South Korea Geospatial Analytics Market Insights Forecasts to 2032

• The South Korea Geospatial Analytics Market Size was valued at USD 0.74 Billion in 2022.
• The Market Size is Growing at a CAGR of 8.3% from 2022 to 2032.
• The South Korea Geospatial Analytics Market Size is Expected to Reach USD 1.65 Billion by 2032.

The South Korea Geospatial Analytics Market Size is Expected to Reach USD 1.65 Billion by 2032, at a CAGR of 8.3% during the forecast period 2022 to 2032.

Market Overview

Geospatial analytics is a powerful and growing field that involves the collection, interpretation, and use of geographic data to extract valuable insights and inform decision-making processes in a variety of industries. To create a comprehensive understanding of the Earth's surface, it relies on a diverse set of data sources, primarily satellite imagery, global positioning system (GPS) technology, and geographical information systems (GIS). Geospatial analytics uses modern technology to convert raw data into actionable information, allowing for more precise spatial analysis. Its applications are diverse, including urban planning, environmental monitoring, disaster management, and logistics optimization. Geospatial analytics offers numerous benefits, ranging from improved resource allocation and risk assessment to improved environmental conservation and disaster response. Currently, various types of product variants are available, including descriptive analytics for data summarization, predictive analytics for forecasting, and prescriptive analytics for informed decision-making.

Report Coverage

This research report categorizes the market for South Korea’s geospatial analytics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea geospatial analytics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea geospatial analytics market.

Driving Factors

The increasing demand for location intelligence has become a major driver in advancing South Korea geospatial analytics. Spatial insights add significant value to the operations and decision-making processes of organizations across a wide range of industries. Location intelligence combines geospatial and business data to provide a more comprehensive understanding of spatial relationships, patterns, and trends. This demand is driven by the realization that location is critical in many aspects of business, providing insights into customer behavior, market trends, and resource optimization. Cloud computing, big data analytics, and artificial intelligence have accelerated demand even further by enabling efficient processing and analysis of large-scale geospatial data.

Furthermore, the growing availability and accessibility of geospatial data from satellites, sensors, mobile devices, and social media platforms has created new opportunities for organizations to leverage the power of location intelligence. Organizations can gain valuable insights and make data-driven decisions based on spatial understanding by integrating and analyzing diverse geospatial datasets. These factors have prompted organizations to seek geospatial analytics solutions to gain a competitive advantage and maximize the benefits of location intelligence.

Restraining Factors

The creation and analysis of geospatial data is widely used in scientific fields, governments, and corporations, but the inherent confidentiality features of location data pose challenges for geospatial research and its societal applications. The growing popularity of GIS and related geospatial technologies has raised public concern about privacy, and government rules and regulations limit data collection, location sharing, location-based information usage, and data storage.

Market Segment

• In 2022, the solution segment accounted for the largest revenue share over the forecast period.

Based on offering, South Korea geospatial analytics market is segmented into solutions and services. Among these, the solution segment has the largest revenue share over the forecast period. These solutions include a variety of spatial data processing, visualization, modeling, and predictive analytics tools and techniques. Geospatial analytics solutions are used in many different fields, including urban planning, transportation, environmental management, agriculture, public health, and natural resource management. They help users extract valuable insights, identify trends, detect anomalies, and make data-driven decisions by facilitating tasks like spatial data integration, spatial pattern recognition, geospatial data mining, and spatial modeling. Geospatial analytics solutions are critical in unlocking the potential of location-based data, improving decision-making processes, and driving innovation across a wide range of industries.

• In 2022, the remote sensing segment accounted for the largest revenue share over the forecast period.

Based on technology, the South Korea geospatial analytics market is segmented into remote sensing, GPS, and GIS. Among these, the remote sensing segment has the largest revenue share over the forecast period. Geospatial analytics plays an important role in remote sensing by extracting meaningful insights from remotely sensed data using advanced techniques. Geospatial analytics allows for the interpretation and analysis of Earth's surface characteristics and phenomena by combining geospatial data and remote sensing imagery. It makes valuable information extraction easier, such as land cover classification, vegetation health assessment, change detection, and spatial pattern analysis. Geospatial analytics improves remote sensing by providing image preprocessing, spatial analysis, and visualization tools, allowing for a better understanding of the Earth's features and processes.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea geospatial analytics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ESRI Inc.
• Soletop
• InSpace Co.Ltd.
• GBS Korea
• S&B Soft
• Bentley Systems, Inc.
• Harris Corporation
• Dtonic Corporation
• General Electric (GE)
• Dabeeo Inc.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In May 2023, Planet Lab announced a new collaboration with the South Korean startup Deajeon. This collaboration will enable the company to apply AI-powered Super Resolution and GeoAI Analytics, as well as Object Detection, to satellite imagery. With its GeoAI Pack, this will improve the resolution for analyzing changes and abnormalities.

• In February 2023, Bitsensing, a South Korean imaging radar company, announced the release of the Traffic Insight Monitoring Sensor (TIMOS), a premier monitoring sensor solution designed to revolutionize smart traffic infrastructure.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea geospatial analytics market based on the below-mentioned segments:

South Korea Geospatial Analytics Market, By Offering

• Solutions
• Services

South Korea Geospatial Analytics Market, By Technology

• Remote Sensing
• GPS
• GIS