ID: MRFR/ICT/6231-HCR | February 2021 | Region: Global | 100 pages
The Geospatial Imagery Analytics (GIA) Market in the year 2017 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. According to MRFR analysis, the market will further reach up to USD 27.6 Billion. There are various drivers that are propelling the market growth for the upcoming years. The Geospatial Technology comprises GPS (Global Positioning System), RS (Remote Sensing), and GIS (Geographical Information System (GIS).
These technologies are used by various large and small enterprises for keeping the record of important data and maps. Geospatial imagery is an efficient component for the analysis of maps and images of a location. It helps the security and surveillance agencies to track and monitor any potential threat. It also helps to prevent any natural disaster and overcome emergencies. Counties in the European region are largely dominating the Geospatial Imagery Analytics Industry. However, the Asia-Pacific region will record the highest growth during the forecast period.
Furthermore, the key players will largely face difficulty to solve the data security issues which will be a huge challenge. As the effect of a pandemic will decrease, then the market will also provide developed solutions. Overall, Geospatial Imagery Analytics Market will have lucrative growth in the upcoming years.
The effect of COVID-19 largely led to the disruption of supply chains and the collapse of various economies. But, the demand for geospatial analytics technologies spiked during the lockdown period. It became essential to monitor and track every movement of people to prevent the spread of the disease. Also, the manufacturing units were closed which also hampered the supply and management of electrical components. Overall, the GIA Market eventually managed to sustain the initial effects of the global pandemic and will register huge growth in the future.
There are several drivers in the market that are boosting the marketing to touch new heights. The rising demand for geospatial technologies for ensuring the security of the location is one of the main drivers. Secondly, the use of big data technology and location-based services will lead to Geospatial Imagery Analytics Market Profit.
There are several restraining factors that are speculated to hinder the market growth during the forecast period. Such as the strict government rules across several economies will slow down the Geospatial Imagery Analytics (GIA) Market Sales.
The importance of geospatial imagery technology is rising at a substantial rate. Also, the increasing rate of digitalization and better network connectivity will offer various opportunities in the future. Also, the use of smart devices such as smartphones, IoT, etc. will fuel the Geospatial Imagery Analytics Market.
One of the major challenges in front of the Geospatial Imagery Analytics (GIA) Market is the huge concern regarding security and privacy. The use of such systems requires the transferring of data efficiently. As the cases of cyber-attacks are rising, the key players and enterprises will opt for alternative solutions.
The Geospatial Imagery Analytics (GIA) Market is estimated to grow at a Compound Annual Growth Rate (CAGR) of 32.1% during the forecast period. With the supportive drivers, the market is estimated to register substantial growth. Also, the market value will expand up to USD 27.6 Billion, as per MRFR analysis.
Value Chain Analysis
As the Geospatial Imagery Analytics (GIA) Market Trends are rising, it will provide several advantages for the defense and government sector. Also, it will help to prevent any disaster to take action immediately. The value chain was highly affected due to the pandemic but, as it will be under control, the market will flourish eventually.
The Geospatial Imagery Analytics Market Segments is divided into application, type, and end-users. On the basis of end-users, the market is segmented into Mining Manufacturing, Security and Defence, Utility and Energy, Life Sciences and Healthcare, Agriculture, Mining, Environmental Monitoring, and others. It is projected that the Security and Defence sector will register the highest growth.
On the basis of application, the geospatial imagery analytics market is again bifurcated into Satellites and Space, Aircraft, UAV/Drones, Geographic Information Systems, and Others.
On the basis of type, the geospatial imagery analytics market is further classified into Video-Based Analytics and Imagery Analytics.
Geographically, the Geospatial Imagery Analytics (GIA) Market is segmented into Europe, Asia-Pacific, North America, and the Rest of the world. It is estimated that the European region will dominate the Geospatial Imagery Analytics (GIA) Industry during the forecast period. Advanced technology and developed infrastructure are the major driving force. Developed countries like Germany, France, Netherlands, Russia, UK, etc. are providing the best system for market growth.
After that, North America will have the second-largest share in terms of revenue. In the year 2018, the exponential growth of geospatial imagery systems and signal intelligence prospected the region. Additionally, Mexico is also estimated to experience substantial growth in the forthcoming years.
However, the fastest-growing region is projected to be the Asia-Pacific due to various growth factors. Countries like China and India are considered as the leading regions. They are capable to provide the best technologies at an affordable rate. That is why the Asia-Pacific region will be profitable for the market players.
The key market players in the Geospatial Imagery Analytics (GIA) Business use various techniques. These strategies such as market analysis, mergers, new product launches, new ventures, acquisitions, partnerships, collaborations, etc. are used by these key players. These are some Geospatial Imagery Analytics Market Players-
The overview of the Geospatial Imagery Analytics Market Report is as follows-
Report Score and Segmentation
The report score of the geospatial imagery analytics market is to highlight the growth factors in the upcoming years. It gives information about opportunities, challenges, and other positive factors. Also, it gives substantial information about the key players in the market. The information provided in the report is collected from secondary and primary sources.
Frequently Asked Questions (FAQ) :
The global geospatial imaging analytics market is expected to record a substantial market valuation of up to USD 11.16 billion by 2023.
The global geospatial imaging analytics market is projected to register a moderate 24.57% CAGR in the forecast period.
The drones/UAV segment is slated to expand as the fastest-growing segment.
The agriculture segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global geospatial imaging analytics market are Planet Labs, Fugro NV, UrtheCast Corporation, KeyW Corporation, and Satellite Imaging Corporation, among others.