Geospatial Analytics Market: Overview
Geospatial
is the geographical data having locational information described in terms of
coordinates (latitude and longitude), address, city or ZIP code. Geospatial
data is gathered through satellite, global positioning system (GPS), geo
tagging and remote sensing. Global Information System (GIS) is used for mapping
and analyzing geospatial data. Remote sensing tool is used to acquire
geographical data without physical contact through sensors such as radars,
radiometers and lidar (a laser based light detection sensor).
Global
positioning system comprises 24 satellites that orbit around earth for
determining exact position of an object on earth. Geo tagging is addition of
geographical data to media such as images and websites in the form of
meta-data. Geospatial
analytics products combine geographic data and business data to gain
information that supports business decisions such as logistics and marketing.
Geospatial
Analytics Market: Trends
Geospatial
analytics could be used for analyzing market segmentation on the basis of
demography, lifestyle and behavioral. This analysis would help organizations to
design their promotional programs and targeting new customers. The need for
reducing operational and logistic costs by organizations is anticipated to
drive the growth of geospatial analytics market. Government could use
geospatial analytics to map crime locations, issue alerts in situation of
natural calamities and designing disaster recovery mechanisms.
Emergence
of smart cities and increasing demand for innovating technologies in developing
countries is likely to boost the market for geospatial analytics. The market is
anticipated to grow with the increasing usage of GPS enabled smartphone
devices. Innovations in drone technology would also increase the opportunities
in geospatial analytics market. The major challenge for the market is the
privacy issues related to storage of geospatial data. Legal issues related to
storage of personal information could also hamper the growth of market.
Moreover, initial setup of geospatial analytics products require high
investment, therefore could impact the growth of the market.
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Geospatial Analytics Market: Segmentation
Geospatial
analytics market can broadly be segmented on the basis of service type,
technology type, application and geography. On the basis of service type
geospatial analytics market is segmented into surface analysis, network
analysis and geo-visualization. Surface analysis analyses the properties of
surfaces such as elevation, temperature and rainfall, whereas network analysis
provides solutions to business problems such as transportation, warehouse and
manufacturing location. Geo-visualization provides interactive ways such as 3D
views, charts and images to visualize geospatial data. In terms of technology
type, the market can broadly be segmented into remote sensing, GPS and GIS.
On the
basis of application the geospatial analytics market is segmented into defense
intelligence, medical survey, disaster reduction, natural resources and climate
change adaption. Moreover, in terms of geographies, the global geospatial
analytics market is segmented into North America, Europe, Asia Pacific, Middle
East and Africa and Latin America regions. Geospatial analytics market show its
strong presence in Europe region as majority of players belong to European
countries such as Sweden and Finland. Heavy adoption of geospatial analytics
products is seen in oil and gas sector in North America and Asia Pacific to
discover potential crude oil and natural gas abundant regions.
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