Geospatial Imagery Analytics Market: Demand For High Resolution Satellite Images
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The geospatial imagery analytics market is expected to expand at a CAGR of 7.0% during the forecast period of 2018-2026. In terms of revenue, the market is expected to reach US$ 8.9 Bn in 2026. The major reason for the expansion of the market is development of geographic information system (GIS) technology and convergence of geospatial information with mainstream technologies. Moreover, the rise in requirement for geospatial data from the mining and manufacturing and engineering and construction industries is also making the overall market lucrative.
The geospatial imagery analytics market is experiencing some vital trends. These trends include continuous demand for high resolution satellite images from end-user across all the major regions, as well as increased usage of location based services. Based on analytics type, the geospatial imagery analytics market can be divided into video-based and image-based. Globally, both the video-based and image-based analytics segments are expanding at a rapid pace. The use of video-based and image-based analytics is increasing across various industry verticals including defense and security and construction and manufacturing. In terms of technology, the market can be divided into geographical information systems (GIS), remote sensing, unmanned aerial vehicles (UAVS), and others. The geospatial information system (GIS) is expected to be a lucrative segment during the forecast period. Geospatial information systems (GIS) have the capability to collect and store geospatial data effectively, thereby becoming popular among defense & security, environment monitoring, and mining and manufacturing companies.
Based on end-user, the market can be categorized into defense & security, government, environment monitoring, energy, utility & natural resource, engineering & construction, mining & manufacturing, insurance, agriculture, healthcare & life sciences, and others. The others segment of the market includes retail, transportation & logistics sector, etc. The defense & security and the energy, utility, & natural resources segments are prominent revenue contributors to the overall market. However, the use of geospatial imagery analytics in retail and agriculture insurance is also expected to increase in the near future. In agriculture specifically, the use of unmanned aerial vehicles for crop health monitoring and weather monitoring is widespread among farmers and farm owners.
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In terms of region, the geospatial imagery analytics market can be segmented into North America, Europe, South America, Middle East & Africa, and Asia Pacific. Asia Pacific, North America, and Europe are the major revenue contributors to the overall market. However, South America and Middle East & Africa are regions with high potential of the geospatial imagery analytics market.
The major strategies adopted by players operating in the market include focus on mergers and acquisitions, enhancing product portfolio, and effectively delivering the required services to end-users. The market is largely dominated by big players such as ESRI, DigitalGlobe Inc., Hexagon AB, and MDA Corporation that have been investing in research and development for a long time and have also been entering into effective mergers and acquisition for stronger penetration in the market.
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