Dallas, March 08, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global geospatial imagery analytics market is expected to grow from USD 5.85 Billion in 2020 to USD 69.06 Billion by 2030, at a CAGR of 28% during the forecast period 2021-2030.
Geospatial imagery is a broad term that refers to a variety of graphical products that convey data about natural events and human activities on the earth's surface. Panchromatic and colour aerial photographs, hyperspectral or multispectral digital imagery, and three-dimensional images or shaded relief maps produced from digital elevation models are all examples of the term. The use of geographical imagery for intelligence, security, or defence is referred to as geospatial intelligence. Geospatial imaging analytics can be characterised as a set of tools for analysing and assisting geospatial data received from satellite imagery, GPS, or mapping sources to generate useful information for making key business decisions.
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Due to the convergence and integration of mainstream technologies, commercialization of geospatial information, and the necessity for security and safety, the industry expects a tremendous increase in demand. In addition, governments all around the world are using geospatial imaging analysis solutions for defense and security. Geospatial imagery analytics is also supported by several government and private organizations.
Key players operating in the global geospatial imagery analytics market are Alteryx, Esri, Geocento, Geospin, GeoSpoc, Google, Harris Corporation, Hexagon, Mapidea, Maxar Technologies, Microsoft, Oracle, Orbital Insight, Planet Labs, RMSI, Sparkgeo, TomTom, Trimble, UrtheCast and ZillionInfo among others. To enhance their market position in the global geospatial imagery analytics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• For example, EOS Data Analytics, a satellite imagery company, said in February 2021 that it would launch seven optical EOS SAT satellites into low earth orbit by the end of 2024. The company's goal is to keep track of fields, hence this initiative is geared toward agriculture.
• Trimble released the Trimble TerraFlex field software in December 2019 to make recording GIS elements simple and precise. By combining the Trimble Global Navigation Satellite System (GNSS) with the TruPulse laser rangefinders, the Trimble GNSS solutions will have a greater reach.
• In May 2019, Orbital Insight launched the GO platform, which allows clients to track global trends.
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The imagery analytics segment led the market with a market share of around 74.5% and a market value of around 4.36 billion in 2020.
The type segment is divided into video analytics and imagery analytics. The imagery analytics segment led the market with a market share of around 74.5% and a market value of around 4.36 billion in 2020 due to different technological improvements in satellite technology, obtaining high-resolution photos has become easier, resulting in the use of imaging analytics.
The geographic information system segment will have the largest market share during the forecast period.
The collection medium segment is divided into satellites, geographic information system, unmanned aerial vehicles, others. The geographic information system segment will have the largest market share during the forecast period because of a rise in the use of geographic information systems (GIS) in remote sensing applications. Businesses are shifting to the GIS data collection approach as demand for location-based analytics services rises, allowing them to better their overall efficiency and decision-making.
The on-premises segment led the market with a market share of around 64.5% and a market value of around 3.77 billion in 2020.
The deployment mode segment is divided into cloud and on-premises. The on-premises segment led the market with a market share of around 64.5% and a market value of around 3.77 billion in 2020.
The agriculture segment is estimated to grow at a CAGR of over 30% over the forecast period.
The application segment is divided into construction and development, surveillance and monitoring, energy and resource management, disaster management, conservation and research, exhibition and live entertainment, other applications. The application segment is divided into construction and development, surveillance and monitoring, energy and resource management, disaster management, conservation and research, exhibition and live entertainment, other applications. Due to the deployment of drones and remote sensing platforms to improve farming operations by analysing geospatial data, the agriculture segment of the geospatial imagery analytics market is estimated to grow at a CAGR of over 30% over the forecast period. In the agriculture industry, geospatial imaging analytics is assisting in ensuring sensible use of natural resources and crop safety. Using remote sensing tools, the government is launching new projects to improve farming operations. For example, Punjab state authorities began employing the Punjab Remote Sensing Center's (PRSC) services to combat crop residue burning in March 2017.
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Regional Segment Analysis of the Geospatial Imagery Analytics Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region emerged as the largest market for the global geospatial imagery analytics market with a market share of 33.6% and a market value of around 1.97 billion in 2020 because of advances in the utilisation of Internet of Things (IoT), big data, Machine Learning (ML), Artificial Intelligence (AI), and its integration with geospatial technologies to improve communication.
About the report:
The global geospatial imagery analytics market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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