Geospatial analytics are a set of software that offer solutions to organizations, which enable the organization in anticipating and formulating strategies for future. Primarily geospatial analytics are used to predict changes in reference to dynamic spatial conditions or location based events.
High penetration of advanced technologies such as internet of things (IOT), big data, etc. in developed economies coupled with increasing adoption of geospatial analytics in enterprises are major factors driving growth of the global geospatial analytics market. In addition, increasing investments into development of geospatial technologies by prominent companies and private organizations is another factor expected to fuel growth of the global market over the forecast period. But, high costs associated with implementation, use, and maintenance of geospatial technologies, and complexities in development are major factors hampering growth of the global market.
The global geospatial analytics market report has been segmented on the basis of component, type, application, vertical, and region. On the basis of region, the global geospatial analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America accounted for highest share in the global market in terms of revenue, and is projected to maintain its dominance over the forecast period. This can be attributed to high penetration of internet of things (IOT) and high adoption of latest technologies in countries in the region. The market in Europe accounted for second-highest revenue share and is projected to witness moderate growth over the forecast period. Revenue from the market in Asia Pacific is projected to witness significant growth over the forecast period, owing to increasing adoption of latest technologies, developments in infrastructure, and increasing use of analytics in various enterprises in emerging economies such as India, China, and South Korea. The markets in Latin America and Middle East & Africa are expected to witness sluggish growth over the forecast period.
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