Geospatial Imagery Analytics Market Overview
According to Future Market Insights, geospatial imagery analytics deployment is foreseen to witness an expansion of 20% in value terms during the 2023 to 2033 forecast period. As of 2023, the industry is expected to be valued at US$ 490 Million, eventually reaching US$ 3,033.93 Million in 2033. As technology advances rapidly, organizations across industries are leveraging geospatial imagery analytics to improve decision-making processes and outcomes.
Geospatial imagery analytics have proven highly useful in opening new growth prospects, helping identify cost-saving avenues and making otherwise invisible opportunities realizable. The most likely prominent end users of this technology are stakeholders in healthcare & life sciences, defence & security and government entities. End-users are expected to make maximum use of location-based information to enhance their geospatial imagery analytics capabilities.
Geospatial analytics is proving critical in furthering innovation, helping tackle and resolve anomalies across talent, operations, risk management and marketing. In addition, it is capable of ushering in a transformative era, streamlining how business is conducted. Simultaneously, geospatial imagery is likely to help beef up virtual security, identifying and eradicating malicious web activity.
Geospatial technologies enhance the performance of artificial intelligence and smart machinery in multiple spheres and agriculture in particular. Remotely controlled equipment completes numerous tasks via GPS and digital dashboards. Robots and smart machinery in the fields seem futuristic no longer, and it is not the limit. The technology is also expected to make headways in education, biosecurity, engineering, construction, food supply chain management, financial analytics and logistics to name a few.
Expected Market Value in 2023
US$ 490 Million
Projected Market Value in 2033
US$ 3,033.93 Million
Global Growth Rate (2023 to 2033)
Geospatial imagery analytics applications are most evident in cases of defence and security. With the penetration of artificial intelligence, machine learning and IoT, governments across the world are revving up their military capabilities. With the ever-increasing incidences of international geopolitical conflicts and the lingering threat of aggression, countries are incorporating key technological advancements to make their operations scalable, robust and accurate. Military analysts need tools that will enable them to perform better during missions. They need to analyse situations quickly, detect anomalies based on ever-changing data, and identify patterns that demand immediate attention.
A proper geospatial platform can facilitate automated analysis of satellite imagery at the appropriate scale. In terms of region, North America is expected to be at the forefront of the market for geospatial imagery analytics. In October 2018, the Geospatial Data Act (GDA) was signed into law. The Act reflects growing recognition of the essential role of geospatial data and technology in government and society. The primary purpose of this initiative, also known as the Geospatial Data Strategy, was to establish actionable goals and objectives that will expand the effective use of geospatial data and technologies to support the Department’s varied missions over a 3-year time period. The purpose of the GDS is to establish a more effective, evidence-based pursuit of USA. foreign policy and national security interests through the generation, use, and good stewardship of geospatial data.
Following North America is Europe, which is expected to deploy geospatial imagery analytics to enhance statistical data collection. Large amounts of EU regional statistical data are collected, harmonised and geospatially located, and used for the socio-economic analysis of regions, applying spatial analysis techniques and references to EU regional policies. The data collected will likely translate into collective action, helping frame appropriate policy decisions and frameworks.
Significant developments have been witnessed in the geospatial imagery analytics domain. In October 2020, for instance, Microsoft introduced its Azure Space, a robust cloud platform which enhances fast and secure satellite networking anywhere across the world. To this end, they collaborated with SpaceX and SES.
Geospatial analytics support the integration, gathering, operation, displaying, and examine geospatial data which is collected through satellite imagery, GPS, geotagging, mapping, and many other sources to create significant information that is important for making important business/organization decisions. In geospatial imagery analytics, data is collected in the form of geo-referenced satellite images, and then it is represented in two different ways including raster and vector.
Enterprises are using geospatial imagery analytics information to examine their operational effectiveness to endure their company's position in this competitive surrounding. Geospatial Imagery analysis offers more precise images as related to 3D and 2D analysis.
