The geospatial solutions market has grown significantly, expanding from $491.78 billion in 2023 to $560.18 billion in 2024, with a CAGR of 13.9%. Growth has been driven by location-based services, infrastructure development, and environmental monitoring. By 2028, the market is projected to reach $1009.56 billion, growing at a CAGR of 15.9%. Future growth drivers include climate change monitoring and GNSS enhancement. Trends will include AI and ML integration, satellite technology advancements, and indoor mapping.
Major Driver In The Geospatial Solutions Market
The geospatial solutions market is expected to thrive with the increase in research activities related to space and earth, coupled with continuous investments in research. Governments worldwide are investing in geospatial technologies to enhance emergency response capabilities and promote human health, security, and well-being. In June 2023, the U.S. Bureau of Economic Analysis reported that economic activities related to space in the United States contributed to a gross output of $211.6 billion in 2021, constituting 0.6% of the GDP. Moreover, this sector generated $51.1 billion in private industry compensation and supported around 360,000 jobs within the private industry. Thus, the growth in research activities and sustained investments is expected to propel the geospatial solutions market. The market sizes for 2023, 2024, and 2028 were not explicitly provided.
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Geospatial Solutions Market Competitive Landscape
Apple Inc., Alphabet Inc., Microsoft Corporation, Amazon Web Services Inc., The International Business Machines Corporation, Oracle Corporation, SAP SE, General Electric Company, Baidu Inc., L3Harris Technologies Inc., Hexagon AB, Trimble Inc., Pitney Bowes Inc., Fugro N.V., Maxar Technologies, DigitalGlobe, Topcon Corporation, Leica Geosystems AG, Environmental Systems Research Institute, HERE Technologies, RMSI Pvt. Ltd., TomTom International B.V., SuperMap Software Co. Ltd., Telenav Inc., MapInfo Corporation, Mapbox Inc., BlackSky Global LLC, Supergeo Technologies Inc., CyberCity 3D Inc., Telnav Telecomunicações Navais, Quantduo Technologies Pvt. Ltd., Ubisense, GeoMarvel Technologies, Alteryx Inc., Galigeo, Geospatial Media And Communications, GeoOptics Inc.
Key Geospatial Solutions Market Trend
Technological advancements are a prominent trend in the geospatial solutions market. Key players are focused on launching advanced products and services to maintain a competitive edge. For instance, in March 2022, ESRI, a US-based geographic information system company, introduced new land cover maps using geospatial solutions. These maps, created with AI and ML from satellite data, illustrate Earth's changes over the past five years, utilizing 26 images of every planet location during this period.
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Geospatial Solutions Market Segmentation
The geospatial solutions market covered in this report is segmented –
1) By Solution Type: Hardware, Software, Service
2) By Technology: Earth Observation, Scanning, Other Technologies
3) By Application: Surveying and Mapping, Geovisualization, Planning and Analysis, Land Management, Other Applications
4) By End-User: Utility, Business, Transportation, Defense and Intelligence, Infrastructural Development, Other End-Users
By Geography:The regions covered in the geospatial solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the geospatial solutions market in 2023.
The Geospatial Solutions Global Market Report 2024 furnishes information about the global geospatial solutions market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
