Geospatial Solutions Market to Reach $1,457.7 Billion, Globally, by 2031 at 13.1% CAGR: Allied Market Research

Massive penetration of AI-based geographic information systems in Utility, Business, Transportation, Defense & Intelligence, and Infrastructural Development sectors drive the growth of the global geospatial solutions market.

PORTLAND, Ore., Sept. 21, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Geospatial Solutions Market by Solution Type (Hardware, Software, Services), by Technology (Geospatial Analytics, GNSS & Positioning, Scanning, Earth Observation), by Application (Surveying, Navigation & Mapping, Geovisualization, Asset Management, Planning & Analysis, Others), by End Use (Utilities, Defense and Intelligence, Transportation and Logistics, Infrastructural Development, Natural Resources, Agriculture, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global Geospatial Solutions industry was estimated at $432 billion in 2021, and is set to reach $1,457.7 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, restraints, and opportunities

A prominent penetration of artificial intelligence based geographic information systems along with a surge in application of location-based solutions integrated with geographic information systems drive the growth of the global geospatial solutions market. Nonetheless, lack of awareness about benefits of geospatial solutions can impede the expansion of the global market. However, the launch of 4D GIS software will create new growth opportunities for the global market.

Covid-19 scenario:

• The COVID-19 pandemic favorably impacted the growth of the global geospatial solutions market with geospatial techniques such as geographic information system and mapping massively used for detecting disease pattern.
• During the COVID-19 pandemic, geospatial services were utilized for determining real-time updates on confirmed and active cases of government and healthcare workers, thereby driving the global market trends.

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The software segment to dominate the global market in terms of revenue in 2031

Based on the solution type, the software segment is set to contribute to the highest market share in 2021, accounting for more than two-fifths of the global geospatial solutions market share. Furthermore, the segment is projected to contribute majorly towards the global market share in 2031. The growth of the segment over the forecast timeframe can be attributed to the use of GIS software in performing GIS functions which enable users to manipulate, store, and analyze spatial and non-spatial data & information. Moreover, the services segment is set to record the fastest CAGR of nearly 14.2% over the forecast period. The segmental growth can be attributed to surge in need for remote sensing and mapping consultancy as well as GPS satellite surveying and positioning services in various industries.

The surveying, navigation & mapping segment to hold the major market share over 2022-2031

On basis of the application, the surveying, navigation & mapping segment contributed to the highest market share in 2021, accounting for more than one-third of the global geospatial solutions market share. Furthermore, the same segment is anticipated to dominate the market growth over the forecast period. The growth of the segment over the forecast timeline is subject to huge application of geographical mapping with the use of geospatial techniques for extensive applications in construction, government, military, mining, and civil engineering sectors. In addition, the geovisualization segment is predicted to record the highest CAGR of 15.5% over the forecast period. The growth of the segment over the forecast timeline can be attributed to the rapid breakthroughs in remote sensing and earth observation technologies in a decade.

The infrastructural development segment to dominate the global market in 2031

In terms of the end-use vertical, the infrastructural development segment is set to contribute the highest market share in 2031, and is set to account more than one-fourth of the global geospatial solutions market share. Moreover, the same segment is anticipated to register the highest CAGR of 15.3% during the forecast timeline. The segmental growth over the forecast timeframe can be attributed to the use of geospatial technologies such as GIS for enhancing the construction planning and design efficiency by integrating locational and thematic information in a single environment. The report also includes Utilities, Defense and Intelligence, Transportation and Logistics, Natural Resources, Agriculture, and Others.

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Asia-Pacific to retain global market domination over 2022-2031

By Region, Asia-Pacific is set to contribute notably toward the global geospatial solutions market share in 2031, and is projected to continue its dominance during the forecast period. The region accounted for more than one-third of the global geospatial solutions market share in 2031. The region registered the fastest CAGR of 14.9% during the forecast timeline. The growth of the market in the region over the forecast timespan can be credited to rapid population growth, urban development, poverty, deforestation, and land degradation in Asia-Pacific, which causes degradation of natural resources and deterioration of environment. The need for reliable and timely information for sustainable management of natural resources as well as for environmental protection boosts adoption of geospatial analytics solution in the region. The report also analyzes regions such as LAMEA, North America, and Europe.

Major market players

• Apple Inc.
• Bentley Systems, Inc.
• General Electric
• GIS Cloud Ltd.
• Google Inc.
• L3Harris Geospatial Solutions, Inc.
• Oracle Corporation
• Living Map
• Mappedin
• Microsoft Corporation
• Pix4D S.A.
• SAP SE
• Telenav Inc.
• TomTom International BV
• Uber Technologies, Inc.

The report analyzes these key players in the global geospatial solutions market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.    

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