Geospatial Analytics Market to soar by $72.21 bn in 2020

Geospatial Analytics Market to soar by $72.21 bn in 2020

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US: According to a new market research report Geospatial Analytics Market is expected to grow from USD 27.42 Billion in 2015 to USD 72.21 billion by 2020, at a CAGR of 21.4% from 2015 to 2020. The study was conducted by MarketsandMarkets. The research predicts that GIS technology will play a key role in geospatial analytics market.

The report adds, the business vertical holds the largest market share among all the verticals. This large share is attributed to the increasing deployment of geospatial technologies in verticals, such as retail, manufacturing, real estate, healthcare, and so on. In retail, GIS technology is used to discover the best possible site for the location of a new shopping mall.

Europe emerged as the leading region in terms of adoption and implementation of geospatial services. Europe accounted for the largest share in the global geospatial analytics market in 2015. This high market share is mainly attributed to huge investments made in the field of geospatial analytics by key players in European countries.

Major players of the geospatial analytics market covered in the report include Trimble Navigation, Ltd., Hexagon AB, General Electric, RMSI, Bentley Systems, Inc., ESRI, MDA Corporation, Fugro N.V., Harris Corporation, and WS Atkins Plc. Some of the other players are TomTom, Digital Globe, Critigen, AAM, and Nokia.

The increasing importance of geospatial analytics can be gauged by the fact that many leading players across the globe are entering into partnership agreements with each other to gain a commendable position in the global market. Acquisition is another key strategy adopted by market players, wherein leading providers of geospatial services are being acquired by the key players.

Source: PRN