The global Geospatial Imagery Analytics Market is expected to grow from USD 6.9 billion in 2020 to USD 27.9 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 32.1% during the forecast period. Major growth factors for the market include the increasing investments in location-based technologies and technological advancement in satellite technology.
Disaster management segment to hold the largest market size during the forecast period
Disasters such as earthquakes, landslides, tsunamis, and volcanoes cause significant damanges and destroy infrastructures. Geographic information system (GIS), remote sensing, and satellite imagery serve as effective tools for disaster management and monitoring of major natural disasters. They help collect imagery data from space and provide the exact situational awareness. Energy and resource management is projected to have the highest CAGR during the forecast period. The need to survey and monitor various earth resources and protect the environment from natural and human hazards drive the growth of the energy and resource management segment in the geospatial imagery analytics market.
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Defense and security industry vertical to hold the largest market size during the forecast period
The defense and security industry vertical has been a competitive industry vertical that focuses on geospatial applications for border security operations. Using geospatial imagery analytics applications in the defense and security industry vertical is important for analyzing the shifting patterns in the war zone and support field operations through monitoring, predicting, and countering threats. It helps provide real-time views and insights of the impacted regions to improve the emergency response time in areas, such as country borders.
The geospatial imagery analytics market comprises leading solution providers, such as include Google (US), Trimble (US), Maxar Technologies (US), Harris Corporation (US), RMSI (India), Hexagon (Sweden), TomTom (Netherlands), UrtheCast (Canada), Microsoft (US), Oracle (US), Alteryx (US), Esri (US), Orbital Insight (US), Planet Labs (US), GeoSpoc (India), Sparkgeo (Canada), Geocento (Oxfordshire), Mapidea (Portugal), Geospin (Germany), and ZillionInfo (US). The study includes an in-depth competitive analysis of the key players in the geospatial imagery analytics market with their company profiles, recent developments, and key market strategies. The players in the market have embraced various strategies to expand presence and their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most adopted strategies by the major players from 2018 to 2020, which helped them innovate on their offerings and broaden their customer base.
Trimble (US) is among one of the leaders in the geospatial imagery analytics market. It adopts various approaches for growth strategies and continues to expand its operations through constant product launches and acquisitions to expand its geographical presence and provide advanced capabilities. For instance, in May 2019, Trimble launched a field software named Trimble Terraflex to enable easy and accurate capturing of geographic information system (GIS) features and increase the reach of the Trimble global navigation satellite system (GNSS) solutions.
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Maxar Technologies (US) is another established player in the geospatial imagery analytics market. The company offers geospatial imagery analytics applications to empower organizations for making critical, time-sensitive decisions . The company has adopted various organic and inorganic strategies to strengthen its product portfolio. For instance, in, December 2018, Maxar’s MDA (MacDonald, Dettwiler and Associates) expanded its synthetic-aperture radar (SAR) satellite imagery agreement with Orbital Insight to provide high resolution imagery from its RADARSAT-2.
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