There is a marked rise in industries that utilize geospatial data, or information that arises from and contains geographical components. As a result, more and more companies seek location intelligence solutions for their current and future business needs.
Since location intelligence software processes and analyzes geospatial data for marketing analytics, it can provide targeted business solutions. Consider the ramifications, for example, of knowing the time within 100 billionths of a second.
This data is collected via a Global Positioning System, or GPS. There tend to be a minimum of 24 GPS satellites orbiting the earth at any one time. Currently, however, there are more than 30 in orbit to ensure there is a steady stream of data collection. There are also “spares” in the event that one of the other satellites malfunction.
These GPS satellites are positioned 12,500 miles above the earth and travel approximately 7,000 miles per hour. Every 12 hours, each one of these satellites completes a rotation around the planet–and they are collecting data throughout these rotations.
In February of 2014, Dresner Advisory Services conducted an all-industries global business survey. The results of this survey showed that for business planning, location intelligence was critical or at the least, “very important.”
According to a 2015 MarketsandMarkets’ report, the geospatial analytics market brought in $27.42 billion, and it is estimated that this figure will rise to $72.21 billion by 2020. This points to a potential compound annual growth rate of 21/4%.
What has this meant for the U.S. economy? In 2011, for example, the geospatial industry generated $73 billion. This in turn resulted in $1.6 trillion that filtered into the overall economy.
What will this mean for the future of the American economy and its job market? The U.S. Bureau of Labor Statistics predicts that between 2012 and 2022, there will be a steady rise in jobs requiring GIS and locational intelligence skills:
- Geographers: 29%
- Cartographers and photogrammetrists: 20%
- Surveying and mapping technicians: 14%
Furthermore, research conducted by Gartner indicates that within the next two years, there will be 4.4 million jobs to fill in the data industry. Gartner has also predicted that approximately a third of these positions will be filled, which points to the need for more individuals skilled in marketing analytics services et al.