ID: MRFR/ICT/6231-HCR | February 2021 | Region: Global | 100 pages
Geospatial technology consists of global positioning system (GPS), geographical information system (GIS), and remote sensing (RS). Along with government organizations and security firms, geospatial technologies are used by SMEs and large enterprises also to transform manually produced maps and records into their digital databases. Imagery analytics is one of the essential tools for geospatial applications. Geospatial imagery analytics are a set of solutions used to analyze and map images of geographies and locational component and support security and surveillance agencies to understand, track, and monitor any natural and unnatural potential threats or emergency situations
Global Geospatial Imagery Analytics market had a market value of USD 3.22 billion in 2017 and is estimated to reach USD 11.16 billion by 2023 at a 24.57% CAGR during the forecast period 2018–2023. The increasing use of location-based services, growing requirement of geospatial analytics for security and surveillance applications, and development in big data technology are some of the majordriving forces of the market. However, stringent government rules and regulations for using geospatial information is one of the major factors hampering the market growth. Whereas, the integration of artificial intelligence and deep learning in geospatial applications is expected to develop lucrativegrowth opportunities for the market in the coming years. On the other hand, data security issues is one of the challenges faced by the market.
With increasing digitization and proliferation of smartphones, network connectivity, smart devices, 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; the torrent of machine and sensor information generated by the Internet of Things, emails, and social media posts among others. Deep learning provides different solutions such as text mining, sentiment analytics, and pattern recognition, which has proposed to unlock the true potential of the increasing amount of unstructured data. The integration of deep learning algorithms with geospatial imagery analytics is expected to provide actionable insights by analyzing unstructured data.
The global geospatial imagery analytics market has been segmented into type, application, end users, and region.
By type, the market has been segmented into imagery analytics and video-based analytics.
By applications, the market has been sub-segmented into drones/UAVs, space & satellites, geographic information system (GIS), aircraft, and others
By vertical, the market has been classified into defense & security, environmental monitoring, mining, manufacturing, energy & utility, agriculture, healthcare & life sciences, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Market Research Future (MRFR) study has covered the following countries in the regional analysis of geospatial imagery analytics market—the US, Canada, and Mexico in North America. Germany, the UK, France, Russia, Spain, and Italy in Europe. China, Japan, India, Singapore, Australia, and South Korea in Asia-Pacific. The Middle East & Africa and South America in the rest of the world.
At present, Europe is dominating the global geospatial imagery analytics market due to developed infrastructure and expertise for satellite imagery analytics. Germany, followed by France, and Russia, are the leading market in the region.
North America was the second highest revenue generating market for geospatial imagery analytics in 2018 due to the high adoption of signal intelligence and geospatial imagery analytics by the military & defense sector to collect and analyze the environmental threats. The US, followed by Canada is leading the market, whereas, Mexico is expected to grow with a steady growth rate during the forecast period.
Asia-Pacific is projected to grow with the fastest CAGR during the forecast period. China is the leading country in this market as it has the most developed geospatial and satellite capabilities as compared to other nations in the region. Whereas, India is projected to witness a high growth rate during the forecast period 2018-2023 due to continuous support from the government and developing aerial and space capabilities of the nation.
Market Research Future has identified following key players in the market—Hexagon AB, Harris Corporation, DigitalGlobe, Environmental Systems Research Institute, Google, Trimble, RMSI, Planet Labs, UrtheCast Corporation, Fugro NV, KeyW Corporation, and Satellite Imaging Corporation.
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.