Market Growth in the Geospatial Industry and the Need for Qualified Personnel
The Geospatial Industry, which includes the location intelligence market, is growing substantially. In 2011, for example, this industry generated $73 billion, which resulted in $1.6 trillion in revenue entering the United States’ economy.
It’s clear that the location intelligence market makes a significant impact on public and private spheres. Dresner Advisory Services conducted a global business survey in February 2014. As a result of this survey, they discovered that over half of the participants stated that “location intelligence is critical or very important to their business planning.?
Furthermore, in 2015, MarketsandMarkets reported that the geospatial analytics market would experience a substantial increase. In 2015, this market was valued at $27.42 billion, and MarketsandMarkets estimated that it would be valued at $72.21 billion by 2020. This is a 21.4% compound annual growth rate, which demonstrates significant ongoing growth.
The United States Bureau of Labor Statistics has reported that there is a potential for steady job growth within this industry. Between 2012 and 2022, they predict that the following types of jobs will be available for individuals familiar with geographic information systems and location intelligence. This includes the following types of positions:
- Geographers: 29%
- Cartographers and photogrammetrists 20%
- Surveying and mapping technicians 14%
The research company, Gartner, also estimates that there will be more jobs in big data. By their estimations, there will be 4.4 million of these positions available within the next 2 years. Given their research, however, they estimate that only a third of these positions will be filled successfully by qualified personnel.
Given that the current global population is roughly 6.5 billion and is expected to increase within the next 40 years to over 9 billion, the need for demographic reporting is expected to increase substantially. Recent data indicates that there are always a minimum of 24 active global positioning system (GPS) satellites gathering data as they orbit the Earth. Currently, however, there are over 30 GPS satellites in orbit, which includes a few extra in case of malfunctions or for other necessary purposes.
Eurostat, the statistics arm of the European Union, recently published a report with additional workforce data. The report shows that by 2030, every 100 European workers will need to support 40 individuals aged 65 and older. This is a substantial increase over 2008, where every 100 workers needed to support 25 pensioners.
It’s clear that the location intelligence market provides vital demographic reporting tools for businesses and other interests throughout the globe. Location intelligence solutions are vital to anticipate the need for valuable products and services for the global population.