GEOSPATIAL ANALYTICS MARKET ANALYSIS

Geospatial Analytics MarketSize and Trends

The global geospatial analytics market size was valued at US$ 59.46 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.1% from 2023 to 2030. Growing investments in geospatial technologies by major players, technological advancements in machine learning and artificial intelligence, increasing adoption of IoT devices among millennials, digitalization of systems, and increased investment in 5G infrastructure are boosting the growth of this market. 

Global Geospatial Analytics Market Trends:

Growing penetration of Geo AI is a major trend

Due to the scientific and technological advancements in last century, the AI has advanced with higher efficiency. The use of artificial intelligence is growing in healthcare and medical, business solutions, geospatial technologies, and other industries, specifically with the integration of high-performance computing capabilities and cloud computing. Geospatial artificial intelligence includes geospatial analytics and AI technology. The growing penetration of this technology is likely to continue in the global geospatial analytics market during the forecast period.

Advent of 5G is another trend in the market

Geospatial data with strong geospatial analysis offers effective and efficient telecommunication services. For instance, geospatial data plays an important role in the fit-for-purpose planning and optimal deployment of services and networks. It also helps in ensuring the cost effectiveness and efficiency of these networks. With advent of technologies such as digital mapping and location intelligence, 5G can help tackle environmental challenges such as disaster management and climate change. Thus, the trend of 5G is likely to boost growth of the global geospatial analytics market in the near future.