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Geospatial Solution Market

Geospatial Solution Market

Geospatial Solution Market

Geospatial Solution Market by Technology (GIS/Spatial Analytics, Remote Sensing, GPS, and 3D Scanning), Component (Geospatial Software, Geospatial Hardware, Geospatial Services) Application (Surveying and Mapping, Geovisualization, Planning and Analysis, Land Management, Others) End-user, & Region - Forecast to 2022 - 2029

Geospatial Solution Market Overview

[350 Pages Report] The global geospatial solution market size is expected to grow from US$ 703.5 Bn in 2022 to US$ 1,970.9 Bn by 2029. The geospatial solution market is anticipated to grow at a CAGR of 15.9% during 2022-29.

2022 Market Value

US$ 703.5 Bn

2029 Market Value

US$ 1,970.9 Bn

CAGR% (2022-2029)

15.9%

Share of Top 5 Market Players

Around 25%

Geospatial solution market accounted for around 60% of satellite technology market. The global market for geospatial solution is anticipated to show significant due to increasing adoption of technologies such as GIS/spatial analytics, remote sensing, Global Positioning Systems (GPS), and 3D scanning across various applications. This includes geospatial surveying and mapping, geovisualization, geospatial planning and analysis, land management and others.

Geospatial components also majorly used in Global Navigation Satellite System (GNSS), geospatial cloud solution, geospatial services, geospatial analytics solutions, telematics devices, and geotagging across industry such as military and defense, urban development, utilities, retail & logistics and others.

Analysis of Geospatial Solution Market from 2014-2021 Vs Market Outlook for 2022-2029

The global market on geospatial solution valued at US$ 330.2 Bn in 2014. The demand for geospatial solution is expected to rise at the rate of CAGR of 9.5% during the period 2014-2021. The growth in North America is supported by growing urbanization across the region and high spending in defense sector by developed economies in the region. Geospatial hardware segment is set to register highest market share of 43.9% in 2022.

Geospatial solution collects, manage, organize, and store data, pertaining to geographic information such as zip codes, addresses or latitudinal, and longitudinal coordinates to a location. It uses data collected by satellites, digital and analog maps, and street and aerial imagery. Geospatial technologies include Global Positioning Systems (GPS), Geographic Information Systems (GIS), imagery analysis, and remote sensing.

Which Growth Strategies are impacting the demand for Geospatial Solutions?

The demand for imaging analytics is expected to show significant growth in coming years. This attributes to various factors such as reduced insurance costs to promote usage of GPS trackers, recent regulations to monitor transportation of foods, and development of GPS-enabled games. Integration of GPS and GIS technologies in transport, logistics, and retail industries drives the demand for the geospatial solutions.

Continuous monitoring results in more efficient use of fleet owners’ vehicles by various means such as optimization of routes to reduce fuel costs. Speed monitoring results in less wear and tear and even misuse of vehicles can be avoided. Thus such factors are expected to propel the growth of geospatial solution market.

Country-wise insights

How will U.S. Sales of Geospatial Solution Shape up?

Currently, the U.S. market anticipate for the largest consumption of geospatial solution in North America region, and is expected to grow at 11.7% CAGR during 2022-29. The U.S. geospatial solution sales is expected reach 2.1X by 2029, in the geospatial solution market.

U.S. market witness higher growth in geospatial solution or GIS solutions market, on the back of factors such as advancements of geospatial technologies, and increasing implementation with remote sensing applications across industries. U.S. witness presence of key geospatial solution vendors such as Trimble Inc., Pitney Bowes Inc., Maxar Technologies, Harris Corporation, and others. The presence of such key vendors in the country fuels the growth for the geospatial solution market in the U.S.

Why is a China a Prominent Market for Geospatial Solutions in Coming Years?

China is set to register high growth of geospatial solution in the global geospatial solution market, with a CAGR of 13.9% during 2022-29. China market is anticipated to create an absolute dollar opportunity of US$ 74.7 Bn during 2022-29, in the geospatial solution market.

For instance, in September 2020, China established geospatial knowledge and innovation center. It helps China to develop their own geospatial technology used in various industry like military, urban development, and others. In 2020, China had 35-40 successful orbital missions and has already launched 55 satellites (the majority of these are EO satellites). China has constantly upgraded their military capacity in Air, Land, and Water, thus fuel the geospatial solution market growth.

Why U.K. is Among the Prominent Counties in the Global Geospatial Solution Market?

The U.K. market size is expected reach 3.4X by 2029, in the geospatial solution market. Also, U.K. market is anticipated to create an absolute dollar opportunity of US$ 95.7 Bn during 2022-29.

The demand for the geospatial solution is set to show high growth in coming years in European countries like UK, France, Germany and others. This attributes to presence of developed infrastructure for defense and internal security and rapid urbanization in Europe. In June 2020, UK launched geospatial strategy that unlock opportunities from location data. This strategy helps to develop the UK’s location data framework in coming five years in concurrence with the UN’s Integrated Geospatial Information Framework (IGIF). Thus, such development in the country propels the growth of the geospatial solution market.

