Report predicts Geospatial Analytics Market to grow by $72.21 Bn by 2020

Report predicts Geospatial Analytics Market to grow by $72.21 Bn by 2020

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US: According to a new report laid out by market research firm, marketandmarkets, the global Geospatial Analytics market is expected to grow to USD 72.21 billion by 2020, at 21.4% a CAGR (Compound Annual Growth Rate). The report states convergence & integration, commoditization, and security & safety are the factors driving global geospatial analytics market. Convergence and integration paved the way for a solution-centric approach, allowing technology developers to work in close collaboration with the end users, directly or through solution partners.

The report adds, the geospatial analytics market has seen a significant growth because of GIS technology is being used in several development trends, such as increase in the amount of geospatial information gathered through smartphones, GPS devices, and social media, among others.

An increase in the accuracy of data gathered; advancements in hardware technologies, are additional factors influencing the demand of GIS technology. Business vertical holds the largest share in the geospatial analytics market.

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.

The report provides market trends, overall adoption scenarios, and competitive landscape as well as key drivers, restraints, and opportunities in this market. The scope of the report also covers analysis of strategies, such as new product launches, mergers & acquisitions, partnerships, agreements, and collaborations among key vendors.

Source: MarketandMarkets