The global geospatial imagery analytics market is anticipated to grow rapidly, at CAGR 32.3% during the forecast period with the market size to reach USD 21.9 billion by 2024. The factors driving the growth of the market include highly competitive industry players and the implementation of the latest technologies such as big data and artificial intelligence (AI) by players into diverse business enterprises. Moreover, the advent of video-based imagery for analysis is trending in the geospatial imagery analytics market, which is further pacing the market growth.
Increasing number of commercial satellites assist in synthesizing data that can further through use of technologies such as AI help in geospatial imagery analytics across varied businesses. This offers market players immense opportunities to increasingly adopt such technologies thereby have a competitive advantage, which will drive their revenue growth and propel the overall growth of the geospatial imagery analytics industry.
Based on type, the geospatial imagery analytics market is categorized into video analytics and imagery analytics. During the forecast period, the video analytics market is expected to witness faster growth, at CAGR of 36.9%. Varied industries are increasingly making use of the potential applications of satellite and drone video surveillance that is expected for the flux in the video imagery market.
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On the basis of collection medium, the unmanned aerial vehicles (UAVs) are projected to witness the fastest growth, at CAGR36.7% during the forecast period. The low cost of most models available for UAVs along with ease of deployment and benefits of high-quality aerial imaging are factors driving the growth of the UAVs market. Apart from UAVs, some of the collection medium in the geospatial imagery analytics market includes satellites, geographic information systems (GIS), and others.
During the forecast period, it is expected that the largest application area of geospatial imagery analytics will be surveillance and monitoring. In order to enhance the operational functionality of an organization with respect to problem-solving, effective decision making, and other economical indicators, most of the business enterprises are making use of the geospatial imagery analytics technology for surveillance and monitoring purposes, which is expected to drive the category’s growth. Other applications include geospatial data acquisition and mapping, disaster management, construction and development, exhibition and live entertainment, energy and resource management, and conservation and research.
The different verticals for the geospatial imagery analytics market include agriculture and forestry, government, energy and mining, healthcare and lifescience, civil engineering and archaeology, defense, media and entertainment, and others. Among these, the highest demand for geospatial imagery analytics is expected to be in healthcare and lifescience, leading to the fastest growth of the category during the forecast period.
Europe is expected to dominate the geospatial imagery analytics market during the forecast period. The developed infrastructural facility in Europe along with adoption of latest technologies by diverse industries accounts for the region’s market growth. Moreover, Asia-Pacific is observed to witness the fastest growth in the geospatial imagery analytics market.
Key players in the geospatial imagery analytics industry are providing distribution of requisite services to their end-users, and are also investing in R&D for the enhancement of the product portfolio in order to strengthen their global market position. Some of the major players in the geospatial imagery analytics industry include Esri Global Inc., Maxar Technologies Ltd., Satellite Imaging Corporation, Hexagon AB, Google LLC, UrtheCast Corp., Fugro N.V., Harris Corporation, Planet Labs Inc., and Trimble Inc.
Global Geospatial Imagery Analytics Market Coverage
Type Insight and Forecast 2014-2024
Collection Medium Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Vertical Insight and Forecast 2014-2024
Geospatial Imagery Analytics Market System Market by Region
Rest of the World (RoW)