Geospatial Imagery Analytics Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, India, Japan, Australia & New Zealand, South Korea, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2841
Geospatial Imagery Analytics Market size is expected to exhibit a lucrative growth over the forecast period due to the advancements in Geographic Information System (GIS) and remote sensing technologies along with the integration of geospatial information with mainstream technologies for location-based services. With the rapid emergence of location-sensing technologies and social media, the need for developing sophisticated and geospatial imagery analytics solutions with high computation efficiency is being increasingly recognized by the companies operating in the market.
Geospatial imagery analytics includes the gathering and processing of the imagery data acquired from GPS, satellite photography and Unmanned Aerial Vehicle (UAV) platforms, which are explicitly described in terms of geographic coordinates. The technology is being increasingly adopted in applications such as weather monitoring, crisis management, wildlife population management, and human population forecasting. For businesses, geospatial imagery analytics enables them to add the context of location and time to traditional data to observe the changes in different parameters over time. This helps them in identifying trends and patterns in a recognizable geographic context.
Enterprises can develop targeted solutions for diverse business challenges that demand different responses for different geographic locations. Geospatial analytics can be used to combine imagery information acquired from different imaging platforms with the business data from finance, operations, and marketing departments to derive meaningful patterns and create graphs, maps, statistics, and cartograms to easily understand complex relationships between data sets. One of the popular use cases of geospatial imagery analytics in marketing is market segmentation wherein; marketers can divide their customers into different groups with respect to common characteristics. The parameters used for dividing customers may include behavioral data, demographic data (gender or income), behavioral data (buying patterns), and lifestyle data. Such segmentation using geospatial analytics can help businesses to improve their promotional campaigns and customer retention initiatives.
The key trends shaping the geospatial imagery analytics landscape are the emergence and the rapid development of Big Data and Artificial Intelligence (AI) technologies. Recent advancements in computation and instrumentation have made the spatiotemporal data even bigger. This has introduced several constraints on traditional data analytics capabilities. As geospatial imagery analytics platforms generate huge datasets consistently, machine learning and deep learning approaches can be utilized to make the findings more accurate and meaningful. Using AI, the imagery data can be automatically compared to previous versions of the maps to effectively identify the changes in the associated parameters over time.
North America held a majority share of the geospatial imagery analytics market in 2017 and is expected to maintain a significant market share over the forecast timeline due to the extensive adoption of technologies such as IoT, AI, and cloud computing. The significant investment and resources invested by the U.S. government in the modernization of the GPS technology infrastructure in the country are also expected to contribute majorly to the regional market growth between 2018 and 2024.
Europe is expected to be the second largest geospatial imagery analytics market during the forecast period due to the availability of a highly advanced image collection and calibration infrastructure in the region. The technology is being extensively used in the engineering and construction industry in the region for ensuring safety at construction sites. Germany is expected to exhibit impressive growth over the forecast timeline due to the initiatives undertaken by institutions such as the German Bundeswehr Geo-information Centre and National Geospatial-Intelligence Agency to improve the accuracy and quality of image detection services in the country.
The companies operating in the geospatial imagery analytics market focus on strategic acquisitions and new product development initiatives to strengthen their market presence. For instance, in October 2017, Hexagon AB, one of the leading providers of geospatial technology acquired Luciad, a Belgian software company with expertise in solutions for visualization and analysis of real-time geospatial information. The acquisition was intended toward strengthening Hexagon’s ability to offer 5D digital reality and the ability to perform improved geospatial analytics. In September 2017, Trimble introduced the eCognition Suite 9.3 software suite to enable high-level geospatial imagery analytics for agriculture, environmental, infrastructure, and forestry applications. Some of the companies operating in the geospatial imagery analytics market are Harris Corporation, Hexagon, DigitalGlobe, Esri, Google, Trimble, MDA, Fugro, Planet Labs, Satellite Imaging Corporation, GE, Atkins, Critigen, Autodesk, and RMSI.
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