The global geospatial imagery analytics market is expected to reach $14,687.9 million by 2023, registering a CAGR of 28.7% during the forecast period. The rising demand for such solutions from enterprises due to the strong competition and advancements in the geospatial imagery analytics technology is the major factors driving the growth of the market.
Insights on market segments
On the basis of collection medium, the unmanned aerial vehicles (UAVs) category is projected to record the fastest growth in the geospatial imagery analytics market during the forecast period. This would be due to the rising adoption of UAVs by government bodies to gather geospatial information. Based on imaging type, geospatial video analytics is projected to record the faster growth during the forecast period due to the advent of industrial automation and surging demand for video analytics in the government and non-government sectors.
On the basis of analysis, the network analysis category is expected to register the fastest growth in the geospatial imagery analytics market during the forecast period. This can be attributed to the increasing implementation of network analytics solutions by various industries to curtail the additional time used and cost incurred due to inefficient networks. Network analysis is most suitable for analyzing precisely definite paths, such as drains, canals, roads, and rivers.
Asia-Pacific (APAC) is expected to witness fastest growth in the market
Based on region, APAC is expected to record the fastest growth during the forecast period. The rising number of internet users and growing adoption of connected devices are expected to support the growth of the geospatial imagery analytics market in the region. As per the Cisco Visual Networking Index (Cisco VNI) – 2016 report, APAC would account for more than 53% of the global internet users by the end of 2020.
Growing demand for geospatial imagery analytics among enterprises accelerates growth of the market
In order to ensure growth in the long as well as short terms, enterprises need to ensure that the demographic and geospatial factors support their investment plans, which is driving the geospatial imagery analytics market. Companies need to shape their strategies as per the requirement of the consumers in their area of operation. As the competition within industries is becoming rifer day by day, geospatial imagery analytics is becoming more critical for enterprises. Firms are increasingly using geospatial imagery analytics to stay ahead in the competition. For instance, e-commerce players such as Walmart Inc., Amazon.Com Inc., Flipkart Internet Private Limited, and Alibaba Group Holding Limited use geospatial imagery analytics for customer identification and to offer an enhanced user experience.
Geospatial imagery analytics market competitiveness
The global geospatial imagery analytics market is competitive in nature with the presence of many players. In the recent past, product launches had been the major activities observed in the market. For instance, in January 2018, Trimble Inc. unveiled the Trimble Alloy GNSS reference receiver, which is its next-generation global navigation satellite system (GNSS) reference receiver for real-time network (RTN) applications. It allows RTN owners and operators to track and log all current and planned GNSS, and deliver absolute position monitoring.
Further, in January 2018, Environmental Systems Research Institute (ESRI) Inc., a key geospatial imagery analytics market player, launched a complete-utility GIS platform with enhanced network capabilities, as a part of its ArcGIS platform. Through this launch, the company planned to advance its geospatial imagery analytics operations by combining the advanced system of managing records with location-based analytics.
Some of the other key players operating in the geospatial imagery analytics market are Fugro N.V., Trimble Inc., ESRI Inc., Google LLC., UrtheCast Corp., KeyW Corporation, Planet Labs Inc., Satellite Imaging Corporation, RMSI Private Limited, and Maxar Technologies Inc.
Geospatial Imagery Analytics Market Segmentation
Market Segmentation by Collection Medium
Market Segmentation by Imaging Type
Market Segmentation by Analysis
Market Segmentation by Vertical
Market Segmentation by Geography