveying, Navigation & Mapping, geovisualization, Asset Management, Planning & Analysis, Others),
By End User (Aerospace, Defense and Intelligence, Utility, Transport, and Logistics, Construction, and Civil, Agriculture and Natural Resource Management, Others),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global geospatial solution market is to be worth more than USD 1721.55 billion by 2033.
The ongoing proliferation of AI-based geospatial platforms coupled with rising investments in developed regions is predicted to enormously support geospatial solution market growth. The analysis has represented vast opportunities in the North American region where the presence of major companies such as Apple, Microsoft, and Google and market spread over the U.S., Canada, and Mexica, with numerous companies' headquarters located in these countries, is propelling more demand for geospatial solutions in location-based services. The incorporation of geospatial solution technology by companies through newly formed alliances and acquisitions in the Asia-Pacific region ensures that the region is not far behind in the market race compared to the North American region.
Another Triggering factor for geospatial solution market growth lies in the fact that along with environmental agencies, geospatial solutions is also essential for managing the earth's natural resources to create sustainable ecosystem and economies all over the globe. For instance, in November 2019, BlackSky, a leading provider of geospatial intelligence, satellite imaging, and global monitoring services, secured $50 million from Intelsat, a global satellite communications leader. The business resulted in an industry first, fashioning a premeditated relationship that couples Earth observation with a global communications infrastructure. Also, in the ever-developing world, the advent of new types of vehicles that rely explicitly on geospatial technology will create market demand for the geospatial solutions market. They will be used in greater frequency, whether they navigate the sky carrying packages (drones) or drive themselves down streets (autonomous vehicles). New applications for these technologies will also be initiated, such as using drones for aerial mapping. Earth observation technology is also gaining momentum in the market, credited to its application closely related to geospatial solutions. For instance, in June 2022, Earth Blox, a Scotland-based tech firm, secured £1.5m funding from Archangels to develop its no-code Earth Observation (EO) cloud-based SaaS (Software as a Service). This no-code technology using this funding intends to meet the growing need of a wide range of sectors, businesses, and users to access earth observation perceptions swiftly and easily as part of strategic planning, monitoring, and reporting. Major companies introducing new technology and seeing market growth prospects are aiding the global geospatial solution market.
The companies operating within the geospatial solution industry are undergoing mergers, collaboration, acquisitions, long-term contracts, and service agreements to increase their global footprint. For instance, in June 2021, Trimble expanded its geospatial automated monitoring portfolio with Worldsensing's geotechnical IoT solutions. Worldsensing is a wireless connectivity technology provider and an industry-leading manufacturer of geotechnical IoT monitoring systems. The collaboration between Trimble and Worldsensing enabled survey, geotechnical and structural engineers to develop their monitoring business opportunities impeccably with an all-inclusive solution that integrates geotechnical and geospatial data. The Trimble-branded geotechnical product line, driven by Worldsensing, delivers an entirely automated wireless monitoring solution that aids in curtailing field visits and surges safety by dropping the need to acquire manual readouts. The automated measurements engender real-time notifications and reporting through the novel Trimble 4D Control™ software (T4D) and Geotechnical Edition software, which empowers operators to restructure monitoring system arrangement and streamline the link to geotechnical sensors.
According to the CXOs and primary research conducted, the rising integrations of AI and geospatial platforms, along with major companies acquiring startups in developing or developed regions, would aggressively impact geospatial solution market growth. On the other hand, the limited awareness about the scope of geospatial technology applications will threaten the geospatial solution market growth.
The geospatial solution market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market growth, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. The advent of AI and cloud-based platforms, increasing location-based services, and major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are Apple Inc., Alphabet, Amazon, Baidu, IBM, L3Harris Technologies, Microsoft Corporation, Oracle Corporation, SAP SE, and TomTom International BV.