Geospatial Imagery Analytics Market Trend, Forecast, Drivers, Restraints, Company Profiles and Key Players Analysis by 2027
The global geospatial imagery analytics market is expected to be valued at USD 39.11 Billion by 2027 from USD 5.33 Billion in 2019, registering a CAGR of 28.2% through the forecast period. Revenue from the global geospatial imagery analytics market is projected to register a substantially high growth rate over the forecast period. The amplifying demand for advanced GIS (geographic information system) solutions among various companies and government institutions, increasing use of GIS in construction planning and designing processes, and the surging need for natural resource management are the key parameters bolstering the global market growth. Businesses worldwide leverage geospatial data analytics to improve their decision-making processes. Furthermore, the growing focus of governments on improving disaster management, such as natural calamities like earthquakes, tsunami, and floods, using GIS is another vital factor inducing the growth of this market.
Geospatial imagery analytics refers to the process involving collecting and assessing geographic information systems, including GPS and satellite photographs. Companies are making hefty investments in satellite technologies to reduce cross-border terrorist activities and enhance national security by capturing high-resolution geospatial images. The rising adoption of GIS technology in the transportation & logistics sector fuels the global geospatial imagery analytics market. Moreover, numerous transportation & logistics vendors are increasingly adopting cost-effective geospatial analytics solutions to leverage data & information related to road traffic conditions and thus optimize fleet operations. The rising demand for advanced, cloud-based geospatial imagery analytics across the mining and construction industries is another crucial driver for the global market growth.
Key findings from report:
- Based on analytics type, the video analytics sub-segment is expected to register the highest CAGR of 29.6% over the estimated period. The factors fueling this segment’s growth include the increased use of video analytics over images to monitor and control weather changes and climatic conditions.
- Based on the source type, the Geographic Information System (GIS) sub-segment accounted for an impressive 33.9% market share by 2019. The rising adoption of geographic information systems in remote sensing applications and the augmented use of location-based analytics to improve business decision-making are the pivotal factors fueling the growth of this segment.
- The mining end-user sub-segment is poised it record the highest CAGR of 28.0% over the forecast period. Mining companies leverage geospatial imagery analytics for target mineral research, model mine construction, evaluating mining provisions, and assessing geochemical and hydrological data.
- The Asia Pacific region is expected to be the leading regional market for geospatial imagery analytics. The market is projected to display the highest CAGR of 29.0% over the estimated period. The extensive usage of geospatial imagery analytics in the agricultural, construction, mining, oil & gas, and transportation & logistics sectors of Asia Pacific is the key propeller for the regional market growth.
- Leading market competitors include Alphabet Inc., Oracle Corporation, AeroVironment Inc., Environmental Systems Research Institute, Bentley Systems Inc., Inc. (ESRI), HEXAGON AB, Fugro N.V., Autodesk, Inc., Harris Corporation, and Maxar Technologies Inc.
- In July 2020, the oil & gas major BP invested USD 5 million in a U.S.-based cloud-based geospatial analytics software company specializing in monitoring environmental changes using cutting-edge spectral imagery, along with machine learning, AI, and big data.
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For the purpose of this report, the global geospatial imagery analytics market has been segmented on the basis of analytics type, source type, end-user, and region:
Analytics Type Outlook (Revenue, USD Billion; 2017-2027)
- Imagery Analytics
- Video Analytics
Source Type Outlook (Revenue, USD Billion; 2017-2027)
- Geographic Information System (GIS)
- UAV
- Satellite Imagery
- Others
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Construction
- Agriculture
- Mining
- Telecom
- Transportation & Logistics
- Oil & Gas
- Government
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of Middle East & Africa