Geospatial Analytics Market Surge Valuation Of USD 134.48 Billion By 2025
Posted by Neha Bora on March 27th, 2020
The Report Geospatial Analytics Market Size, Share & Trends Analysis Report By Component, By Type, By Application (Surveying, Medicine & Public Safety), By Region And Segment Forecasts, 2019 – 2025
The global geospatial analytics market size is expected to reach USD 134,479.7 million by 2025, registering a CAGR of 15.0% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Numerous innovations and advancements in the drone technology and increasing deployment of Unmanned Aerial Vehicles (UAVs) for remotely monitoring and gathering a large number of location data with minimal human intervention are likely to unfold new opportunities for market growth. Additionally, the increasing use of GPS-enabled smartphones and devices is also anticipated to drive market growth.
Increasing smart city initiatives have resulted in the growing need for innovative technologies for use in 3D urban mapping; monitoring and mapping natural resources, agriculture, and utilities; and disaster management. In case of natural disasters, location-based analytics enables decision makers to take suitable actions. Moreover, major oil & gas companies across the globe are increasingly deploying geospatial analytics solutions to discover potential crude oil and natural gas deposits and to monitor their vast pipeline network.
The use of geospatial technologies in the automotive industry is increasing owing to the growing safety concerns among passengers. According to data released by the U.S. Census Bureau, about 85.7 percent of the U.S. employees above 16 years of age commute to work in a van, car, or truck, either by driving alone or via carpooling. With around 125 million people traveling by road every day, the U.S. transportation system faces numerous challenges such as congested highways and fatal vehicle collisions.
As per the National Highway Traffic Safety Administration, it is estimated that on an average, 102 people die from vehicle accidents every day. In an attempt to address this, automotive manufacturers are focusing on implementing technologies such as IoT and location-based services in vehicles to make driving safer and easier. The commercialization of upcoming autonomous vehicles also heavily relies on the integration of Geographic Information Science (GIS) and advanced geospatial technology.
Further key findings from the study suggest:
Access Research Report of Geospatial Analytics Market @ https://www.grandviewresearch.com/industry-analysis/geospatial-analytics-market
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About the AuthorNeha Bora
Joined: September 16th, 2019
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