Geospatial Solutions Market

Global Geospatial Solutions Market Size (2024 to 2029)

The global geospatial solutions market is predicted to reach USD 385.14 billion in 2024 and USD 694.04 billion by 2029, growing at a CAGR of 12.5% during the forecast period.

The rising trend of integrating geospatial systems with traditional processes and releasing solutions is expected to promote market growth. The growing need for innovative technologies in emerging countries and the introduction of the concept of smart cities are projected to increase the market for geospatial solutions. The geospatial solutions market is expected to increase rapidly during the forecast period as the number of GPS-enabled smartphone devices grows.

Geographic Information System (GIS), Global Positioning System (GPS), and Remote Sensing (RS), a technology that enables a totally different way of making and using maps that are needed to govern communities and industries, are all part of the burgeoning field of geospatial technology. We can use geospatial technology to collect georeferenced data for analysis, modeling, simulations, and visualization. Geographic solutions are used to create geospatial data models and solutions across many sectors. They integrate sensors, real-time communications, field apps, field and back-office processing, modeling, and analytics to provide effective workflow, high quality, and data interchange to drive productivity, efficiency, and safety. As a result, you'll have a wealth of correct data to turn into the insight you need to make decisions.

Global Geospatial Solutions Market Drivers:

Spatial and geographic data are analyzed and studied using geographic information systems (GIS). Integrating technologies such as Augmented Reality (AR), 3D printing, and Artificial Intelligence (AI) into geospatial solutions is expected to drive market expansion. Furthermore, the market is expected to grow as a result of increasing research efforts related to space and the earth and consistent funding for these research activities. Furthermore, the growing adoption of the Global Positioning System (GPS) worldwide is likely to boost market growth.

Global Geospatial Solutions Market Restraints:

Some constraints and hurdles will stymie the overall expansion of the Geospatial Solutions market. Stringent regulatory regulations and legalities may prove to be the source of market growth restraints.

GLOBAL GEOSPATIAL SOLUTIONS MARKET REPORT COVERAGE:

This research report on the global geospatial solutions market has been segmented and sub-segmented based on the technology, solution type, application, end-user, and region.

Global Geospatial Solutions Market - By Technology:

• Geospatial Analytics

• GNSS & Positioning

• Scanning

• Earth Observation

The market is divided into Geospatial Analytics, GNSS & Positioning, Scanning, and Earth Observation based on technology. Satellite images, Light Detection and Ranging (LiDAR), and similar technologies have all grown in popularity in recent years. Earth observation satellites track changes in anything from temperature to forestation to ice sheet coverage on the planet. During the projected period, the earth observation sector is expected to dominate the market.

Global Geospatial Solutions Market - By Solution Type:

• Hardware

• Software

• Service

The market is divided into three categories based on solution type: hardware, software, and service. The introduction of software into the geospatial solution sector has simplified complicated situations. The geospatial-specific software provides a platform that serves as a user interface for executing and analyzing diverse geospatial data. As a result, the software segment accounts for most of the market revenue and has a more significant portion of the geospatial technologies and solutions sector.

Global Geospatial Solutions Market - By Application:

• Planning & Analysis

• Asset Management

• Surveying & Mapping

• Geo-visualization

• Others

The market is divided into Planning & Analysis, Asset Management, Surveying & Mapping, Geo-visualization, and Others based on application. The greatest segment is surveying and mapping. The surveying and mapping solution market is growing due to an increase in the trend of using technologies such as lidar and remote sensing for data capture. The Planning and Analysis area, on the other hand, is expected to develop at the quickest rate. During the projected period, the market is expected to be driven by growing applications such as telecom, urban planning, transportation planning, environmental planning, and land use planning.

Global Geospatial Solutions Market - By End User:

• Transportation

• Défense & Intelligence

• Infrastructural Development

• Others

Transportation, Défense & Intelligence, Infrastructural Development, and Others are the end-user segments of the market. Défense & Intelligence is the most popular segment among end-users, owing to widespread application in both developed and developing countries. However, due to the massive infrastructure operations currently underway, Infrastructural Development will increase rapidly during the projection period.

Global Geospatial Solutions Market – By Region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

In the past, North America controlled the market. The market in North America is expected to increase due to the growing trend of geospatial technologies being integrated into mainstream technology. The United States is predicted to have the highest consumption of geospatial solutions in the North American region, with a CAGR of 11.7 percent from 2022 to 2027.

However, due to the quickly increasing technology hub, Asia-Pacific is expected to be the fastest-growing category during the forecast period. With a CAGR of 13.9 percent between 2022 and 2029, China is expected to lead the worldwide geospatial solution market in growth. China has consistently enhanced its military capability in air, land, and sea, fuelling the growth of the geospatial solution market.

The geospatial solution industry in the United Kingdom is estimated to reach a valuation of US$95.7 by 2029. Demand for geospatial solutions in European countries such as the United Kingdom, France, Germany, and others is expected to expand rapidly in the future. This is due to Europe's robust defense and internal security systems and growing urbanization.

Saudi Arabia topped the geospatial analytics market in the Middle East and Africa in 2021, followed by Turkey. The geospatial solution market in the Middle East and Africa is growing due to measures taken by central governments in countries such as Saudi Arabia to examine geospatial imaging and investments made by numerous governments in the region.

The Latin American geospatial analytics industry is growing due to increased government focus and initiatives, such as the creation of a special department to oversee growth and innovation in geospatial imaging and NASA's efforts to provide satellite imagery to Mexico.

KEY MARKET PARTICIPANTS:

The major companies operating in the global geospatial solutions market include Trimble Inc., Pitney Bowes Inc., Hexagon AB, Maxar Technologies, Harris Corporation, Apple Inc., Amazon Web Services, Inc., IBM, Oracle, SAP, and others.

RECENT HAPPENINGS IN THE MARKET:

Satellogic Inc. (NASDAQ: SATL), a leader in collecting sub-meter resolution satellite imagery, has teamed up with Geollect, a global leader in geospatial intelligence and data analysis, to provide unrivaled maritime domain awareness capabilities.