Northrook, IL -- (SBWIRE) -- 11/05/2019 -- The Geospatial Analytics Market size is estimated to be USD 40.65 billion in 2018 and is projected to reach USD 86.32 billion by 2023, at a CAGR of 16.3% during the forecast period. The increasing penetration of Internet of Things (IoT), integration of geospatial technology with mainstream technologies, and advancements in geospatial analytics with the introduction of artificial intelligence and big data analytics are the factors contributing to the growth of the geospatial analytics market.

Is the development of 4D GIS software creating an opportunity for the geospatial analytics market growth?

Geospatial technologies are being increasingly used to incorporate not only spatial geographic data but also to analyze and visualize space across time. 4D GIS data includes 2D data, 3D data, and time change data. An integrated database with real-time monitoring is required to generate 4D data. 4D GIS is used to integrate, manage, and analyze spatial information and non-spatial information collected from various data sources. 4D GIS is gaining popularity in areas where GIS is needed for predicting dimensions across time. For example, infrastructure monitoring personnel need to analyze where and when vulnerabilities may arise in infrastructure. These aspects have made 4D GIS increasingly essential as a real-time forecasting tool to monitor and predict future events. GIS vendors are focusing on the development of 4D GIS software. Companies have started providing support for 4D data. For instance, 4DMapper is a company based in Australia that puts multisource and multiformat geospatial data, including 3D and 4D GIS, on the cloud and streams it to web browsers.

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Would the complexities involved in integration of geospatial data with enterprise solutions challenge the geospatial analytics market growth?

Organizations are facing challenges in integrating geospatial analytics data with enterprise solutions such as ERP, CRM, BPM, among others. The data collected from geospatial sources is heterogonous/unstructured (images, videos, signals, location-based data) and needs to be processed to make it compatible with existing databases. The major challenge while integrating geospatial data with enterprise solutions is synchronizing both systems at an optimal interval and adopting workflows that are understandable to both systems. In addition to analytical and operational aspects, organizational factors can also greatly influence many data integration decisions. For example, many governmental organizations have policies, procedures, and protocols that direct how internal and external data and systems can be accessed or integrated. These might include standard operating procedures, change control steps, security protocols, quality assurance measures, and other administrative requirements.

The geospatial analytics market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The demand for geospatial data and services in the region is increasing at a high pace majorly due to the vigorous initiatives taken by the governments to bridge the gap between the prevailing digital technologies and the geospatial technologies. Another driving factor for the Asia Pacific market is the increasing penetration of mobile devices, which is enabling businesses to incorporate geospatial analytics solutions to utilize location-based data generated by such devices.

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Various location-based services used in web and mobile-based applications and advanced imagery & sensor solutions have significant growth opportunity in the geospatial analytics market. Numerous location-aware systems and technologies have been incorporated in navigation systems to increase their reliability and intelligence to ensure smooth operation of transportation networks. This also enables development of different applications and systems that utilize location as an attribute to perform operations in different verticals. Thus, the increasing use of location-based services in different verticals across the globe acts as an opportunity for the growth of the geospatial analytics market.

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