This analysis includes the analysis of modules above, on, and below the earth's surface. Geospatial Imagery analysis application supports private as well as government sectors to make knowledgeable conclusions about businesses and also examine risk assessment and mitigation disaster management, urban planning, and climatic conditions.
Geospatial Imagery Analytics Market: Drivers & Restraints
The major factors driving the growth of the geospatial imagery analytics market are increasing growth of the geospatial analytics market, disposable incomes, and increasing advancement in analytics technologies. Moreover, geospatial imagery analytics is projected to have and high demand in the future analytics market. In coming years, the demand for geospatial analytics has improved among organizations, as it supports pathway changes in patterns and trends over a period.
Furthermore, technological developments in geospatial imagery analytics have increased the acceptance of geospatial technologies including remote sensing (RS), a global positioning system (GPS), geographical information system (GIS), and many others.
Also, increasing penetration of geographical information system technology in the service industry, increasing usage of location-based data and rising demand for open interoperable solutions, are major factors which are boosting the growth of the geospatial imagery analytics market.
Geospatial Imagery Analytics Market: Regional Outlook
Regarding geography, geospatial imagery analytics market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, Latin America, and the Middle East & Africa. The geospatial imagery analytics market is expected to register a healthy CAGR during the forecast period.
North America is experiencing a rapid increase in the production of geospatial imagery analytics as demand for geospatial imagery analytics in a wide range of verticals such as defence & security, government, environment monitoring, energy, utility & natural resources, engineering & construction, mining & manufacturing, insurance, agriculture, healthcare & life sciences, others market in the region is rising at a faster pace.
The geospatial imagery analytics market is projected to register healthy growth due to growth of the analytics market and technological advancement in the information & technology sector across the globe. Geospatial imagery analytics market for the Asia Pacific is also expected to witness steady growth during the forecast period primarily attributed to the growth of imaging technologies coupled with demand for customization in offerings, especially in China and India.
Geospatial Imagery Analytics Market: Key Players
Some of the key players identified in the geospatial imagery analytics market are:-
- Trimble Navigation, Ltd.
- Hexagon AB, General Electric
- RMSI, Bentley Systems, Inc.
- ESRI, MDA Corporation
- Fugro N.V.
- Harris Corporation
- WS Atkins Plc.
- Digital Globe
- Critigen, AAM
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
Regional analysis include
- North America (USA, Canada)
- Latin America (Brazil, Rest of Latin America)
- Western Europe (Germany, Italy, France, UK, Spain, Rest of Western Europe)
- Eastern Europe (Poland, Russia, Rest of Eastern Europe)
- Asia Pacific excluding Japan (China, India, ASEAN, Australia & New Zealand)
- The Middle East and Africa (GCC countries, S. Africa, Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Geospatial Imagery Analytics Market: Market Segmentation
The geospatial imagery analytics market is segmented into five parts based on imaging type, technology type, by analysis type, application type, and geography.
Based on the imaging type the geospatial imagery analytics market is segmented into:
Based on the technology type the geospatial imagery analytics market is segmented into:
- Global Positioning Systems (GPS)
- Geographical Information Systems (GIS)
- Remote Sensing (RS)
Based on the analysis geospatial imagery analytics market is segmented into:
- Surface Analysis
- Network Analysis
Based on the type of application geospatial imagery analytics market is segmented into:
- Defense & Security
- Environment Monitoring
- Energy, Utility & Natural Resources
- Engineering & Construction
- Mining & Manufacturing
- Healthcare & Life Sciences
Frequently Asked Questions
The geospatial imagery analytics industry is expected to grow at a whopping 20% CAGR from 2022-2032, as per FMI
By 2023-end, geospatial imagery analytics demand is expected to reach US$ 490 Million
By 2033, geospatial imagery analytics deployment is expected to create a value pool worth US$ 3,033.93 Million