According to a new market research report published by Marketsandmarkets, the Geospatial Analytics Market is expected to grow from USD 27.42 billion in 2015 to USD 72.21 billion by 2020, at a CAGR of 21.4% from 2015 to 2020.
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GIS technology to play a key role in the geospatial analytics market
GIS technology has given a significant boost to the geospatial analytics market due to developments in several trends, such as increase in the amount of geospatial information gathered through smartphones, GPS devices, and social media, among others. An increase in the accuracy of data gathered; advancements in hardware technologies, are additional factors influencing the demand of GIS technology.
Business vertical holds the largest share in the Geospatial Analytics Market
The business vertical holds the largest market share among all the verticals. This large share is attributed to the increasing deployment of geospatial technologies in verticals, such as retail, manufacturing, real estate, healthcare, and so on. In retail, GIS technology is used to discover the best possible site for the location of a new shopping mall.
Europe emerged as the leading region in terms of adoption and implementation of geospatial services
Europe accounted for the largest share in the global geospatial analytics market in 2015. This high market share is mainly attributed to huge investments made in the field of geospatial analytics by key players in European countries.
Major players of the geospatial analytics market covered in the report include Trimble Navigation, Ltd., Hexagon AB, General Electric, RMSI, Bentley Systems, Inc., ESRI, MDA Corporation, Fugro N.V., Harris Corporation, and WS Atkins Plc. Some of the other players are TomTom, Digital Globe, Critigen, AAM, and Nokia.
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