Geospatial Imagery Analytics Market size is projected to reach USD 50 billion by 2032; according to a new research report by Global Market Insights Inc.
The report reveals that the demand for wireless devices and location-based sensors is growing at a considerable rate every year. These devices allow businesses to collect location-specific information on certain events taking place in a territory, which is expected to drive market growth. Geospatial imagery analytics solutions help companies simultaneously analyze various events across different time zones and locations to make smarter & informed decisions.
The defense sector is also expanding at a notable pace in several regions due to the rise in national security threats. This has increased the need to modernize traditional military technologies and security reforms. Geospatial imagery analytics can play a vital role in helping defense forces make strategic decisions, conduct daily operations smoothly, and counter asymmetric threats, further enhancing the geospatial imagery analytics market outlook.
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Growing adoption of positioning systems to boost usage of image-based analytics solutions
The image-based analytics segment held approximately 75% of the market share in 2022. Businesses are increasingly adopting a wide range of geospatial technologies, including Geographic Information Systems (GIS), remote sensing, and other positioning systems, which may impact the installation of image-based analytics applications. Geospatial imagery service providers are also using drones and surveillance cameras to analyze video content and improve their daily operations, further contributing to product consumption.
Launch of novel satellite navigation systems bolsters adoption of satellite imagery solutions
The satellite imagery segment accounted for over 30% of the geospatial imagery analytics market share in 2022. The spatial sector is witnessing rapid expansion as several new satellite navigation systems are being launched by space research organizations. The usage of advanced technologies, GNSS platforms, and imaging sensors is thus set to spur the demand for analytics software to analyze and interpret geodata sets. Government authorities are also investing in satellite research & development to facilitate improvements in mining, defense, and disaster management, among other application areas, in turn, promoting the usage of satellite imagery systems.
Browse key industry insights spread across 300 pages with 316 market data tables & 35 figures & charts from the report, “Geospatial Imagery Analytics Market Size By Analytics Type (Image-based Analytics, Video-based Analytics), By Deployment Model (On-premise, Cloud), By Collection Medium (Geographic Information System (GIS), Satellite Imagery, UAV), By Application (Agriculture, Construction, Mining, Oil & Gas, Telecom, Government, Transportation & Logistics), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Need for effective safety measures fuels deployment of geospatial imagery analytics technologies in mining sector
The mining applications is anticipated to record more than 25% CAGR between 2023 and 2032. Demand for safe & secure mining operations is increasing steadily, considering the high risk of accidents in the industry. Many mining companies are therefore increasing their focus on extracting more value from their planning, mining, and data processing operations to make informed strategic decisions. This includes the usage of geospatial imagery analytics to gain more comprehensive insight into mining operations, which may accelerate the market outlook.
Deployment of UAVs augments the usage of geospatial imagery analytics solutions across MEA region
Middle East and Africa (MEA) geospatial imagery analytics market revenue is estimated to surpass USD 2.5 billion by 2032. UAVs are being deployed on a large scale across the region’s construction, agriculture, disaster management, and government sectors. Defense and intelligence agencies are also integrating various GIS-based technologies, given the high importance of spatial data in these organizations. This data can support the agencies in making faster and more accurate decisions with respect to national security missions. These factors escalate the deployment of geospatial imagery analytics in the region.
Collaborative projects by major participants will proliferate business outlook
AeroVironment, Alphabet Inc. (Google), Autodesk, Inc., Environmental Systems Research Institute, Inc. (ESRI), General Electric, GeoSpatila Analytics Inc, Oracle Corporation, Planet Labs PBC., Precision Hawk, Satellite Imaging Corporation, SNC-Lavalin Group, TomTom International B.V., and Trimble, Inc are some of the key players in the geospatial imagery analytics market. These firms are focusing on diverse strategies, including partnerships, to strengthen their position in the market.