Category-wise Insights

Why is Demand for GPS Segment Rising in Geospatial Solution Market?

GPS segment by technology is expected to reach 2.5X by 2029 in the overall geospatial solution market. Moreover, remote sensing segment is set to witness highest growth rate of 20.4% CAGR during 2022-29.

The demand for the GPS technology to witness largest market share in global market. This attributes to rising adoption of GPS trackers in real time monitoring, and using advanced GPS trackers for a wide range of tracking applications. Moreover, rising adoption of remote sensing technology in industries such as transportation, automotive, scientific research and urban planning is expected to drive the demand for the remote sensing, during forecasted period.

Why does Geospatial Hardware Segment Exhibit High Demand during the forecast period?

On the basis of component, geospatial hardware segment will be a dominating segment, in the geospatial solution market. The market size of geospatial hardware segment is expected to expand up to 2.3X of by 2029. Moreover, geospatial software is set to register the highest growth at the rate of CAGR 18.4% during 2022-29.

Geospatial hardware solutions help in various applications such as surveying and mapping, geovisualization, planning and analysis, and land management. Thus rising adoption of geospatial software across major industries such as military, supply chain management, and others will spur the demand for the geospatial software segment.

Why is Demand Rising in the Defense and Internal Security Segment?

The market size of defense and internal security segment, by end user is set to expand up to 3.5X of by 2029, in the geospatial solution market. Moreover, infrastructure segment is set to register the highest growth at the rate of CAGR 19.7% during the forecast period.

Geospatial solution is used in various critical tasks in military and defence such as strategic operations, real time data & actionable insights, and decision making. It helps military personnel and first responders of various nations that countering asymmetric threats and attacks. Thus, it is set to fuel the demand for the defense and internal security segment. Moreover, growing adoption of geospatial solution in smart infrastructure implementation is expected to drive the demand of the infrastructure segment in coming years.

Competitive landscape

Many key geospatial solution vendors are inclined at investing heavily in remote sensing technology innovation, to uncover increased applications of geospatial solution. With the use of GPS/GIS technology, vendors also try to accelerate its business transformation and growth objectives by increasing its customer base.

  • In October 2019, Sumitomo Electric and TomTom announced collaboration utilizing Sumitomo Electric’s expertise in intelligent transport systems and TomTom’s highly accurate real-time traffic data and high definition maps. It also creates mobility solutions designed to improve road safety and traffic congestions.

Geospatial Solution Market Report Scope

Attribute

Details

Market value in 2021

US$ 623.5 Bn

Market CAGR 2014 to 2021

9.5%

Share of top 5 players

Around 25%

Forecast Period

2022-2029

Historical Data Available for

2014-2021

Market Analysis

USD Billion for Value

Key regions covered

North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East and Africa.

Key countries covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC countries, Turkey, Northern Africa, and South Africa

Key market segments covered

  • Technology
  • Component
  • Application
  • End-user
  • Region

Key companies profiled

  • Trimble Inc.
  • Pitney Bowes Inc
  • Hexagon AB
  • Maxar Technologies
  • Harris Corporation
  • Apple Inc.
  • Amazon Web Services, Inc.
  • IBM
  • Oracle
  • SAP
  • Microsoft
  • General Electric Company
  • TomTom International B.V.
  • Alphabet (Google)
  • Topcon
  • HERE
  • Esri
  • Baidu
  • Telenav
  • RMSI

Report coverage

Market forecast, company share analysis, competition intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives

Customization & pricing

Available upon request  

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Geospatial Solution Market by Category

By Technology :

  • GIS/Spatial Analytics
  • Remote Sensing
  • GPS
  • 3D Scanning

By Component :

  • Geospatial Software
  • Geospatial Hardware
  • Geospatial Services

By Application :

  • Surveying and Mapping
  • Geovisualization
  • Planning and Analysis
  • Land Management
  • Others

 By End-user :

  • Defense and Internal Security
  • Infrastructure
  • Urban Development
  • Utilities
  • Retail and Logistics
  • Agriculture
  • BFSI
  • Disaster Management
  • Citizen Services
  • Natural Resources
  • Telecommunications

By Region :

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

Key Questions Answered in the Report

How much is the global geospatial solution market valued at?

The global geospatial solution market is valued at over US$ 623.5 Bn in 2021.
The factors such as growing urbanization, rising adoption of technology such as remote sensing, GPS, GIS and others are driving the sales of geospatial solution.
From 2014 to 2021, demand for geospatial solution increased at a CAGR of 9.5%.
Sales revenue of geospatial solution are projected to increase at 15.9% CAGR and be valued at over US$ 1,970.9 Bn by 2029.
The U.S., India, China, UK and Japan are major demand countries for geospatial solution.

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