DUBLIN--(BUSINESS WIRE)--The "Geospatial Solutions Market by Technology (Earth Observation, Scanning), Solution, End-User (Utility, Business, Transportation, Defense & Intelligence, Infrastructural Development), Application, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Global Geospatial Solutions Market is Projected to Reach USD 502.6 Billion by 2024 from an Estimated USD 239.1 Billion in 2019, at a CAGR of 13.2% During the Forecast Period
This growth can be attributed to factors such as the development of 4D GIS software and GIS industry using new and upcoming technologies like 3D, Augmented Reality (AR), and Virtual Reality (VR).
The earth observation segment is expected to be the largest market, by technology, during the forecast period
The earth observation segment is expected to be the largest market, by technology, during the forecast period. Earth observation uses satellite imagery to make several key decisions, especially in the defense & intelligence sector, is taken. The components used in earth observation are of significant importance and value. The investments made are also significantly high. All this eventually leads to the development of this segment.
Geovisualization is expected to be the fastest growing segment of the geospatial solutions market, by application, during the forecast period
Geovisualization emphasizes knowledge construction over knowledge storage or information transmission. For this, geovisualization communicates geospatial information in ways that, when combined with human understanding, allow data exploration and decision-making processes. Thus, this application is of extreme importance in mapping and surveying. With the growth in the usage of geospatial solutions, this application is expected to be extensively used during the forecast period.
North America: The largest geospatial solutions market
North America is projected to be the largest geospatial solutions market by 2024. The US, Canada, and Mexico are among the major countries that are the leading users of geospatial technologies and are implementing these technologies into mainstream applications. Over the past few years, this region has witnessed rapid economic development. Also, the growth of automation in this region increased the adoption of geospatial technologies in several industries, which, in turn, drives the growth of the geospatial solutions market.
Market Dynamics
Drivers
- Integration of Geospatial Technology With Mainstream Technologies
- Advancements in Geospatial Technologies With the Introduction of AI and Big Data Analytics
- Increasing Use of Lbs
- Digital Revolution Such as AI, Automation, Cloud, IoT, and Miniaturization of Sensors are Adding to the Momentum of the Geospatial Industry
Restraints
- Regulations and Legal Issues
- Limited Availability of Skilled Staff
Opportunities
- Development of 4D Gis Software
- Development of the Gis Industry Using New and Upcoming Technologies Such as 3D, AR, and VR
Challenges
- Complexities Involved in the Integration of Geospatial Data With Enterprise Solutions
Companies Mentioned
- Amazon
- Apple
- Atkins Plc
- Baidu
- Bentley
- China Geo-Engineering Corporation (CGC)
- Digital Globe Inc (Maxar Group)
- Esri
- General Electric
- Geospatial Corporation
- Harris Corporation
- Here
- Hexagon
- IBM
- Microsoft
- Oracle
- Orbital Insights
- Pitney Bowes
- RMSI
- SAP
- Telenav
- Tomtom International B.V.
- Topcon
- Trimble
For more information about this report visit https://www.researchandmarkets.com/r/uizjs
