The Weather Forecasting Services Market is projected to grow from USD 1.9 Billion in 2023 to USD 2.8 Billion by 2028, at a CAGR of 8.2% during the forecast period. The development of Weather Forecasting Services market is growing rapidly to keep pace with the rising demand for weather forecast data. The demand for increased in more efficiency, safety and accurate weather data anticipates keeping these trends headed in the future.
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Based on Industry, the Insurance segment is projected to lead the market. The primary objective of an insurance around improving safety, efficiency, and protection from weather related loss due to natural calamities. This is accomplished through the utilization of technologies to monitor and forecast the weather data in a given area by using different data analytics and forecasting tools.
Based on the Purpose, The Safety segment is projected to lead the market for Weather Forecasting Services. The Weather Forecasting Services are mostly used for safety purposes. These safety purposes use weather forecasting data to be prepared for any natural calamities and reduce the loss. Due to the safety purpose of lives and control the loss due to any weather calamities, the regular weather forecast data is needed which leads the Weather Forecasting Services market.
Based on Forecasting Type, the nowcast is expected to show highest growth rate for the market during the forecast period. The Forecasting segment includes Nowcast, Short Range, Medium Range, Extended Range and Long Range forecasting. The Nowcast Forecasting offers immediate forecasting data. By the use of advanced radar, satellite, and sensor data, nowcast forecasting offers precise insights into rapidly changing weather conditions, such as thunderstorms, heavy rainfall, or sudden temperature shifts. The nowcast forecasting empowers the businesses sectors like agriculture, transportation, and event planning to enhance safety protocols, and protect assets.
Based on Organization, the large enterprise segment is expected to lead the market during the forecast period of Weather Forecasting Services market. Large enterprises offer expertise and advanced technological solutions with extensive resources and global reach. The large enterprises deliver precise, real-time forecasts for industries like agriculture, aviation, transport, insurance, marine and many other. The large enterprises with high R&D investments provides advancements in predictive modelling, satellite technology, and climate analysis which drives the Weather Forecasting Services market.
Based on Region, North America is expected to show the highest growth rate in the Weather Forecasting Services market in 2023, owing to an increased demand for safety and loss control management. There are various weather services providers to lead the Weather Forecasting Services market for the region. The countries in the region have experienced an increased demand for Weather Forecasting Services for various applications.
Key Market Players:
Major players operating in the Weather Forecasting Services market include The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A. (Italy). These companies have reliable services as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
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