Geospatial Analytics AI Market Overview
Geospatial analysis refers to the process of gathering, displaying, and manipulating satellite, GPS, remote sensing, image, and historical data, which are described in terms of geometric coordinates, postal code, street address, and so on. When geographic data combines with business data, it gives information that supports in business decisions such as prediction of epidemic breakout, logistics, marketing, and so on. Geospatial analytics is generally integrated with technology, such as AI, to achieve solutions to various problems. The global geospatial analytics AI market is estimated to grow at a CAGR of 24.00% during the forecast period 2018–2023. APAC is projected to be the fastest growing market with a CAGR of 32.6%, which can be mainly attributed to the growing usage of geospatial analytics across various booming industrial sectors as well as the growing infrastructural developments in the region.
Geospatial Analytics AI Market Outlook
Geospatial Analytics Artificial Intelligence employs Artificial Intelligence technologies such as deep learning and machine learning to combine geographic information system (GIS) with business intelligence information. Geospatial Analytics AI finds a wide range of applications in logistics, transportation, surveying, agriculture, sales and marketing, medical and others. The multidisciplinary applications of Geospatial Analytics AI is primarily due to the assistance of the technology in decision making, resource planning and allocation that are essential in many industries. According to Industry ARC findings, the hazard assessment application segment will hold the largest market share during the forecast period.
Geospatial Analytics AI Market Growth Drivers
The growth of the transportation industry is expected to drive the geospatial analytics AI market during the forecast period. Aviation industry is a major segment where the technology can be helpful in streamlining the operations by controlling air traffic and increasing safety and security in airports. The growing fraudulent activities in the Banking, Financial Services and Insurance (BFSI) sector are also expected to drive the market for Geospatial Analytics AI Market.
Geospatial Analytics AI Market Challenges
High costs of the technology is a major challenge that is hampering the adoption of the technology despite a wide number of applications across various industry verticals. Additionally, there are many national laws and regulations imposed by various countries that curtails the growth of the industry.
Geospatial Analytics AI Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Geospatial Analytics AI Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
Geospatial Analytics AI Market Report: Industry Coverage
By Data Source: Global Navigation Satellite System (GNSS), Remote Sensing, Geo Tagging, and Others
By Solution: Hardware, Software and Services
By Machine Learning: Unsupervised Learning, Supervised Learning, Reinforced learning, Semi Supervised Learning, and Deep Learning
By Application: Geographic Information, Real Estate, Coastal Application, Sales and Marketing, Hazard Assessment, Fraud Detection, Transport and Logistics, Agriculture, Surveying, National Resource Management and others
The Geospatial Analytics AI Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Chile, Argentina, Colombia, and Others
- Europe: The U.K., Germany, Italy, France, Russia, Belgium, Spain, Switzerland, Austria, Benelux, Nordic Region, and Others.
- APAC: Japan, China, India, South Korea, Australia, New Zealand, and Others
- Rest of the World: The Middle East and Africa
Some of the other key players mentioned in this report are Google, Microsoft, Geoblink, ESRI, Trimble Inc., Hexagon AB, Harris Corporation, Digital Globe, Bentley Systems Inc. and General Electric Company.
Geospatial Analytics AI Market Trends
- Various pharmaceutical & Biotech companies are investing in geospatial analytics to predict epidemic outbreaks and to create targeted advertisement for relevant medicines or supplements. With the help of geospatial data, such as weather report, people in a locality along with AI can help in predicting an outbreak in advance.
- Geo analytics AI plays an important role in ride sharing and logistics. Companies like Uber, Lyft, and so on collect feedback from customers and process it to find out the density of cars and drivers.
- Geospatial is now gaining popularity as it helps predict food yield as well. There are a large number of companies that are coming up with predictive analysis toolsWith the help of Geospatial analytics AI, agro meteorological data and biophysical data of crops are collected and combined with the weather data to find out crop yield.
- There is an increasing usage of geospatial systems in the logistics sector. Especially with the growth of the e-commerce industry, there is rapid integration of the technology with the business operations. The courier and delivery systems now have geospatial tracking systems and are making it more convenient for customers to track their packages.