Weather Forecasting Services Market Share | Report [2032]

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:

• Advanced Technological Innovations:

The rapid advancement in technological innovations is impelling the growth of the market. The accumulation of artificial intelligence (AI) and machine learning (ML) in weather prediction models is enhancing the accuracy and efficiency of forecasts. These technologies facilitate the processing of vast amounts of meteorological data, leading to more precise and timely weather predictions. Additionally, the deployment of sophisticated satellite systems and remote sensing technologies is expanding the capabilities of weather monitoring, allowing for real-time data collection and improved forecasting accuracy. The continuous evolution of computational power and data analytics tools further supports these advancements, enabling meteorologists to develop more detailed and reliable weather models.

• Increasing Demand Across Various Industries:

The rising demand for accurate weather forecasting services across many industries is propelling the market growth. Sectors, such as agriculture, aviation, maritime, and energy heavily rely on precise weather forecasts to optimize operations and ensure safety. Moreover, in agriculture, accurate weather predictions are crucial for planning planting and harvesting schedules, managing irrigation systems, and mitigating the impacts of adverse weather conditions on crops. Additionally, in aviation and maritime industries, reliable weather forecasts are essential for route planning and ensuring the safety of passengers and cargo. The energy sector, particularly renewable energy sources like wind and solar power, also depends on accurate weather data to optimize energy production and distribution.

• Growing Awareness of Climate Change and Natural Disasters:

The increasing awareness about climate change and the rising frequency of natural disasters are driving the demand for advanced weather forecasting services. Climate change is leading to more frequent and severe weather events, such as hurricanes, floods, and droughts, necessitating more precise and timely weather forecasts to mitigate potential impacts. Accurate weather predictions are critical for disaster preparedness and response, enabling authorities and communities to take proactive measures to protect lives and property. Furthermore, the heightened awareness of climate change is spurring interest in long-term weather forecasting and climate modeling, which are essential for developing sustainable strategies and policies to address environmental challenges.

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 plays a crucial part in disaster preparedness and mitigation.

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 because of their ability to allocate resources and invest in cutting-edge weather forecasting technologies and services for informed 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 the increasing usage of weather forecasting services in the agriculture industry to improve the irrigation process for boosting agricultural production.

Global Weather Forecasting Services Market Trends:

The expanding range of commercial applications for weather forecasting services is bolstering the market growth. Beyond traditional sectors like agriculture and aviation, weather forecasts are increasingly utilized in emerging industries, such as retail, construction, and event planning. Retailers use weather predictions to optimize inventory management and marketing strategies, anticipating changes in customer behavior based on weather conditions. In the construction industry, accurate weather forecasts are crucial for project planning and risk management, helping to avoid delays and ensure worker safety. Event planners also rely on weather data to schedule and organize outdoor events, minimizing the risk of weather-related disruptions. The integration of weather forecasting into mobile applications and smart devices further broadens its commercial use, making weather data easily accessible to a wide range of businesses and consumers.

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