CHICAGO, Aug. 2, 2019 /PRNewswire/ -- According to the new market research report "Geospatial Solutions Market by Technology (Earth Observation, Scanning), Solution (Hardware, Software, Service), End-User (Utility, Business, Transportation, Defense & Intelligence, Infrastructural Development), Application, Region–Global Forecast to 2024", published by MarketsandMarkets™, the Geospatial Solutions Market is projected to reach USD 502.6 billion by 2024 from an estimated USD 239.1 billion in 2019, at a CAGR of 13.2% during the forecast period. This growth can be attributed to factors such as integration of geospatial technology into mainstream technologies, advancements in geospatial solutions with the introduction of artificial intelligence and Big Data analytics, increasing use of location-based services, adoption of automation, cloud, and IoT technologies.
The software segment is expected to be the largest Geospatial Solutions Market, by solution, during the forecast period.
The software segment is expected to be the largest market during the forecast period. Geospatial software, related platforms, and user interfaces generate a larger share of revenue when compared with the hardware and service segments. This is because of the extensive usageof the former in operations. This can also be attributed by the organizations investing massively in the latest geospatial technologies to improve their operational efficiency.
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Geovisualization is expected to be the fastest growing segment of the Geospatial Solutions Market, by application, during the forecast period.
Geovisualization emphasizes knowledge construction over knowledge storage or information transmission. For this, geovisualization communicates geospatial information in ways that, when combined with human understanding, allow data exploration and decision-making processes. Thus, this application is of extreme importance in mapping and surveying. With the growth in the usage of geospatial solutions, this application is expected to be extensively used during the forecast period.
North America to account for the largest share of the global Geospatial Solutions Market
In this report, the Geospatial Solutions Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The North American region is estimated to dominate the global Geospatial Solutions Market in 2019 owing to the growth in the usage of aerial imagery, satellite imagery, LiDAR, radar technologies, and global navigation satellite systems in countries such as the US, Canada, and Mexico. Since North America is the largest market for geospatial technologies, the slightest of growth of this market in this region will reflect a significant growth globally.
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The report includes the profiles of some of the top players in the Geospatial Solutions Market to enable an in-depth understanding of the competitive landscape. Some of the key players are HERE (the Netherlands), Esri (US), Hexagon (Sweden), Atkins Plc (UK), Pitney Bowes (US), Topcon (Japan), DigitalGlobe Inc (Maxar Group) (US), General Electric (US), Harris Corporation (US), Google (US), Bentley (UK), Geospatial Corporation (US), Baidu (China), Telenav (US), TomTom International B.V. (the Netherlands), Apple (US), Oracle (US), Microsoft (US), Amazon (US), IBM (US), SAP (US), China Geo-Engineering Corporation (CGC) (China), RMSI (India), and Orbital Insights (US). The leading players are adopting various strategies to increase their share in the Geospatial Solutions Market.
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