According to estimates, the market for geospatial solutions would expand annually by 15.8% in 2022. By 2022, market sales are anticipated to total US$ 373 billion. The total sales of geospatial solutions are anticipated to surpass US$ 1.4 Tn by the end of 2032, growing at a 14% CAGR.
The market is projected to be driven by the rising demand for greater functionality and integration of spatial software solutions across various organisations to better comprehend the assets and the ongoing supply chain.
In addition, many commercial businesses are implementing geographic information systems based on artificial intelligence (AI) and machine learning (ML) to acquire deeper organisational insights. This will increase need for algorithms for geographical data processing (GeoAI).
Additionally, geospatial systems that utilise drones and satellite photography provide superior geographic information extraction from the images and videos. To identify congestion, for instance, MicroMultiCopter (Shenzhen) released around 100 drones across China in 2020.
As a result, the market for geospatial solutions would experience increased demand due to the rapid adoption of 5G connection and communication services for providing precise placement of devices. In addition, the military and defence industries are becoming more dependent on remote sensing technologies for mapping, geospatial analytics, and modelling tools. This will probably make the market climate favourable.
· The market for geospatial solutions in the United States is expected to reach US$ 475 billion by 2032 as a result of the military and defence industries' rapid use of remote sensing technology.
· Sales of geospatial solutions are anticipated to surpass US$ 57 billion in the UK between 2022 and 2032, growing at a 12.7% CAGR.
· Over the next ten years, geospatial solutions are expected to see a 13.5% CAGR increase in demand in China.
· Based on solution type, it is predicted that the geospatial hardware market would expand at a CAGR of 13.4% through 2032.
· Geospatial analytics is expected to increase at a 13.5% CAGR during the projection period in terms of technology.
Leading vendors in the worldwide geospatial solutions market are concentrating on delivering cutting-edge technologies that are enabled by remote sensing across numerous sectors in order to grow their businesses.
To get a competitive edge in the industry, some of the businesses are implementing inorganic growth tactics like partnerships, collaborations, and acquisitions.
· In January 2022, HERE Technologies and renowned transport solutions provider Scania signed a collaboration agreement. Through this partnership, Scania will be able to commercialise its newest infotainment platform for its line of trucks all over the world. The business also intends to include the mapping, search, and routing features of the HERE SDK for improved truck-specific road data and vehicle rules.
· March 2022: ESRI created the most recent land cover maps using geospatial technologies with AI and ML capabilities, combining 26 images obtained from every location on Earth. The most recent map depicts the changes that have taken place on Earth during the last five years.
Key Companies Profiled: HERE Technologies, ESRI, Hexagon AB, Atkins PLC, Pitney Bowes Inc., Topcon Positioning Systems Inc., DigitalGlobe Inc., General Electric Company, Harris Corporation, Google LLC, Bentley, Geospatial Corporation, Baidu, Telenav Inc., TomTom International B.V, Apple Inc., Oracle Corporation, Microsoft Corporation, Amazon.com Inc., IBM Corporation, SAP SE, China Geo-Engineering Corporation, RMSI Private Limited, Orbital Insight