EINPresswire/ -- The global Geospatial Solutions market size was estimated at $432 billion in 2021, and is set to reach $1,457.7 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031.

A prominent penetration of artificial intelligence based geographic information systems along with a surge in application of location-based solutions integrated with geographic information systems drive the growth of the global geospatial solutions market. Nonetheless, lack of awareness about benefits of geospatial solutions can impede the expansion of the global market. However, the launch of 4D GIS software will create new growth opportunities for the global market.

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Growth of the global geospatial solutions market is attributed to increase in penetration of artificial intelligence based geographic information system (GIS), and increase in use of location-based services integrated with geographic information system. However, lack of awareness regarding benefits of geospatial solutions is the factor that hampers growth of the market. Furthermore, development of 4D GIS software is the factor expected to offer growth opportunities during the forecast period.

Cloud-based geospatial solutions are gaining traction at the moment. Cloud-based geospatial solutions deliver on-demand geospatial data, images, and maps. It also enables companies to share data and perform operations such as viewing, monitoring and analyzing geospatial data.

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Moreover, few companies are also launching cloud-based geospatial solutions, which fuels growth of the geospatial solutions market. For instance, in April 2019, HERE launched Here XYZ for mapmaking and geospatial data management for developers and non-coders. It also launched a new cloud service for fast and flexible management of location data.

In addition, implementation of LBS-enabled drones for border security and monitoring high-risk situation by federal agencies, government, and nongovernment organizations is expected to boost the market investment for these services. Advanced sensors onboard satellites provide reliable, cost-effective, and impartial information about variety of vegetation and hydrological parameters at various spatial resolutions.

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By Region, Asia-Pacific is set to contribute notably toward the global geospatial solutions industry share in 2031, and is projected to continue its dominance during the forecast period. The region accounted for more than one-third of the global geospatial solutions market share in 2031. The region registered the fastest CAGR of 14.9% during the forecast timeline. The growth of the market in the region over the forecast timespan can be credited to rapid population growth, urban development, poverty, deforestation, and land degradation in Asia-Pacific, which causes degradation of natural resources and deterioration of environment. The need for reliable and timely information for sustainable management of natural resources as well as for environmental protection boosts adoption of geospatial analytics solution in the region. The report also analyzes regions such as LAMEA, North America, and Europe.

Major market players

Apple Inc.
Bentley Systems, Inc.
General Electric
GIS Cloud Ltd.
Google Inc.
L3Harris Geospatial Solutions, Inc.
Oracle Corporation
Living Map
Mappedin
Microsoft Corporation
Pix4D S.A.
SAP SE
Telenav Inc.
TomTom International BV
Uber Technologies, Inc.

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