According to a new report published by Allied Market Research, titled, “Geospatial Solutions Market," The geospatial solutions market was valued at $432.00 billion in 2021, and is estimated to reach $1,457.7 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031.

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Cloud-based geospatial solutions are gaining traction at the moment. Cloud-based geospatial solutions deliver on-demand geospatial data, images, and maps. It also enables companies to share data and perform operations such as viewing, monitoring and analyzing geospatial data. Moreover, few companies are also launching cloud-based geospatial solutions, which fuels growth of the geospatial solutions market. For instance, in April 2019, HERE launched Here XYZ for mapmaking and geospatial data management for developers and non-coders. It also launched a new cloud service for fast and flexible management of location data.

Growth of the global geospatial solutions market is attributed to increase in penetration of artificial intelligence based geographic information system (GIS), and increase in use of location-based services integrated with geographic information system. However, lack of awareness regarding benefits of geospatial solutions is the factor that hampers growth of the market. Furthermore, development of 4D GIS software is the factor expected to offer growth opportunities during the forecast period.

Key players operating in the global geospatial solutions market include Apple Inc., Bentley Systems, Inc., General Electric, GIS Cloud Ltd., Google Inc., L3Harris Geospatial Solutions, Inc., Oracle Corporation, Living Map, Mappedin, Microsoft Corporation, Pix4D S.A., SAP SE, Telenav Inc., TomTom International BV, and Uber Technologies, Inc.