The Geospatial Imagery Analytics (GIA) Market in the year 2020 was valued at USD 3.22 Billion. It is further estimated that the market will record a CAGR of 32.1% during the forecast period 2021-2028 The growth rate is likely to be 32.1%of CAGR in the forecast period, owing to the trend of digitalization pandemic and corresponding market shares of the most prominent players in this landscape. Along with this, in-depth commentary on the key influencing factors, market statistics in terms of revenues, segmental data, and regional data are equally offered in the study that captures all the facets of the global geospatial imagery analytics market.
Top Impacting Factors
As per the study conducted over the global geospatial imagery analytics market predicts some influential factors that are encouraging it to expand rapidly. The demand for geospatial imagery analytics and the emergence of its market is mainly accredited to the mounting demand for GIS services by businesses to understand customer preferences and increase sales in targeted demography. The experts have noticed that businesses are actively using geospatial analytics to improve their informative decision-making process.
Even several Government authorities of developed regions are focusing on improving disaster management by analyzing the data collected from satellites and GIS aiming to reduce the effects of natural calamities such as earthquakes, floods, and tsunami. Due to this, the authorities are investing profoundly in satellite technologies to capture high-resolution geospatial images and videos for plummeting cross-border terrorist activities for national security. All these factors have emerged as essential ones leading the market full of hope and bringing more and more lucrative opportunities that could take the growth graph double-digit in the future timeframe.
With the increasing digitization and proliferation of smartphones, smart devices, network connectivity, and IoT, the variety and volume of both structured and unstructured data are increasing at an unprecedented rate. The unstructured data is growing through non-traditional data sources such as image, audio, and video files as they are being generated by the emails, Internet of Things, and social media posts. Also, the integration of deep learning algorithms with geospatial imagery analytics has created expectations to provide actionable insights by analyzing unstructured data, thus motivating the market to expand its worth over the assessment period.
Furthermore, the study reveals that the geospatial imagery analytics market growth is also being fuelled by the adoption of GIS technology in the transportation and logistics sectors. As transportation and logistics companies are opting for cost-effective solutions in order to optimize their fleet operations, geospatial analytics is aiding these companies by providing information allied to road conditions and traffic congestions. Therefore, due to these capabilities, the adoption of geospatial analytics has been more in comparison to previous times, which have given a substantial boost to the market to achieve more shares in the forecast period.
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From the viewpoint of segmental analysis, global geospatial imagery analytics has been studied among the critical segments of type, application, and end-users.
Depending on the type segment, the market has included imagery analytics and video-based analytics.
Depending on the applications segment, the market has been segregated into space & satellites, drones/UAVs, aircraft, geographic information systems (GIS), and others.
Depending on the vertical segment, the market gets classified into environmental monitoring, defense & security, manufacturing, mining, agriculture, energy & utility, healthcare & life sciences.
From the viewpoint of geographical analysis, the global geospatial imagery analytics has been studied for the main regions of Europe, North America, Asia-Pacific, and the rest of the world.
North America’s geospatial imagery analytics market is proposed to grasp the maximum industry share of over 34% by the year 2023, owing to a surge in investments in new satellite systems in the region. In the case of point, the study reveals that in December 2017, the federal government of Canada invested approximately USD 54 million as a part of its commitment to the International Space Station (ISS). It was conducted to pave ways for the development of new technologies in space robotics. The propagation of photography & videography services owing to the rising popularity of drone technology to cater to industrial clients in sectors such as agriculture, construction, and disaster management has eventually spurred the geospatial imagery analytics market expansion in the region.
The market in the Asia-Pacific region also shows a high expectancy to inflate with the fastest CAGR during the forecast period. In this region, China is the leading country for the market as it has the most developed geospatial and satellite capabilities as compared to other nations in the region. Whereas, India is also ready to witness a high growth rate during the forecast period 2018-2023 in the occasion of continuous support from the government and developing aerial and space capabilities of the nation.
Top Investors of Market
MRFR, in its study, has identified some of the key players globally in the market. They are listed as— Google, Harris Corporation, Hexagon AB, Environmental Systems Research Institute, DigitalGlobe, RMSI, Trimble, UrtheCast Corporation, Planet Labs, KeyW Corporation, Fugro NV, and Satellite Imaging Corporation.
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Geospatial Imagery Analytics Market Research Report: by Vertical (Agriculture, Healthcare, Manufacturing, and Environmental Monitoring), by Application (Drone, Space, Satellite, GIS, and Aircraft), by Type (Image Analytics) — Forecast till 2027
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