According to a new market research report titled,
‘Geospatial Solutions Market by Offering, Application, Organization Size,
Deployment Mode, End-use Industries (Natural Resources; Security & Défense;
BFSI; Media & Entertainment; Healthcare; Architecture, Engineering) -
Global Forecast to 2029,’ the global geospatial solutions market is projected
to reach $845.7 billion by 2029, at a CAGR of 16.9% from 2022 to 2029.
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Geospatial solutions collect, manage, organize, and store
data pertaining to geographic information. These enable consumers to acquire
data referenced to the earth and use it for analysis, modeling, simulations,
and visualization.
Geospatial solutions are increasingly gaining traction due
to their utilization across various end-use industries such as BFSI,
healthcare, natural resources, manufacturing, transportation & logistics,
and security & defense. The growth of the global geospatial solutions
market is driven by the surge in demand for GIS & asset mapping solutions,
the growing proliferation of IoT and connected devices, and the high adoption
of cloud computing. However, the data privacy concerns and high set-up and
operating costs are notable restraints for market growth. The growing demand
for mobile mapping systems and government initiatives to promote smart
infrastructure are expected to offer significant growth opportunities for the
players in this market. However, geospatial data integration challenges and the
lack of a CORS network pose serious challenges to the growth of the geospatial
solutions market.
Impact of COVID-19 on the Geospatial Solutions Market
The spread of COVID-19 severely impacted the performance of
several industries and economies globally, including the geospatial solutions
market. The pandemic created several challenges for this market due to the
lockdowns imposed during the second and third quarters of 2020. The pandemic
lowered consumers' financial potential, which decreased the sales of geospatial
solutions.
However, in 2021, major industries, including healthcare,
retail, manufacturing, and natural resources, started recovering from the
economic setbacks. The delayed and postponed orders for geospatial solutions
negatively impacted this market during the pandemic. However, the market
started recovering rapidly in the last quarter of 2020.
The deployment of geospatial solutions promotes location
intelligence, situational analysis, and awareness, which are important factors for
crisis management. The players in this market plan to move forward and
capitalize on the lucrative market growth opportunities resulting from the
pandemic. The geospatial solutions market is projected to transform drastically
over the coming years. Several leading companies are rapidly growing through
product launches, enhancements, partnerships, and collaborations. For instance:
In 2021, Trimble Inc. (U.S.) expanded its geospatial
automated monitoring portfolio with world sensing geotechnical IoT solutions.
In 2020, Hexagon’s Safety, Infrastructure & Geospatial
division (a subsidiary of Hexagon AB) (Sweden) launched the Luciad 2020.1, a
significant update to its platform for building advanced location intelligence
and real-time situational awareness applications.
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The global geospatial solutions market is segmented by
offering (solution, services), application (surveying, military/border
security, disaster management, marketing management, urban planning, public
safety, and asset management), organization size (SMEs, large enterprises),
deployment mode (on-premise deployments, cloud deployments), and end-use industries
(natural resources; security & defense; BFSI; media & entertainment;
healthcare; architecture, engineering & construction; education; telecom
& IT; manufacturing; oil & gas; retail; transportation & logistics;
and utilities). The study also evaluates industry competitors and analyses the
regional and country-level markets.
Based on offering, the global geospatial solutions market is
segmented into solutions and services. In 2022, the services segment is
expected to account for the largest share of the global geospatial solutions
market. The large market share of this segment is attributed to the increasing
demand for geospatial services for land surveying, mapping, data visualization,
and GIS services. This segment is also projected to register the highest CAGR
during the forecast period.
Based on application, the geospatial solutions market is
segmented into surveying, military/border security, disaster management,
marketing management, urban planning, public safety, and asset management. In
2022, the surveying segment is expected to account for the largest share of the
global geospatial solutions market. The large market share of this segment is
attributed to the growing need for interpretation/analysis and presentation of
the natural, social and economic environments; better land management
solutions; the rising popularity of land surveying solutions for infrastructure
management and development; and land management and reform across urban and
regional planning. This segment is also projected to register the highest CAGR
during the forecast period.
Based on organization size, the global geospatial solutions
market is segmented into SMEs and large enterprises. In 2022, the large
enterprises segment is expected to account for the largest share of the global
geospatial solutions market. However, the SMEs segment is projected to register
the highest CAGR during the forecast period.
Open access to geospatial data has been proven advantageous to SMEs,
which was earlier considered a major hindrance due to their revenue
constraints.
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Based on deployment mode, the geospatial solutions market is
segmented into on-premises deployment and cloud deployment. In 2022, the cloud
deployment segment is expected to account for the largest share of the global
geospatial solutions market. The large market share of this segment is
attributed to the rising demand for viewing, creating, monitoring, managing,
and analyzing geospatial data through cloud platforms. Additionally, the high
demand for cloud-based GIS solutions for landslide mapping and safe
construction planning and the growing benefits of cloud-based solutions such as
data access, easy distribution, and centralized data capture and analysis is
expected to further the growth of this segment. This segment is also projected
to register the highest CAGR during the forecast period.
Based on end-use industry, the global geospatial solutions
market is segmented into natural resources; security & defense; BFSI; media
& entertainment; healthcare; architecture, engineering & construction;
education; telecom & IT; manufacturing; oil & gas; retail;
transportation & logistics; and utilities. In 2022, the transportation
& logistics segment is expected to account for the largest share of the
global geospatial solutions market. This segment's large market share is
attributed to the growing need for geospatial data for transportation
management & planning, the rising demand for location-enabled intelligent
mapping solutions, geospatial solutions to promote route planning and ensure
safety, and the increasing need for geospatial data to improve delivery
schedules.
Based on geography, the global geospatial solutions market
is segmented into North America, Europe, Asia-Pacific, Latin America, and the
Middle East & Africa. In 2022, North America is expected to account for the
largest share of the global geospatial solutions market. The large market share
of this region is attributed to favorable government policies supporting the
easy sharing of geospatial data between private organizations, promoting this
market’s growth.
Some of the key players operating in the global geospatial
solutions market are HERE Technologies (Netherlands), ESRI (U.S.), TomTom N.V.
(Netherlands), Google LLC (U.S.), IBM Corporation (U.S.), Microsoft Corporation
(U.S.), Trimble, Inc. (U.S.), Orbital Insights (U.S.), Oracle Corporation
(U.S.), RMSI Pvt. Ltd. (India), Precisely (U.S.), General Electric (U.S.),
Hexagon AB (Sweden), Cyient Limited
(India), L3Harris Technologies, Inc. (U.S.), Fugro N.V. (Netherlands),
Foursquare (U.S.), Carmenta (Sweden), Maxar Technologies (U.S.), and Cesium GS,
Inc. (U.S.).
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