|Status : Published||Published On : Jan, 2021||Report Code : VRICT5031||Industry : ICT & Media||Available Format :||Page : 174|
The global geospatial imagery analytics market is projected to reach USD 23.9 billion by 2027, registering a CAGR of 33.3% during the forecast period. Technological upgradations and increased competitiveness among the key players operating in the geospatial imagery analytics market across the globe, propelling the growth of the market.
Insight by Type
Based on type, the global geospatial imagery analytics market is categorized into video analytics and imagery analytics, wherein video analytics category is expected to witness faster growth during the forecast period. This can be ascribed to the increasing demand for drone and satellite video surveillance across various industry domains worldwide.
Insight by Collection Medium
On the basis of collection medium, the global geospatial imagery analytics market is segmented into satellites, geographic information systems (GIS), unmanned aerial vehicles (UAVs) and others. Of all, the UAVs category is expected to witness the fastest growth during the forecast period. extensive embracement of UAVs pertaining to cost-effectiveness as compared to those developed by other collection media is the major factor fuelling the growth of this category in the market.
Insight by Application
Based on application, the global geospatial imagery analytics market is categorized into geospatial data acquisition and mapping, surveillance and monitoring, disaster management, construction and development, exhibition and live entertainment, energy and resource management, and conservation and research. Of all, the surveillance and monitoring category is expected to continue holding the largest share during the forecast period, as this technology occupies extensive opportunity to the business enterprises related to problem-solving and effective decision-making ability for enhancing the smooth functioning of the organization. Moreover, due to enhanced usage of this technology, defense and military domain is rapidly adopting this technology worldwide.
Insight by Vertical
On the basis of vertical, the global geospatial imagery analytics market can be segmented into agriculture and forestry, government, energy and mining, healthcare and lifescience, civil engineering and archaeology, defense, media and entertainment, and others. Of all, the healthcare & life sciences sector is expected to witness the fastest growth during the forecast period. The growth of this segment is attributed towards swelling disposition of geospatial imagery analytics solutions in the health management of people along with availing them with valuable healthcare services.
The increasing acceptance of video-based imagery is the key trend observed in the growth of geospatial imagery analytics market across the globe. In video-based imagery data is kept in video-recording format due to the presence of imagery analytic services. Moreover, increasing number of nano and small satellite launches is another trend pertaining towards the growth of the global geospatial imagery analytics market. Furthermore, the existence of a large number of satellites across the world implies high-revisit rates and enhanced frequency of data.
Global geospatial imagery analytics market has been driven by several key factors, predominantly increasing acceptance of video-based imagery, technological advancements, and increasing number of nano and small satellite launches. The latest technology such as big data and artificial intelligence enables various business enterprises to perform efficient and speedy analysis of data as a result key providers are extensively assimilating these technologies for delivering vital insights in reduced amount of time.
Moreover, it has been observed that various industries such as healthcare, banking, financial services and insurance (BFSI) and retail and e-commerce industry are the key beneficiaries of these evolving technologies that are helping them in extracting useful information and further classifying a large amount of data.
Key factors hindering the growth of the geospatial imagery analytics market is increasing government compliance pertaining to geospatial data. The government policies comprising of geospatial data are stringent due to risk related to the breach of data and utilization of this data for unfair means. Furthermore, integration of geospatial imagery analytics data with enterprise solutions is another factor that is expected to hamper the growth of the geospatial imagery analytics market in the near future.
Asia-Pacific is observed to witness the fastest growth in the global geospatial imagery analytics market during the forecast period. A large number of internet users due to the increasing adoption of connected devices in the region are providing ample growth opportunities for the growth of the market in the region. Asia-Pacific is expected to account for over 50% of the worldwide internet population during the forecast period, according to a study published by Cisco Visual Networking Index (Cisco VNI).
GLOBAL GEOSPATIAL IMAGERY ANALYTICS MARKET SHARE, BY REGION, 2020
Market players in the global geospatial imagery analytics industry are leveraging market growth through enhanced product portfolio, mergers and acquisitions and successful distribution of requisite services to end-users. The key players operating in the geospatial imagery analytics market such as ESRI, MDA Corp and DigitalGlobe Inc. are excessively investing in research and development for relatively longer time duration and are also performing mergers and acquisitions for robust dissemination in the market.
Some of the key players operating in the global geospatial imagery analytics market are Satellite Imaging Corporation, Hexagon AB, DigitalGlobe, Google Inc., UrtheCast Corporation Esri, Fugro N.V., Harris Corporation, Planet Labs, and Trimble.
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