Global Geospatial Imagery Analytics Market is forecasted to Witness a CAGR of 28.7% during 2018-2023
March 13, 2018 --
Global geospatial imagery analytics market is expected to reach $14.7 billion by 2023. Technological advancements in in this field and urge among enterprises to increase competitiveness are the major factors driving the growth of the market.On the basis of collection medium, the geospatial imagery analytics market is categorized into geographic information systems (GIS), satellites, unmanned aerial vehicles (UAVs), and others. Of these, the fastest growth during the forecast period is expected from the UAV category. This is attributed to the increasing adoption of UAVs by government bodies to gather geospatial information.
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Advancements in this field is a key factor driving the growth of the geospatial imagery analytics market. Generally, when images are captured by various collection mediums, they are manually processed for analyzing any pattern or demographic change in large datasets. It only makes the process slow, monotonic, and complex. To overcome this, market players are integrating artificial intelligence (AI), deep learning, and big data technologies with geospatial imagery analytics. As these technologies enable a faster and more efficient analysis of data, vendors are increasingly integrating these technologies into their offerings to deliver knowledgeable insights in less time.
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During the forecast period, APAC is expected to lead the geospatial imagery analytics market in terms of growth. The increasing number of internet users due to the rising adoption of connected devices is likely to offer lucrative opportunities for the growth of this market in the region. According to a report published by Cisco Visual Networking Index (Cisco VNI) - 2016, APAC will account for over 53% of the global internet population by the end of 2020.
Some of the key players operating in geospatial imagery analytics market include Fugro N.V., Google Inc., Trimble Navigation Ltd., Environmental Systems Research Institute Inc. (Esri), Planet Labs Inc., UrtheCast Corp., KeyW Corporation, Satellite Imaging Corporation, RMSI, and Maxar Technologies.
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