Geospatial Solution Market is expected to grow from US$ 703.5 Bn in 2022 to US$ 1,970.9 Bn by 2029 and to grow at a CAGR of 15.9% during 2022-29. Faster networking is catering to the ever-growing demand for efficient geospatial information distribution and transmission. This, in turn, enables consumers and governments to more effectively use and share spatio-temporal data for real-time applications, thereby propelling geospatial solution market growth.
As indicated by a new research intelligence study of Future Market Insights (FMI), the global geospatial solution market will witness stupendous growth at a CAGR of nearly 15% during the forecast period of 2022 to 2029. This strong growth outlook of the global geospatial solution market has been attributed to the advancements in computing capacity for geospatial solution-based research and applications.
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Key Takeaways – 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.
High performance cloud computing services, such as cloud GIS and computing networks including CyberGIS are providing national governments with tools with which they can easily access and contribute to the growing repositories of geospatial solutions, tools, services and data.
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 from 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.
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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. Therefore, the geospatial solutions market is estimated to be highly attractive during the forecast period.
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.
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