What Is Geospatial Data Analysis And How Does It Help Businesses?

Location intelligence solutions

Analyzing the population will only continue to grow in relevance as the world does. With so many shifting demographics and evolving expectations concerning social norms, geospatial data analysis is one of the most crucial tools on the journey to making the world understandable to us. More and more businesses, institutions and corporations alike are relying on the technology of marketing analytics to stay relevant in an increasingly complex marketplace. Let’s take a look at marketing analytics services and how they benefit the world at large.

What Is Geospatial Data Analysis?

Be it software or ongoing surveys conducted by certified institutions, geospatial data analysis is the act of analyzing the population at large to learn more about social trends, general growth and projected changes. This can be done for a variety of reasons, ranging from marketing to public services, and is more easily accomplished with state-of-the-art software. A global business survey conducted in February of 2014 found that half of all respondents across all industries say location intelligence is either critical or very important to their business planning methods.

What Are Different Types Of Software?

Geospatial data analysis software is one of the most common forms of addressing and following population trends around the world. Other methods of this include using satellites and online technology. It’s estimated there are always at least 24 active GPS satellites circling the Earth at any given time, though there are over 30 today including spares and back-ups. Each GPS satellite goes around the world every 12 hours, traveling at 12,500 miles above us at over 7,000 miles per hour on average. A GPS receiver can determine the current time at the speed of 100 billionths of a second.

Why Use Geospatial Data Analysis?

Ongoing research by the Gartner company suggests there will be over four million big data jobs available over the next two years — however, data analysis suggests only half of them will be successfully filled in the same time span. When faced with the collective necessity of planning, collecting and reporting, it’s highly important to anticipate the right ratios — a helpful suggestion has come from Google’s data experts, all of whom have found that about 15% of data capture as well as 20% of data reporting and 65% of data analysis are reasonable rations that can be counted on.

How Does The Internet Help?

Ongoing connection to the world at large is essential to maintain location intelligence. This can be achieved through local intelligence software or even alternate methods of the Internet. The ‘Internet Of Things’, for example, is a term that refers to devices other than computers that are connected to the Internet at large and can both send and receive data. Although this term has been around for more than 15 years, it has only started to gain wide currency and relevance in recent years.

How Will Things Change In The Future?

Thanks to recent surveys, outlooks are appearing positive for both businesses and consumers. The geospatial industry generated $73 billion in revenue back in 2011 and helps create nearly $2 trillion for the American economy as a whole. A recent report by MarketsandMarkets has estimated the geospatial analytics market growing from around $27 billion in 2015 to a whopping $72 billion by the year 2020 — this amounts to a 21/4% compound annual growth rate. Last, but not least, 12 million RFID tags were used to both capture data and track movement back in 2011. With the population only continuing to expand, this technology will only become more necessary.

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