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Artificial Intelligence (AI) for Earth Monitoring Market: Growth Trends and Industry Forecast 2024-2033
Artificial Intelligence (AI) For Earth Monitoring Global Market Report 2024
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According to The Business Research Company's, The artificial intelligence (AI) for earth monitoring market size has grown exponentially in recent years. It will grow from $2.44 billion in 2023 to $2.94 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to increased availability of satellite data, growing environmental awareness, government initiatives and regulations, development of high-resolution sensors, funding and investment in environmental tech, and collaboration between tech companies and environmental organizations.
The artificial intelligence (AI) for earth monitoring market size is expected to see exponential growth in the next few years. It will grow to $6.23 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to escalating climate change concerns, increasing frequency of natural disasters, advancements in machine learning techniques, expansion of global satellite networks, growing urbanization, and industrialization, increased focus on sustainability, and enhanced data integration capabilities. Major trends in the forecast period include integration of AI with internet of things (IoT), the development of advanced computer vision, the emergence of AI-driven predictive analytics, the growth of cloud-based AI solutions, adoption of real-time data processing, enhanced collaboration platforms for data sharing, focus on customizable AI solutions.
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Market Drivers and Trends:
The rising concerns about climate change, deforestation, and pollution are expected to propel the growth of artificial intelligence (AI) in the earth monitoring market going forward. Climate change, deforestation, and pollution refer to environmental issues that impact the health and stability of the natural world. The concerns about climate change, deforestation, and pollution have grown in recent years due to various factors, including increased awareness of their impacts, scientific evidence, and observable environmental changes. Artificial intelligence (AI) for earth monitoring helps to analyze environmental data, track changes, and implement measures to mitigate climate. For instance, in April 2024, according to the World Resources Institute, a US-based organization dedicated to addressing environmental and sustainability challenges, there was a 24% rise in global tree cover loss in 2023, increasing from 22.8 million hectares in 2022 to 28.3 million hectares. Furthermore, in February 2024, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global energy-related carbon dioxide (CO2) emissions increased by 1.1%, equivalent to 410 million metric tons (Mt CO2) in 2023. Therefore, rising concerns about climate change, deforestation, and pollution drive artificial intelligence (AI) for the earth monitoring market.
Major companies operating in the artificial intelligence (AI) for Earth monitoring market are evolving their efforts towards generative artificial (AI) solutions to enhance environmental monitoring accuracy and efficiency, improve sustainability decision-making, predict and analyze climate and land use changes, and support effective disaster response and infrastructure planning. Generative AI solutions involve using AI to produce new content or models by learning from existing data, enabling the creation of realistic and innovative outputs based on patterns in the input data. For instance, in January 2024, Deloitte Touche Tohmatsu Limited, a UK-based professional services company, launched a new geospatial and AI platform for scenario planning and monitoring powered by Google Earth Engine and Vertex AI. This platform integrates advanced geospatial data and artificial intelligence technologies to help clients enhance their sustainability efforts and climate action strategies. It offers tools for improved urban planning, disaster response, and infrastructure development by leveraging AI to analyze and visualize data related to land use and environmental impacts. The platform provides insights for optimizing sustainable outcomes and supports financial modeling for sustainable investments.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Airbus SE, International Business Machines Corporation (IBM), L3Harris Technologies Inc., EagleView Technologies Inc, Planet Labs Inc, Satellite Applications Catapult Ltd, Spire Global Inc, BlackSky Global Inc, Orbital Insight Inc, Tomorrow.io Inc., SatSure AG, Synspective Inc., Kayrros SAS, Orbital Sidekick Inc., Ursa Space Systems Inc, Satellogic Inc, Earth-I Ltd., Climavision Analytics LLC, Sentinel Hub Ltd
Artificial Intelligence (AI) For Earth Monitoring Market 2024 Key Insights:
• The artificial intelligence (AI) for earth monitoring market size is expected to see exponential growth in the next few years. It will grow to $6.23 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%.
• Rising Environmental Concerns Drive Growth In Artificial Intelligence For Earth Monitoring
• Geospatial And AI-Powered Platforms Revolutionize Earth Monitoring And Sustainability Efforts
• North America was the largest region in the artificial intelligence (AI) for earth monitoring market in 2023
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