IMARC Group’s report titled “Weather Forecasting Services Market Report by Forecasting Type (Short-range Forecasting, Medium-range Forecasting, Long-range Forecasting), Purpose (Operational Efficiency, Safety, and Others), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), End User (Transportation, Aviation, Energy and Utilities, Banking, Financial Services and Insurance (BFSI), Agriculture, Media, Manufacturing, Retail, and Others), and Region 2024-2032“. The global weather forecasting services market size reached US$ 2.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.9% during 2024-2032.
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Factors Affecting the Growth of the Weather Forecasting Services Industry:
- Technological Advancements in Forecasting Methods:
Advancements in technology, particularly in data analytics, computational power, and satellite imagery are propelling the market growth. Enhanced computational capabilities are allowing for more sophisticated models that can process vast amounts of data from various sources, including satellites, radar, and ground-based sensors, leading to more accurate and timely forecasts. The development of machine learning (ML) and artificial intelligence (AI) is further refining these models, enabling predictive capabilities that can foresee weather patterns with greater precision. These technological innovations not only improve the reliability of weather forecasts but also extending their predictive horizon, offering valuable insights for planning and decision-making in sectors like agriculture, aviation, and disaster management.
- Growing Demand from the Transportation and Logistics Sector:
Weather conditions have a profound impact on operations, ranging from scheduling and routing to safety and fuel efficiency. The increasing volume of goods transported by sea, air, and land is driving the need for accurate and timely weather information. Weather forecasting services provide essential insights that help minimize delays, reduce operational costs, and enhance safety measures by allowing for the anticipation of adverse conditions and the implementation of necessary adjustments. The reliance on these services spans commercial airlines, shipping companies, and freight logistics providers, who all require precise weather data to optimize their operations. This demand for weather forecasting services underscores their importance in ensuring efficiency and safety in international logistics and transportation networks.
- Climate Change and Increased Weather Volatility:
The rising frequency and severity of weather events, such as hurricanes, floods, droughts, and heatwaves, necessitate advanced forecasting services to mitigate risks and prepare more effectively. There is a growing need for weather forecasting services that can provide early warnings and detailed analyses of potential impacts as climate patterns become more unpredictable. This need spans across various sectors, including agriculture, where weather predictions are crucial for crop management and planning, and urban planning, where resilience against extreme weather conditions is increasingly prioritized. Governments, businesses, and communities rely on advanced forecasting services to adapt to the challenges posed by climate change, encouraging investment and innovation in the field.
Leading Companies Operating in the Global Weather Forecasting Services Industry:
- AccuWeather Inc.
- AerisWeather
- BMT Group
- Custom Weather
- DTN, ENAV S.p.A.
- Fugro
- International Business Machines Corporation
- Met Office
- Precision Weather Services
- Skymet Weather Services Pvt. Ltd.
- StormGeo AS.
Weather Forecasting Services Market Report Segmentation:
By Forecasting Type:
- Short-range Forecasting
- Medium-range Forecasting
- Long-range Forecasting
Medium-range forecasting represents the largest segment, as it balances accuracy and planning needs for sectors like agriculture, energy, and transportation, offering actionable insights within a practical time frame.
By Purpose:
- Operational Efficiency
- Safety
- Others
Based on the purpose, the market has been divided into operational efficiency, safety, and others.
By Organization Size:
- Large Enterprises
- Small and Medium-Sized Enterprises
Large enterprises hold the biggest market share due to their resources and capacity to invest in advanced weather forecasting technologies and services for strategic decision-making.
By End User:
- Transportation
- Aviation
- Energy and Utilities
- Banking, Financial Services and Insurance (BFSI)
- Agriculture
- Media
- Manufacturing
- Retail
- Others
On the basis of end user, the market has been segmented into transportation, aviation, energy and utilities, banking, financial services and insurance (BFSI), agriculture, media, manufacturing, retail, and others.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market owing to its advanced technological infrastructure, high investment in research and development (R&D) in meteorology, and the presence of key market players in the region.
Global Weather Forecasting Services Market Trends:
The growing emergence of internet of things (IoT) technology, which enables the deployment of vast networks of sensors across various environments, collecting real-time data on atmospheric conditions, temperature, and humidity, is positively influencing the market. This proliferation of localized data points enhances the granularity and accuracy of weather forecasts, particularly in urban areas where traditional forecasting methods may need help to provide detailed insights.
Moreover, the rise of crowdsourced weather data from community-based sensors, smartphones, and personal weather stations is supporting the growth of the market. These data sources contribute to a more democratized approach to weather forecasting, where inputs from a myriad of non-traditional sensors bolster the depth and breadth of data available for analysis.
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