Published Date: 31-Mar-2022
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According to a new report, published by KBV research, The Global Geospatial Imagery Analytics Market size is expected to reach $42.2 billion by 2027, rising at a market growth of 29.5% CAGR during the forecast period.
The Image-based Analytics segment is leading the Global Geospatial Imagery Analytics Market by Type 2020, thereby, achieving a market value of $31.7 billion by 2027. Due to technical developments in satellite technology, that enabled satellites to take high-resolution pictures, image-based analytics controlled the most of the geospatial imaging analytics market share in 2020. Such systems collect image-based geospatial information in the form of raster pictures and vector images, which include points, lines, and tabular images. These high-resolution photos are proving to be an invaluable resource for geospatial evaluation and modelling.
Governments may utilise data on health, sickness, and weather to better inform the public in the case of a natural catastrophe or an emergency health incident. However, in the near future, the application of geospatial imaging analytics in retail and farm insurance is projected to rise.
Resulting in an increase in the use of drones for surveying, the UAV segment is predicted to develop at a high rate throughout the forecast period. Drones are being used by businesses to acquire accurate, fast, and high-resolution data for mapping and surveying. UAVs are becoming more popular for extracting geospatial data as the cost of hardware required to build them falls and sensor technology advances.
The Cloud market has high growth rate of 31.4% during (2021 - 2027). Due to the challenges involved with storing geospatial data on premises, the cloud-based deployment strategy is predicted to develop at the high rate in the geospatial imagery analytics market throughout the forecast period. Due to the expanding popularity of cloud platforms, businesses may now use cloud-based GIS systems to manage and map geographic data.
The Large Enterprises segment acquired maximum revenue share in the Global Geospatial Imagery Analytics Market by Organization Size 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $27.1 billion by 2027.
The Disaster Management segment is showcasing the growth rate of 27.9 % during the forecast period. Government officials are concentrating on enhancing disaster management by analyzing satellite data and utilizing Geographic Information Systems (GIS) to mitigate the consequences of natural disasters such as earthquakes, floods, and tsunamis.
The North America region shows high market share in the Global Geospatial Imagery Analytics Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $14.6 billion by 2027. The Europe market is estimated to witness a CAGR of 29% during (2021 - 2027). Additionally, The Asia Pacific market would display a CAGR of 30.2% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Trimble, Inc., Microsoft Corporation, Google LLC, TomTom N.V., Hexagon AB, L3Harris Technologies, Inc., Planet Labs, Inc., Oracle Corporation, Alteryx, Inc., Esri, Inc.
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