Global GPS (Geotechnologies) Market to Reach $74.2 Billion by 2027

Amid the COVID-19 crisis, the global market for GPS (Geotechnologies) is estimated at $56.9 billion this year, and is projected to reach $74 billion by 2027. The increase reflects an projected CAGR of 3.9 percent over the forecast period

According to a new report released by Global Industry Analysts, GIS Software, one of the segments analyzed in the report, is projected to record a 3.6% CAGR and reach $27.7 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Aerial Imaging segment is readjusted to a revised 4.6% CAGR for the next 7-year period.

The GPS (Geotechnologies) market in the U.S. is estimated at $16.7 billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of $13.2 billion by 2027 trailing a CAGR of 3.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 3.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.

In the global Commercial Satellite Imaging segment, USA, Canada, Japan, China and Europe will drive the 3.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$10.4 billion in the year 2020 will reach a projected size of $12.9 billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $8.3 billion by the year 2027.

The 134-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

(Source: Global Industry Analysts news release. Public Domain image from file)