The market for geospatial analytics will expand rapidly during the forecast period. A compilation of terrestrial data with address coordinates in longitudes and latitudes, city, municipality, or ZIP code is the definition of geospatial analytics.
The information is collected via satellite, GPS (Global Positioning System), remote sensing, and geotagging. GIS (Global Information System) is also utilized to analyze and map geospatial data. Without physical contact, remote sensing instruments collect geophysical data using sensors.
The coronavirus outbreak has disrupted the expansion of numerous industries, impeding numerous nations' economic expansion. However, this has created enormous opportunities for the geospatial analytics industry. This technology saved millions of lives during the COVID crisis by monitoring and tracing patients, mapping containment zones, and identifying the source of infections in high-risk areas.
Increased urbanization, the development of smart cities, and the deployment of advanced technologies such as big data analytics, artificial intelligence, and MI-based GIS solutions are driving the growth of the geospatial analytics market.
In recent years, the geospatial analytics market has witnessed a series of product launches and approvals that have contributed to its growth.
DataM Intelligence's in-depth market analysis reveals the major market drivers, challenges, and trends. Our market intelligence report evaluates the market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the geospatial analytics market.
Market Analysis – Identifying Market Drivers:
Growing demand for AI-based GIS solutions will drive market growth:
The need for highly accurate data is expanding along with digitalization to provide the finest customer services. Due to this, companies are increasingly in need of location-based data. Nearly 94% of all enterprises acquire and keep location data, according to a 2018 CARTO research. Such quantitative estimations are significant drivers of market expansion.
Thus, during the forecast period, the expansion of the worldwide geospatial analytics market is anticipated to be supported by the increase in demand for AI-based GIS solutions.
Increasing the use of GIS software in urban planning and the creation of smart cities will accelerate market growth:
Smart cities collect data, need it, and rely on sharing real-time awareness. The data is gathered from various IoT sensors, and after being analyzed by a corporate GIS, it is shown on a map to provide actionable insights immediately. These data are used to monitor how city services are provided and to identify areas where local council services need to be improved.
Local governments use location-based analysis of IoT data to create better parks, spur innovation, and enhance safety. GIS technologies are employed to provide a universal location-enabled platform for use case analysis in smart cities. The global geospatial analytics market is anticipated to develop throughout the forecast period due to rising GIS software demand.
Geospatial Analytics Market Challenges:
- Geospatial analytics market growth is anticipated to be hindered by a shortage of qualified labor, which is the primary challenge. However, more qualified professionals are required to satisfy this demand, especially in emerging markets where the use of geospatial analytics is expanding significantly.
- Numerous organizations are investing in training and education programs to create a pipeline of qualified geospatial analysts in response to this challenge. This includes partnerships with universities and vocational training programs that equip students with the skills and experience necessary to work in the field.
- In addition, businesses are utilizing automation and artificial intelligence to enhance the skills of their existing personnel and make geospatial analytics more accessible to non-specialists.
Finally, As the geospatial analytics market grows, stakeholders must remain agile and responsive to the ever-changing landscape. Businesses can thrive by addressing the market's challenges and capitalizing on opportunities.
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