The global geospatial technology market will almost double in size to top $1tn by 2030, according to a new report
The inaugural US Geospatial Market & Economy Report by Geospatial World said the market, which is characterized by “rapid growth and transformative potential”, was worth $531bn in 2023.
It is projected to reach $1.06tn by 2030, a CAGR of 10.2%.
The forecast growth reflects the increasing integration of geospatial technology across multiple sectors, driven by advances in data analytics, artificial intelligence and sensor technologies.
US geospatial market to double
The United States geospatial market will more than double in size between 2023 and 2030, the report said. The sector was worth $133bn last year.
This reflected the “intrinsic value of geospatial technologies in enhancing operational efficiencies across key economic sectors within the country”.
By 2030, the market is forecast to grow at a CAGR of 15%-17% to reach $393bn.
The report said the market’s valuation underscores the importance of geospatial and space technologies over the coming decade, supported by federal programs initiated by federal agencies.
The sustained growth until 2030 suggests that, although the market may become saturated, continuous innovations, expanding applications, and a national strategic vision are likely to drive consistent market expansion.
“This market includes a diverse range of applications, from geographic information systems (GIS) and remote sensing to satellite imagery and location-based services,” the report’s executive summary said.
“The United States geospatial sector is characterized by its robust infrastructure, encompassing extensive data collection and processing capabilities, along with a well-established network of service providers and technology developers.”
Geospatial, space and AI innovation attracts billions
In 2023, investors significantly reduced their capital infusion into startups compared with 2022.
However, during the period from 2019 to Q2 2024, the United States geospatial, space and AI industry received total funding and investment amounting to $143bn.
Of this, approximately $96bn was directed toward the core geospatial and space industry, with the Earth Observation and GNSS and Positioning segments receiving record investments.
