According to a new report, published by KBV research, The Global Weather Forecasting Services Market size is expected to reach $2.8 billion by 2027, rising at a market growth of 9.7% CAGR during the forecast period.
The Short Range segment acquired the maximum revenue share in the Global Weather Forecasting Services Market by Forecast Type 2020, thereby, achieving a market value of $1.4 billion by 2027. The growing demand for short-term forecasts in the renewable energy and oil & gas industries is driving this segment's growth. In addition, the operations of the oil and gas industry heavily rely on the condition of weather. To avoid significant losses, the demand for weather forecasting services in the oil and gas industry is considerably increasing.
The BFSI segment is showcasing a CAGR of 8.6% during (2021 - 2027). The increased growth of the segment is attributed to the rising demand from the insurance sector. Weather alerts are used by the insurance business to help customers avoid damages that could result in future claims. The industry is well-positioned to convey climate change concerns and encourage adaptation to its inescapable effects, hence fueling the market growth.
The Small & Medium-Sized Enterprises segment shows high growth rate of 11.9% during (2021 - 2027). The rising growth of this segment is owing to the increasing awareness among people about the benefits that can be harvested by leveraging accurate weather predictions in the planning of an operation
The Safety segment is generating high revenue in the Global Weather Forecasting Services Market by Purpose 2020; thereby, achieving a market value of $1.3 billion by 2027. Weather prediction's purpose is to offer knowledge that people and organizations can employ to reduce losses that can be caused by weather conditions, and improve social advantages, such as public health and safety, life and property protection, and economic prosperity and quality of life.
The North America market dominated the Global Weather Forecasting Services Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1.0 billion by 2027. The Europe market is estimated to grow at a CAGR of 9.3% during (2021 - 2027). Additionally, The Asia Pacific market would witness a CAGR of 9.8% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/weather-forecasting-services-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Global Weather Corporation (UCAR), Accuweather, Inc., BMT Group, StormGeo (Alfa Laval AB), Precision Weather, The Weather Company (IBM), Fugro N.V., Enav S.p.A, Met Office, and Skyview Systems Ltd.
By Forecast Type
By Industry
By Organization Size
By Purpose
By Geography
Companies Profiled
Unique Offerings 
