FMI: Global geospatial solution market to see steady growth

December 11, 2019  - By
Image: GPS World

A study by Future Market Insights (FMI) said the global geospatial solution market will witness growth at a compound annual growth rate of nearly 15% from 2019 to 2029.

According to the study, this strong growth outlook of the global geospatial solution market has been attributed to the advancements in computing capacity for geospatial solution-based research and applications.

The study highlighted geomedicine as a solution to potentially boost the growth of the geospatial solution market during the following years. Blockchain technology is estimated to witness massive adoption in the foreseeable future, FMI added. This technology can be geospatially enriched when combined with geospatial solution-based technologies such as Geographic Information Systems.

In addition, FMI reported that drones are estimated to witness a considerable adoption rate from 2019 to 2029, especially as new standards and legislations introduced by national governments are likely to motivate drone manufacturers and end users to operate more freely.

The study also determined that GPS is estimated to retain a substantial revenue share in geospatial solution market, and that remote sensing technology will register a significant compound annual growth rate over the projection period, as well.

The demand for geospatial solutions is rising from almost every end-use industry, FMI added, with one of the most noteworthy growth areas in the broad data processing arena being data visualization.

Check out the full report here.

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About the Author: Allison Kral

Allison Kral is the former digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Pit & Quarry magazine, Portable Plants magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.