Press Release-Global Geospatial Analytics Market Revenue Stood at a Value USD 58.2 Billion in the year 2021 - Increasing Number of AI and ML-Based GIS Solutions Drives the Market
Vantage Market Research |
Global Geospatial Analytics Market Revenue Stood at a Value USD 58.2 Billion in the year 2021 - Increasing Number of AI and ML-Based GIS Solutions Drives the Market
The Global Geospatial Analytics Market size is forecasted to reach USD 77.1 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period; states Vantage Market Research, in a report, titled “Geospatial Analytics Market”.
In recent years the demand for Geospatial Analytics Market has gained huge demand. The outcome of digitalized IT & communication sector has made this possible. The major factor that fuels the market demand is the increasing deployment of IoT, advancements in big data analytics & increased number of AI and ML-based GIS solution. Also, key players investing heavily in this segment further drive the market during the forecast period.
Key Findings:
The vital objective of Geospatial Analytics Market is the upcoming digitalization in the IT & Communication industries. The outbreak of technological advancements in this sector has made it possible. Key players are investing heavily in this technology, especially in the defence and military sectors. The manufacturing and the automotive sector is gaining a huge advantage from this technology as key investors are investing in technology that minimizes loss and increases productivity at a lower cost. Geospatial Analytics Market allows users to capture & process different services, modify existing orders, and process customer moves.
North America is expected to dominate the Global Geospatial Analytics Market in 2021 and is likely to continue the same trend during the forecast period. This region has the most advanced professionals and funds for investing in geospatial analytic technology. Also, growing technological advancements with the availability of surplus know-how in executing this technology make this region prominent for the market to flourish in coming years. On the other hand, developing countries such as India, China and Indonesia are showing huge potential in the coming years. However, insufficient funds, lack of skilled labour and social issues make it difficult for the market to grow.
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Global Geospatial Analytics Market Revenue Stood at a Value USD 58.2 Billion in the year 2021 - Increasing Number of AI and ML-Based GIS Solutions Drives the Market
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