GEOSPATIAL ANALYTICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Geospatial Analytics Market Drivers:

Rise in demand for AI-based GIS solutions to propel the market growth

With the growing digitization, the dependence on highly accurate data is also increasing for delivering best consumer services. Due to this, the demand for location-based data in the businesses is growing rapidly. According to a 2018 report from CARTO, nearly 94% of all organizations gather and store location data. Such quantitative estimates are lucrative factors for the market growth. Thus, the rise in demand for AI-based GIS solutions is expected to support growth of the global geospatial analytics market over the forecast period.

Increasing GIS software demand in urban planning and smart city developments to boost market growth

Smart cities gather and need data and they depend on sharing real-time awareness. Collecting this data from numerous IoT sensors and analyzing the data using an enterprise GIS develops visualization of the data on a map to offer instant actionable insights. These insights are used for tracking the delivery of city services and highlight regions requiring improvement in local council services. Local governments are using location-based analysis of IoT data for developing smarter parks, driving innovations, and improving safety. GIS solutions are used for creating generalized location-enabled platform for use cases analysis in smart cities. Thus, growing demand for GIS software is expected to fuel growth of the global geospatial analytics market during the forecast period.

Global Geospatial Analytics Market Opportunities:

Rise in adoption of advanced technologies such as VR, AR, and IoT in GIS to offer multiple opportunities in the global geospatial analytics market during the forecast period. The use of Virtual Reality and Augmented Reality is on constant rise. Users are becoming more comfortable with this technology, which further is leading to integration of GIS capabilities into their applications by developers. The GIS-enabled AR apps are useful for anyone from architects to oil workers as well as municipal services for obtaining orientation and location of objects underground. Thus, the adoption of such advanced technology in GIS is increasing which is expected to create growth opportunities in the market.

Emergence of technologies such as geospatial AI is creating multiple opportunities in the global geospatial analytics market during the forecast period. Rise in geographic and geospatial information system GIS data and remote sensing data along with growing need for extracting meaningful information from this is creating multiple opportunities in the market. Due to various advantages of artificial intelligence technology, its use in geospatial solutions continues to rise. As a result, the global geospatial analytics market is witnessing lucrative opportunities that are likely to benefit the major players in the market.

Global Geospatial Analytics Market Restraints:

High cost of GIS solutions to hinder the market pace

The demand for geospatial analysis solutions is increasing across multiple industries. However, the high cost of these solutions and data integration acts as major restraining factors in the growth of global geospatial analytics market. Due to high complexity of GIS software development as well as collection of real time data, the cost of these software becomes high. This factor is further expected to limit growth of the global geospatial analytics market in the coming future.

Lack of comprehensive government policies and regulatory issues to hamper the market growth

The need for geospatial information along with high-resolution remote sensing data is increasing for military and other applications. However, lack of nominal regulatory issues are persisting in various countries regarding use of geospatial technologies and data. For instance, the UN issued ‘Principles Relating to Remote Sensing of the Earth From Space’ general guidance that encourages sharing of international data and cooperation between countries. It however doesn’t address the issues linked to privacy or data misuse at individual level. This factor is further expected to hinder growth of the global geospatial analytics market during the forecast period.