The Geospatial Analytics Market–A Brief Background

Location intelligence solutions

On a day-to-day basis, there are at least 24 active Global Positioning System (GPS) satellites in operation circling the Earth. Currently, however, there are over 30 GPS satellites in orbit.

Every 12 hours, each one of these GPS satellites completes its rotation, traveling at 12,500 miles above the Earth at approximately 7,000 miles per hour.

While completing their rotations, these GPS satellites are gathering geospatial data. This data is used for a variety of government and private industry purposes, and include the following categories:

    Demographic reporting
    Marketing analytics services
    Location intelligence solutions

On a daily basis, various industries and interests are concerned with planning, collecting, reporting, and analyzing data. In order to make the most effective and efficient use of the information gathered and retrieved by GPS satellites, it’s important to determine, or anticipate, the right ratios.

Google data experts have suggested the following ratios:

    Data capture: 15%
    Data reporting: 20%
    Data analysis: 65%

When considering marketing analytics, the data retrieved is vital to business operations across all industries, particularly with business planning. According to a global business survey conducted by Dresner Advisory Services in February 2014, over half of the businesses surveyed stated that it was very important or critical.

The United States Bureau of Labor Statistics has indicated that for the period of 2012-to-2022, steady job growth is expected within this field. These and other positions will be need to be filled within the geographic information system (GIS) and location intelligence field:

    Geographers: 29%
    Cartographers and photogrammetrists: 20%
    Surveying and mapping technicians: 14%

There will, of course, be a continued need for location development software developers and other related positions.

The geospatial industry generates a considerable amount of revenue. In 2011, for example, it generated $73 billion, and assisted in generating $1.6 trillion which benefited the United States’ economy.

MarketsandMarkets released a recent report that provided estimates on the geospatial analytics market. By 2020, it is estimated that this market will have grown from its 2015 figure of $27.42 billion to $72.21 billion. This is a substantial compound annual growth rate of 21.4%.

When thinking about the importance of geospatial data, take a moment to consider that the global population is expected to grow from 6.5 billion to nine billion within the next four decades. This is a percentage growth of 50%

See this reference for more.