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article imageGeospatial analytics set for major IoT driven growth

By Tim Sandle     Aug 12, 2019 in Technology
A new industry survey finds that the geospatial analytics market is set to see significant growth. This is being driven by innovations in the Internet of Things and from developments with artificial intelligence.
The survey comes from Grand View Research ("Geospatial Analytics Market Size, Share & Trends Analysis Report By Component, By Type, By Application (Surveying, Medicine & Public Safety), By Region And Segment Forecasts, 2019 - 2025") and it takes a look at future growth of the global geospatial analytics market and the main drivers for this growth. This market is expected to reach $134,479.7 million by 2025, which represents a compound annual growth rate of 15 percent (2019 to 2025).
Explaining geospatial analytics
Geospatial analytics refers to the collection and manipulation of data based on location. The concept involves applying statistical analysis to data which carries a geographical or spatial aspect. This includes rendering maps which process spatial data; and applying analytical methods to terrestrial or geographic datasets.
The market includes systems like Global Positioning Systems, Geographic Information Systems (GPS), georeferencing, metadata, and remote sensing, to provide accurate modeling, trend analysis, and predictions. As the Internet of Things expands, often coupled with artificial intelligence, the adoption of such technology is anticipated to increase significantly. Many geospatial analytics technologies are reliant upon cloud computing and edge computing; the main complexity is with processing data fast enough for time-critical applications.
Drones, cars and smartphones
An example of connected technology reliant upon geospatial analytics are Unmanned Aerial Vehicles (UAVs), where drones are deployed for remotely monitoring and gathering of location data (this includes an anticipated increase in the use of UAVs by the military sector). A further growth area is with GPS-enabled smartphones. The main business driver is retail where firms seek to analyze the buying behavior and foot traffic patterns if customers. Such technology is also central to automotive manufacturers where IoT and location-based services are needed in vehicles to make driving safer and easier, especially with autonomous vehicles.
Smart cities
Geospatial analytics is also central to projects geared around developing smart cities. An example is the Association of Southeast Asian Nations (ASEAN) Smart Cities Network (ASCN). The ASCN is a collaborative platform where cities from the ten ASEAN Member States are work towards the common goal of smart and sustainable urban development
More about Geospatial analytics, internet of things, Artificial intelligence
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