According to the recently released report by Bekryl, the Global Geospatial Imagery Analytics Market is expected to reach USD 20 billion by 2025 – registering a CAGR of 27% during the forecast period. The industry is highly dynamic with rapid technological advancements. As a result, the industry landscape is getting highly competitive with large number of companies entering in the white space. Product development is the key strategy witnessed in the industry. Companies, in order to ensure sustainable growth, are focusing highly on artificial intelligence and machine learning.
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Bekryl’s market research report, Global Geospatial Imagery Analytics Market Size Analysis and Industry Opportunity, finds Western Europe to account for 37% of global sales in 2019. The region is bestowed with well-developed infrastructure with high level of industrial automation. Moreover, the security spending has increased by 5.7% in most parts of Western Europe. As such, geospatial data is actively analyzed by law enforcement agencies and military tactical operations. These analytics helps from mapping to alert and predictions.
Asia Pacific is the fastest growing region and will take over Europe geospatial imagery analytics market size by 2020. Higher adoption of connected devices along with large number of internet based users are key factors driving the regional geospatial imagery analytics. The growth in the region will be primarily driven by China. Surveying and mapping accounts for largest usage in the country. Over 18 thousand enterprises are certified to offer mapping and surveying services in China. Various government initiatives are also creating favorable business environment.
Some key trends from the global Geospatial Imagery Analytics market:
Trend#1: Government and Military Sector will dominate the Geospatial Imagery Analytics Market
Government sector (law enforcement) accounted for majority of the global share. Increasing industrialization and demand from private sector will lead to decline in market share by nearly 600 basis points during the forecast period.
Trend#2: Imagery Analytics to Account for 73% of Global Share in 2019
While imagery analytics will account for close to quarter of the industry share, rapid technological innovation in IoT will help create demand for video-based imagery systems.
Trend#3: Surveillance and Monitoring to be the Key Application
The industry is still at its initial growth curve. As such, much of the application is concentrated to surveillance and monitoring purpose. Surveillance and monitoring will account for 33% of global geospatial imagery analytics application.
Trend#4: Mergers and Acquisitions to be Key Inorganic Growth Strategy
Industry consolidation is one of the key trend witnessed in the industry. In February 2018, Esri acquired ClearTerra. The acquisition is intended to offer ArcGIS platform users the ability to discover and extract geographic coordinates from unstructured textual data. Similar such development was witnessed in 2017. MacDonald, Dettwiler and Associates Ltd. (MDA) acquired DigitalGlobe Inc. to diversify its space based solutions.
Some key global Geospatial Imagery Analytics Market Players are Google Inc. Fugro Inc., SpaceKnow Inc., Maxar Technologies Ltd., Harris Corporation, Hexagon AB Trimle Inc., Planet Labs, Inc., UrtheCast Corp., KeyW Corporation, RMSI, Satellite Imaging Corporation, and Skylab Analytics.
Geospatial Imagery Analytics Market, By Industry Verticals
- Government and Military Sector
- Mining
- Petrochemicals
- Healthcare
- Construction and Civil Engineering
- Power and Energy
- Agriculture
- Forestry
- Media and Entertainment
Geospatial Imagery Analytics Market, By Type:
- Image Analytics
- Video Analytics
Geospatial Imagery Analytics, By Application:
- Surveillance and Monitoring
- Resource Management
- Disaster Management
- Conservation
- Forensics
- Archaeology
- Exploration and Exhibitions
Geospatial Imagery Analytics Market, By Carrier Mode:
- Commercial Drones
- GIS
- Satellites
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