Geospatial Solution Market Grows Robustly despite Privacy Concerns, Says FMI

VALLEY COTTAGE, N.Y. Growth of geospatial solution market has been primarily supported by applications in aeronautical and maritime organizations, intelligence agencies, and the military domain. Rising infrastructure development and fast-paced urbanization have further boosted market growth. With successive integration of blockchain and mapping technologies, geospatial solution market is set for fourfold revenue generation in following years.

On the flip side, geospatial solutions are highly subject to cyber-attacks, especially in military verticals, due to weak signals from satellites. A 1-10 W jammer can exploit Global Positioning System (GPS) coverage of both military and civilian signals for an extended region. Furthermore, privacy-related issues associated with geospatial solutions are again a matter of concern.

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North America and Europe offer plethora of opportunities to market players owing to swelling demand for advanced mapping components from defense & internal security, and infrastructure domains. This FMI’s study finds that the global geospatial solution market is projected to grow at robust CAGR of nearly 18% over forecast period (2019-2029).

GPS Technology Remains Highly Preferred

GPS technology will continue its primacy, surpassing US$ 900 Bn over next decade. In developed regions, the GPS technology remains prominent, while developing countries are showing faster employment. Adoption of remote sensing and 3D scanning is fastest, with both the technology categories representing highest annual growth. Further, FMI’s study suggests that remote sensing will exceed GIS/spatial analytics by 2024 end in terms of revenue generation. 

Preview Analysis of 2019 Analysis and Review of Geospatial Solution Market – GIS/Spatial Analytics, Remote Sensing, GPS, and 3D Scanning for 2019 – 2029:

Software to Outpace Hardware Components

FMI suggests that hardware components currently account for about 50% market share. On the other hand, rising need for efficient geospatial information distribution and transmission is propelling software components. This report emphasizes that software is expected to reap greater returns as compared to hardware towards the end of forecast period. In Europe and North America, software is generating maximum returns, while it is observing huge traction in South Asia & Pacific.

Exploring Geomedicine for Better Patient Experience

Healthcare sector, on back of various cutting-edge technologies, is leveraging novel medical intelligence solutions, such as, geomedicine to offer personalized healthcare services. Geomedicine uses geospatial solution data framework to collect data regarding the location and environment where individuals reside. This geospatial data can be used to innovate health information technologies, thereby providing better health-related solutions.

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Analysts at FMI opine that “Leading players in geospatial solution market are tapping white spaces in BFSI sector and disaster management for expanded business footprint. As privacy-related issues are a longstanding concern, players are consistently investing in geospatial solution security.”

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