The geospatial solution market is anticipated to increase from US$ 703.5 billion in 2022 to US$ 1,970.9 billion in 2029. From 2022 to 2029, the geospatial solutions market is projected to expand at a CAGR of 15.9%.
According to a recent research intelligence analysis by Future Market Insights (FMI), the worldwide geospatial solution market will experience phenomenal growth from 2022 to 2029, with a CAGR of around 15%. The improvements in processing power for geospatial solution-based research and applications have been credited with this market’s high growth prognosis.
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Key Takeaways from the Geospatial Solution Market Study
Developers are offering geomedicine solutions, which is not an emerging field, yet holds a lot of potential to boost the growth of geospatial solution market during the following years.
Blockchain technology is estimated to witness massive adoption in the foreseeable future. This technology can be geospatially enriched when combined with geospatial solution-based technologies such as Geographic Information System (GIS).
Drones are estimated to witness a considerable adoption rate during the forecast period. New standards and legislations introduced by national governments are likely to motivate drone manufacturers and end users to operate more freely, thus driving the growth of the geospatial solution market.
Global Positioning System (GPS) is estimated to retain a substantial revenue share in geospatial solution market.
Remote sensing technology will register a significant CAGR over the projection period.
Geospatial Information Becoming Critical Asset for Businesses
Conventionally, geospatial technology was confined to use in aeronautical and maritime organizations, intelligence agencies, and the military sector. However, the demand for geospatial solutions is rising in almost every end-use industry. Geospatial solutions have become an essential element in how organizations operate their business. At present, organizational decision-making is highly dependent on data processing technologies. Thus, organizations are prioritizing geospatial data analysis as they recognize collected geospatial information as a mission-critical resource to manage.
A constant search for new information tools, sources, experts, and solutions drives end-users to persistently find new and innovative ways to utilize data and discover patterns in the accumulated information using geospatial solutions. One of the most noteworthy growth areas in the broad data processing arena is data visualization. Existing end users have found geospatial solutions to be the key to efficient data visualization, irrespective of whether the accumulated information is two or three-dimensional.
Know More About Geospatial Solution Market Study
Future Market Insights puts forward an unbiased analysis of the global market for global geospatial solution market, providing historical data for 2014 – 2021 and forecast statistics from 2022 – 2029. To understand opportunities in the geospatial solution market, the market is segmented on the basis of technology, component, application, and end-user, across seven major regions.
Leading Key Players:
