Geospatial Analytics Market Is In Trends By Emergence Of Smart Cities

 

Geospatial Analytics Market 

The growing adoption of spatial analytics tools coupled with rising demand for geospatial data management systems are driving the geospatial analytics market. Geospatial analytics involves the integration of geospatial or location-based data with traditional business data to analyse patterns, relationships, and trends. This helps organizations in business planning, data visualization, predictive modelling, managing assets, emergency response management, and risk assessment. Organizations across industries are using geospatial analytics to enrich customer and operational insights which help in better decision making.

The Global Geospatial Analytics Market is estimated to be valued at US$ 73.36 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Geospatial Analytics market are Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC.

The increasing development of smart cities around the world is driving the adoption of geospatial analytics for applications like urban planning, utilities management, transport and logistics management. Geospatial analytics Market Demand is witnessing high growth in North America owing to growing investments by government and private organisations for spatial analytics based projects. Organizations are also expanding their geospatial analytics capabilities globally to leverage location intelligence for better business outcomes.

Market Key Trends

One of the key trends in the geospatial analytics market is the emergence of smart cities. As more and more cities aim to become smarter, there is rising focus on implementing spatial analytics based solutions for various urban management functions. Geospatial analytics enables city administrators to gather location based insights for efficient waste collection, traffic management, emergency response, urban growth monitoring and infrastructure development. Leading technology companies are investing in geospatial analytics platforms and tools tailored for smart city applications which is supporting the growth of this Geospatial Analytics Market Size And Trends The insights obtained from geospatial data analysis allows cities to utilize resources optimally and enhance citizen services.

Porter’s Analysis

Threat of new entrants: Low barrier for new companies to enter market due to advancement in technologies and relatively low investment required. However, established players have strong brand recognition and global distribution networks.

Bargaining power of buyers: Buyers have moderate bargaining power as they can negotiate with suppliers for better prices and service quality. However, switching costs for changing providers are relatively high.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated and specialized skillsets required. However, presence of many component manufacturers limits their influence on pricing.

Threat of new substitutes: Threat of substitution is low as geospatial analytics provides unique value through precise location-based insights. However, cheaper alternatives can emerge with further technology advancement.

Competitive rivalry: High as market comprises numerous global and local players competing on technology, technical expertise, and client analytics.

Geographical regions with largest market share:

North America region accounts for the largest share of geospatial analytics market currently owing to strong demand across various industries and aggressive adoption of new technologies. The region witnessed over 30% revenue share in 2024 driven by presence of major technology companies and significant investments in geospatial solutions by governments and businesses.

Fastest growing Region:

Asia Pacific region is expected to witness highest growth during the forecast period attributed to increasing digitization initiatives across industries in major countries like China and India. Rapid urbanization and focus on smart city projects are further driving geospatial analytics adoption in the region. The market in Asia Pacific is projected to expand at around 18% CAGR between 2024 to 2031.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)