Geospatial Imagery Analytics Market: Industry Insights, Trends and Forecast upto

Posted by Harshad Borde on January 24th, 2020

The global geospatial imagery analytics market is increasingly competitive mainly on the account of prevailing forces of consolidation that prompt prominent players to merge with larger companies, notes Transparency Market Research (TMR). The competition offered by incumbent players for new entrants into the market is also intense. A growing number of players in the market are leveraging the potential of strategic acquisitions, collaborations, and partnerships to either gain a get a better foothold or to consolidate their shares. TMR finds that several regional players are focusing on consolidating their distribution networks across various geographic regions to strengthen their positions during the assessment period.

Prominent vendors and suppliers in the market are increasingly offering integrated geospatial imagery solutions and are developing user-friendly software to meet the range of needs of end-use industries, observes TMR. Top players operating in the geospatial imagery analytics market are Hexagon AB, Harris Corporation, Esri, DigitalGlobe, TomTom International B.V., Trimble Inc., and WS Atkins plc. These players are also making sizeable investments in research and development activities to stay ahead of others.

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The global geospatial imagery analytics market stood at US,567.0 Mn in 2016 and is projected to rise at a CAGR of 7.0% from 2018 to 2026. Expanding at this pace, the opportunities in the market is estimated to reach a worth of US,951.5 Mn by 2026 end.

On the regional front, Asia Pacific is projected to serve the maximum demand for geospatial imagery analytics in the global market. The regional is projected to rise at a CAGR of 7.5% during 2018–2026.

The various technologies for which geospatial imagery analytics are used comprise Global Positioning Systems (GPS), geographical information systems (GIS), remote sensing, and unmanned aerial vehicles. Of these, GIS is expected to witness potentially large demand among end-use industries. The vast popularity stems from the robust capabilities GIS has in storing and analyzing geospatial data.

Rising Application of Retail and Agriculture Insurance Sectors create Lucrative Avenues

The market is witnessing attractive strides contributed by burgeoning usage of video-based and image-based analytics in the industries such as construction, manufacturing, and defense and security. However, the public access to online satellite image may cause considerable concerns to the national security and integrity if found in the hands of unscrupulous parties with criminal or nefarious motives. This may render the analytics to be misused, thereby impeding the growth of the market.

Nevertheless, the adoption of better security and privacy measures by providers of geospatial imagery may help allay these concerns. The market will immensely benefit from the burgeoning demand for geospatial imagery analytics in the retail and agriculture insurance sectors. For instance, the usage of unmanned aerial vehicles (UAVs) for crop health monitoring is gathering steam among farmers, farm owners, and agriculturists, world over.