Geospatial Solutions Industry is a Digital Revolution of Ai, IoT, Cloud, and Big Data Analytics with Geospatial Technology
Development of the Geographic Information System (GIS) industry is due to the incorporation of new and upcoming technologies like 3D, Augmented Reality (AR), and Virtual Reality (VR) in GIS systems. Artificial Intelligence (AI), automation, cloud, Internet of Things (IoT), and miniaturization of sensors are expected to be the catalysts driving the development of Geospatial Solutions.
MarketsandMarkets forecasts the global Geospatial Solutions Market is projected to reach $502.6 billion by 2024 from an estimated $239.1 billion in 2019, at a CAGR of 13.2% during 2019–2024. 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.
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 usage of 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 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.
Some of the top players in Geospatial Solutions Market are HERE (the Netherlands), Esri (US), Hexagon (Sweden), Atkins Plc (UK), Pitney Bowes (US), Topcon (Japan), Digital Globe 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).
