iCrowdNewswire Dec 29, 2020 4:20 AM ET
The global geospatial imagery analytics market is expected to exhibit a strong 24.57% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global geospatial imagery analytics market was valued at USD 3.22 billion in 2017 and is expected to rise to a valuation of USD 11.16 billion by 2023, according to the report. The report presents a detailed analysis of the market’s major drivers and restraints, including an assessment of the impact of the COVID-19 pandemic on the market. The leading players operating in the global geospatial imagery analytics market are also profiled in detail in the report.
Geospatial imagery analytics is a recent field of research developed due to the growing investment in space exploration and the commercial uses of the same. Geospatial imagery includes images taken from space or geostationary orbit, which can be used for gathering information on various aspects of the landscape being pictured. The growing use of space imagery in environmental monitoring is likely to be a major driver for the global geospatial imagery analytics market over the forecast period. Environmental monitoring has been made much easier by the advent of geospatial imaging, as it allows for a clear picture of various environmental factors having an impact on the climate on the planet. Increasing investment in environmental monitoring from governments around the world has been a major driver for the global geospatial imagery analytics market over the last few years. The increasing prevalence of wildfires is likely to be a major driver for the global geospatial imagery analytics market, as geospatial imagery analytics provide a clear coverage of forest fires and can suggest the most efficient ways of bringing the fires under control.
The growing use of geospatial imagery analytics in agriculture and mining is also likely to be a major driver for the global geospatial imagery analytics market over the forecast period. Geospatial imagery analytics provides the agriculture sector with an accurate overview of farm sizes and locations, allowing for precise operations through the entire sector. Growing demand for large-scale farming is likely to be a major driver for the global geospatial imagery analytics market over the forecast period. The mining sector is also a major end user of geospatial imagery analytics, as it allows the mining sector a clear overview of mining operations in a given site and allows for the development of easy and efficient solutions.
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Leading players in the global geospatial imagery analytics market include Satellite Imaging Corporation, KeyW Corporation, Fugro NV, UrtheCast Corporation, Planet Labs, RMSI, Trimble, Google, Environmental Systems Research Institute, DigitalGlobe, Harris Corporation, and Hexagon AB.
In September 2018, DigitalGlobe, a vendor of geospatial imagery solutions, received a contract of USD 3.2 million from US defense advanced research projects agency (DARPA). Under this contract, DigitalGlobe has to provide an unclassified environment for geospatial cloud analytics platform. This platform, with the help of machine learning technology, is expected to help the military in getting real-time insights about the commercial data, that would help them in quick decision making.
In March 2018, Microsoft Corporation, in collaboration with Esri, introduced artificial intelligence-based geospatial analytics in its Azure products.
The global geospatial imagery analytics market is segmented on the basis of type, application, end use, and region.
By type, the global geospatial imagery analytics market is segmented into imagery analytics and video-based analytics.
By application, the global geospatial imagery analytics market is segmented into drones/UAVs, space and satellites, geographic information systems, aircraft, and others.
By end use vertical, the global geospatial imagery analytics market is segmented into defense and security, environmental monitoring, mining, manufacturing, energy and utility, agriculture, healthcare and life sciences, and others.
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Europe holds the largest share in the global geospatial imagery analytics market, followed by North America. These two regions have benefitted from the extensive investment from governments in the space exploration field. Germany, France, Russia, the U.S., and China are among the leading regional markets for geospatial imagery analytics.
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