USD 11.47 billion
Report ID:
SQMIG45A2066 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
125 |
Figures:
77
Global Geospatial Imagery Analytics Market size was valued at USD 11.47 billion in 2022 and is expected to rise from USD 14.45 billion in 2023 to reach a value of USD 91.81 Billion by 2031, at a CAGR of 26.0% during the forecast period (2024-2031).
The global geospatial image analytic market is being driven by the use of big data and AI (Al) to build geospatial imagery analytic remedies, as well as fierce competition among competitors in the market. Furthermore, higher income and developments in analytic technology will boost the geospatial image analytics market ahead. Other factors such as increased need for geospatial imaging analytics for national safety and security, as well as an increase in demand for tiny satellites, can cushion the pace of market growth.
Furthermore, the expansion of 5G networks and the increasing number of LoT devices would increase the positive chances for the growth of the geospatial imaging analytics market. However, the geospatial imaging analytics sector is hampered by the government's rigorous geospatial data rules and regulatory restraints. Furthermore, the incorporation of geospatial analytics data into corporate solutions may pose an additional barrier to the market growth rate throughout the projection period.
US Geospatial Imagery Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 11.47 billion
Largest Segment
Cloud
Fastest Growth
Cloud
Growth Rate
26.0% CAGR
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The global geospatial imagery analytics market is segmented based on technology, analytics type, deployment, end-use, and region. In terms of technology, the market is segmented into geographical information systems (gis), global positioning systems (gps), unmanned aerial vehicles (uav’s), remote sensing, and others. Based on analytics type the market is segmented into video based, image Based. With respect to deployment, the market is segmented into on-premise, and cloud. Further categorization of end-use segments include government, defense & security, energy, utility & natural resources, environment monitoring, mining & manufacturing, engineering & construction, agriculture, insurance, healthcare & life sciences, and others. Regionwise, the global geospatial imagery analytics market is widespread into North America, Europe, Asia-Pacific, South America, and MEA.
Geospatial Imagery Analytics Market Analysis by Deployment
The cloud segment will have a market share of more than 60% during the forecast period. This market is expected to increase at a CAGR of 10.2% over the forecast period. Due to the increasing complexity of geospatial data storage, businesses are shifting to cloud-based geospatial imaging analytics software. As cloud platforms gain prominence, the use of cloud GIS is projected to rise. Organizations may more easily handle and map data on the cloud with the help of these products because they no longer need to focus on upgrading their infrastructure on an ongoing basis, which boosts product uptake.
The on-premises segment, on the other hand, is expected to increase at a CAGR of 7.8% during the projection period. Owing to the on-premises deployment technique, businesses can install the GIS platform directly on their servers. It also offers enhanced performance, enhanced security management, updated software, and customized security settings. All of these elements are projected to intensify segment expansion in the future years.
Geospatial Imagery Analytics Market Analysis by End-use
Engineering and construction, mining and manufacturing, agriculture, insurance, healthcare, environmental monitoring, energy, utility, and natural resources are just a few of the industries represented. The environment monitoring sector led this market, with a CAGR of 8.2% over the projection period. Environment monitoring is expected to continue its lead during the projected period by offering real-time data that can aid decisions and provide practical insights for the vertical. It provides specifics that can provide information about climate change.
The defense and security market, on the other hand, is the second largest and is expected to increase at a CAGR of 5.1% over the projection period. The European defense industry is also expanding rapidly, prompting governments to invest in cutting-edge defense technologies. Furthermore, rising Geospatial Imagery Analytics (GIA) market trends will assist the defense and government sectors in a variety of ways. Furthermore, acting quickly will benefit disaster prevention. The outbreak had a tremendous influence on the value chain, but once it is controlled, the market will finally thrive.
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The North American region is anticipated to dominate the market with a CAGR of 5.81% over the forecast period. The market in this region is growing as a result of increased investments in new or updated satellite systems. The increasing use of drone technology to support industrial clients in areas like construction, agriculture, and disaster management is driving the market's expansion. The existence of multiple industrialized economies, particularly Canada and the United States, as well as an emphasis on R&D and various technologies, are assisting the regional market's growth.
The Asia-Pacific region is predicted to grow at the quickest rate during the forecast period, with a CAGR of 10.39%. The region's rising economies, notably those of India, China, and Indonesia, have resulted in a significant increase in urban inhabitants. As a result of this growth, there is a high demand for smart infrastructure, well-planned urban landscapes, and smart cities. China, South Korea, and India are driving infrastructure developments for 5G and the Internet of Things. As a result of these factors, the APAC geospatial analytics market is expected to grow at the fastest CAGR during the forecast period.
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Geospatial Imagery Analytics Market Drivers
Increasing Demand for Location-based Services
Advancements in Satellite Technology
Geospatial Imagery Analytics Market Restraints
High Cost of Geospatial Imagery Data
Lack of Awareness about Benefits of Geospatial Imagery Analytics
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The geospatial imagery analytics market is highly competitive, with several key players offering a wide range of solutions and services. These companies are investing in new technologies, strategic partnerships, and acquisitions to stay ahead of the competition.
Geospatial Imagery Analytics Market Top Player’s Company Profiles
Geospatial Imagery Analytics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global geospatial imagery analytics market analysis, we found that the market is being driven by the use of big data and Artificial Intelligence (Al) to build geospatial imagery analytic remedies, as well as fierce competition among competitors in the market. Furthermore, higher income and developments in analytic technology will boost the geospatial image analytics market ahead. Other factors such as increased need for geospatial imaging analytics for national safety and security, as well as an increase in demand for tiny satellites, can cushion the pace of market growth. The growing demand for location-based services across industries is driving the adoption of geospatial imagery analytics. Companies are leveraging this technology to gain insights into customer behavior, optimize supply chains, and monitor infrastructure projects, among other use cases.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 11.47 billion |
Market size value in 2031 | USD 91.81 Billion |
Growth Rate | 26.0% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Geospatial Imagery Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Geospatial Imagery Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG45A2066