The global geospatial imagery analytics market is segmented by analytics into image analytics and video analytics; by technology into global positioning systems (GPS), geographical information systems (GIS), remote sensing, unmanned aerial vehicles (UAVS) and others (helicopters, balloons, and airships); by vertical into defense & security, insurance, agriculture, healthcare & life sciences and others; by application into surveillance & monitoring, construction & development, energy & resource management, geospatial, conservation & research, disaster management, exhibition & live entertainment and others.
Geospatial imagery analytics is a wide range solution system which provides both image and video data of the earth. Geospatial imagery analytics support to integrate, operate, gather, examine and display geospatial data which is collected through GPS, satellite imagery, mapping and many other sources. The geospatial imagery analytics market, in terms of value, is estimated USD 3.75 Billion in 2017 and is expected to grow rapidly during the forecasted period at a good CAGR.
In terms of regional platform, Europe holds the latest market share in geospatial imagery analytics market due the advance infrastructure for image collection and calibration which provides a promising environment for the adoption of geospatial imagery analytics technology.
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Asia Pacific is expected to be the fastgrowing market for geospatial imagery analytics in terms of revenue due to growing urbanization, increasing adoption of geospatial technologies along with rising need for proficient space management and rising number of geospatial imagery analytics startups.
North America is expected to show to a rapid growth during the forecasted period. Hefty investments for the expansion of geospatial technologies and increase in the production of geospatial imagery analytics due to the demand for geospatial imagery analytics in varied range of verticals such as mining & manufacturing, environment monitoring, defense & security and utility & natural resources.
Rising Penetration of Geographic Information System (GIS) Technology
It is expected that the global geospatial imagery analytics market is chiefly driven due to the increase in adoption of geospatial information system (GIS) technology. Rapid increase in the number of connected mobile devices led to rise in penetration of consumer navigation systems. GIS is widely used in disaster management and related applications such as climate change, flood management and carbon management. These factors are expected to drive the market growth of geospatial imagery analytics globally.
Through GIS technology users can analyze, integrate and detect patterns for large amounts of geospatial data sets. Numerous factors such as rise in geospatial information generated through smart phones, GPS devices and Google have resulted in the demand for GIS technology which further expected to increasethe demand for geospatial imagery analytics market globally.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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Technological Advancements in Geospatial Imagery Analytics
Technological advancements are expected to drive the growth of the geospatial imagery analytics market globally. Generallywhen images are taken by several collection mediums they are manually processed which makes the process slow and complex. To overcome this problem, key market players are using artificial intelligence (AI), big data and deep learning technologies with geospatial imagery analytics technology.
These technologiesprovide a faster and more efficient analysis of data which are expected to drive the growth of geospatial imagery analytics market globally over the forecasted period.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the geospatial imagery analytics market which includes company profiling ofHexagon AB, Harris Corporation, Digital Globe, ESRI, Google, Trimble Navigation, Ltd., MDA Corporation, General Electric, Planet Labs, RMSI Private Limited, Satellite Imaging Corporation and WS Atkins Plc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global geospatial imagery analytics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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