Location-Aware Technology Industry Expected to Grow Exponentially in the Next Few Years - Reaching a Value of 153.25 Billion by 2030

TECHNOLOGY

Location-aware technology is transforming major industries, including insurance

Geospatial technology for insurance companies

Aerial view of geospatial data points for a property and casualty insurance company

VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — Location-aware technology built to capture and contextualize location accurately powers the finance, insurance, logistics and climate impact sectors. reshaping. Companies in these sectors rely on geographic and location data (known as geospatial data) as a core function of their business. Technological advances in location intelligence software enable companies to continuously improve data accuracy and operational efficiency by upgrading their IT infrastructure.

According to a recent study by Market Data Center, the global geospatial market is expected to grow exponentially over the next eight years, from US$64.72 billion in 2021 to US$153.25 billion in 2030. The North American market is poised to play a key role in this. Industry leaders such as Canada-based Sparkgeo are spearheading advances in the design of custom location-based intelligence software across several disciplines.

This industry-wide growth is driven by a decade-long digital transformation in the commercialization of satellites (providing affordable access to daily Earth imagery), remote sensing data, and IoT devices. These advances continue to benefit from supporting software technologies used to contextualize both satellite and terrestrial geospatial data. Advances in the capabilities of location intelligence software are giving businesses new ways to collect and analyze geospatial data.

The insurance industry uses location-aware technology to remotely query property status. By updating this information daily, insurers have the data they need to make accurate quotes to their customers every time. Companies like Sparkgeo develop customized data collection environments for clients in this industry (and others). These environments combine remote sensing techniques with satellite imagery to collect data and integrate it into daily operations. The team at Sparkgeo has also built software to analyze this data and APIs to integrate with our internal IT infrastructure.

Market leaders in the insurance, finance, logistics, and climate sectors are demonstrating growing demand for on-demand access to location-enabled data. This data helps us better understand increasingly unpredictable environmental changes and track climate events that can impact real-world assets.

About Spark Geo
Sparkgeo is a global consulting firm that builds location-aware technology for the world’s leading technology companies in Silicon Valley and elsewhere in North America, Asia, Europe and the Middle East. For more information, please visit www.sparkgeo.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5b31e0ef-08e8-4216-9995-da844c42164b.

CONTACT: Media Contact Monogram Communications septima@monogramcomms.ca
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