Market Size
Global geocoding and reverse geocoding market reached USD 12.3 billion in 2022 and is expected to reach USD 33.4 bllion by 2030, growing with a CAGR of 13.3% during the forecast period 2023-2030. The geocoding and reverse geocoding market in India has grown significantly over the last three years, from 23 thousand crores in 2019 to 28 thousand crores in 2022.
The industry has the potential to make a significant contribution to the generation of employment opportunities, the advancement of knowledge and the socioeconomic development of the country.
Additionally, the promise of combining geocoding and reverse geocoding technologies with cutting-edge technologies like AI, ML and IoT provides an industrial future that is, to put it mildly, promising. The confidence in the Indian geocoding and reverse geocoding industry soars high as a result of the Government of India using a variety of geocoding and reverse geocoding technologies in its varied missions, ranging from departmental to national programs. Therefore, India accounts for more than 1/3rd of the regional shares.
Market Scope
| Metrics | Details |
| CAGR | 13.3% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Component, Deployment, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Component Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
To Know More Insights - Download Sample
Market Dynamics
The Growing Impact of Smart City Development Drive the Role of Geocoding Solutions
One of the main driving forces is the expansion of smart city development. The development of smart cities is now supported by geocoding and reverse geocoding solutions. A centralized information system built on GIS would provide an IT infrastructure for setting up and managing applications and data at each stage of the development life cycle of smart cities, opening up significant market potential.
Further, the Consumer Technology Association reported that investment in smart cities was USD 34.85 billion last year and is expected to increase to USD 54.35 billion by 2026. Therefore, the role of geocoding solutions in the global market is supplemented by the growing impact of smart city development.
Optimizing Fleet Operations and Cost Savings
One of the best methods to maximize the possibilities of reverse geocoding is to use fleet tracking software. Azuga develops state-of-the-art GPS fleet tracking technology that installs quickly and makes use of reverse geocoding. Fleet management can easily see where their drivers are at all times and the routes they have taken owing to the software.
Through improved operational efficiencies, the best reverse geocoding fleet tracking software may reduce operating costs for your fleet. 91% of Azuga participants claim that the program has reduced their company's expenses. The program can almost pay for itself in the first year of use since they report average annual savings of over USD 5,000.
Fleet tracking software also makes it feasible to expedite service calls and deliveries, which is another excellent benefit. 76% of Azuga users claim that the software's increased operational efficiency has reduced door-to-door transportation times. Azuga consumers report an improvement in door-to-door transit time of 27% on average. Therefore, reverse geocoding fleet tracking software drives global market growth by optimizing fleet operations and cost savings.
Higher Cost of GIS Solution
Geographic information system (GIS) solutions are necessary for geocoding and reverse geocoding, but they can be expensive to create and maintain. Some firms or organizations may be hindered from implementing these technologies due to the high expenses, particularly smaller ones with less money.
It becomes difficult for organizations to effectively use geocoding and reverse geocoding solutions if they are rigid or hard to combine with other existing systems. For workflows to run smoothly and the advantages of geocoding data to be realized, seamless data sharing and integration are essential.
Market Segment Analysis
The global geocoding and reverse geocoding market is segmented based on component, deployment, end-user and region.
Cloud-Based Geocoding for Business Development
Utilizing geocoding software that is hosted in the cloud as opposed to on-premises is known as cloud-based geocoding. Because of this, companies can access and employ geocoding technology without investing in expensive devices or software.
It is significant because it makes geocoding technology accessible to and usable by businesses without the need for pricey hardware or software. Businesses of all sizes can now benefit from geocoding technology without having to make significant upfront investments due to cloud-based geocoding. As a result, cloud-based deployment captures a segmental share of more than 60.2% in the global market.
Market Geographical Share
Geocoding and Reverse Geocoding's Revolutionary Effects on the North American Market
Due to the expanding innovation and changing sectors in the region, geocoding and reverse geocoding are having a big impact on the North American market. North America now holds a majority of the market shares.
Organizations may make well-informed decisions, streamline processes, and promote economic growth by utilizing the potential of location-based data. It enables effective infrastructure construction, greater disaster preparedness and response, and improved business and governmental decision-making.
Market Companies
The major global players include Google Maps Platform, HERE Technologies, Esri, Tom Tom, Mapbox, OpenStreetMap, Microsoft Bing Maps, SmartyStreets, Geocodio and MapQuest.
COVID-19 Impact Analysis
Since the fourth quarter of 2019, the COVID-19 pandemic has caused an unbalanced health situation, resulting in the implementation of lockdowns and harsh restrictions designed to maintain social distance. Thus, the majority of economies have imposed a complete shutdown in an effort to limit this pandemic, which has caused a reduction in corporate activity. Industries including manufacturing and transportation have been negatively impacted, which has worsened the economic climate and led to enormous financial losses and job losses.
However, this pandemic has accelerated the market for geocoding and reverse geocoding, which is anticipated to double in size over the coming years. In addition, according to a study conducted at the Institute for Disease Modelling, Seattle, high-quality geocoding and reverse geocoding data enables models to effectively provide information in terms of providing risk factors, setting-specific characterization of disease transmission and forecast of pathogen & viral prevalence.
AI Impact
Emerging technologies like artificial intelligence (AI), machine learning (ML) and their integration with business intelligence platforms and engineering workflows will be crucial in resulting in an era of linked technology that will transform how people interact and conduct business.
The widespread implementation of AI and ML will increase workflow efficiency and improve analysis and decision-making abilities. Furthermore, the new technologies' interoperability will make it easier to embed geospatial technology and advance its use cases. IoT and ML will play a big part in developing additional applications that will leverage these data and help completely revolutionize the geospatial sector. Furthermore, it aids to the growth of the global geocoding and reverse geocoding market.
By Component
- Software
- Services
By Deployment
- Cloud-Based
- On-Premise
By End-User
- Transportation and Logistics
- Real Estate and Construction
- Retail and E-commerce
- Healthcare and Life Sciences
- Banking, Financial Services and Insurance (BFSI)
- Government and Public Sector
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- In July 2023, In all states and UTs, GSTN started offering geocoding. The system-generated geocoded address will be presented when businesses access the geocoding functionality in the portal.
- On June 2, 2022, LightBox Data and Esri have collaborated to expand geocoding for Canadian content. Users of ArcGIS can now access newer and more accurate address data.
- On September 22, 2020, The leader in location-based information, SmartyStreets, has announced the availability of its U.S. Rooftop Geocoding and U.S. Reverse Geocoding APIs. Customers will receive the greatest precision geocodes available from these new goods, based on the market.
Why Purchase the Report?
- To visualize the global geocoding and reverse geocoding market segmentation based on component, deployment, end-user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of geocoding and reverse geocoding market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global geocoding and reverse geocoding market report would provide approximately 61 tables, 58 figures and 195 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
