Geospatial analytics refers to the visualization and analysis of geographic or spatial big data. Geospatial analytics provides geospatial intelligence and helps organizations make informed decisions based on location data. It has applications in various domains like urban planning, emergency response, transportation, insurance, and defense & intelligence. Geospatial analytics tools help analyze spatial and non-spatial data to identify patterns, relationships, and trends through maps and geographic interfaces.

The global Geospatial Analytics Market is estimated to be valued at US$ 63.68 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing need for improved decision making using spatial data analysis has accelerated the demand for geospatial analytics solutions. Organizations across sectors are increasingly relying on location-based insights to gain competitive advantage. Geospatial analytics helps uncover patterns and inter-relationships that are difficult to detect and measure with other data analysis tools. It has emerged as a vital tool for making evidence-based decisions, minimizing risks, and increasing efficiencies. The ability of geospatial technology to integrate diverse datasets is further driving its adoption. As spatial data and location intelligence become more crucial for various tasks, the geospatial analytics market is expected to witness continued strong growth over the next few years.

Segment Analysis
The global geospatial analytics market is dominated by the surface analytics segment. Geospatial surface analytics provides useful insights by analyzing geospatial imagery and mapping applications. It helps organizations make informed decisions by offering visualizations and analysis of spatial data generated from aerial/satellite imagery, maps, GIS data etc. Surface analytics has wide applications across various verticals for tasks like infrastructure planning, precision agriculture, monitoring land use patterns etc.

Key Takeaways
The Global Geospatial Analytics Market is expected to witness high growth during the forecast period of 2023 to 2030. The market is estimated to reach US$ 63.68 Mn in 2024 and projected to grow at a CAGR of 14% during the forecast period.

Regional analysis: The North America region currently dominates the global geospatial analytics market and is expected to maintain its leading position during the forecast period as well. This can be attributed to advanced technological adoption and large presence of key market players in the region. However, Asia Pacific region is anticipated to offer lucrative opportunities and emerge as the fastest growing regional market owing to increasing government initiatives for development of smart cities and rising demand from applications like precision agriculture in countries like China and India.

Key players analysis:
Key players operating in the geospatial analytics market are Accell Group, Bodo Vehicle Group Co., Ltd, Butchers & Bicycles ApS, CERO Electric Cargo Bikes, DOUZE Factory SAS, Dutch Cargo Bike, G & O Family Cyclery, Gessato, Jinhua Jobo Technology Co., Ltd, Tern, Urban Arrow, Worksman Cycles, Xtracycle Inc, XYZ CARGO, and Yuba Bicycles LLC. Accell Group and Bodo Vehicle Group Co. dominate the cargo bike market with their wide product portfolio and global distribution networks.

 


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