The Geospatial Imagery Analytics Market is projected to grow from USD 3.41 billion in 2017 to USD 13.21 billion by 2022, at a CAGR of 31.1% during the forecast period. Key factors propelling the growth of the geospatial imagery analytics market include significant advancements in the field of geospatial imagery analytics with the introduction of artificial intelligence and Big Data and the need for enterprises to ensure market competitiveness.
The scope of this report covers the segmentation of the geospatial imagery analytics market based on type, collection medium, vertical, and region. The demand for geospatial imagery analytics solutions is increasing across various industries worldwide owing to the rising significance of geospatial data in planning and informed decision-making. Geospatial imagery analytics solutions and services are adopted by defense & security; government; environmental monitoring; energy, utility, and natural resources; engineering & construction; mining & manufacturing; insurance; agriculture; and healthcare & life sciences; among other verticals.
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Based on type, the video analytics segment of the geospatial imagery analytics market is projected to grow at the highest CAGR from 2017 to 2022. The growth of the video analytics segment can be attributed to the increasing use of video analytics to analyze video streams and other unstructured data. Apart from analyzing video streams, algorithms included in the video analytics software intelligently create alerts by analyzing and detecting suspicious activities, thereby helping users mitigate potential risks and threats.
Based on collection medium, the UAVs segment of the geospatial imagery analytics market is expected to grow at the highest CAGR during the forecast period. UAVs serve to be an essential collection medium used to obtain high-resolution images and topographic data. The growth of the UAVs segment can be attributed to the increased adoption of UAVs owing to their cost-effectiveness over other collection mediums.
Based on region, the geospatial imagery analytics market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. The increasing use of geospatial imagery analytics in insurance, agriculture, and engineering & construction industries is fueling the growth of the geospatial imagery analytics market in the Asia Pacific region.
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Major companies such as Hexagon AB (Sweden), Harris Corporation (US), DigitalGlobe (US), Esri (US), Trimble (US), and Google (US) offer geospatial imagery analytics solutions and services to cater to the diversified demands of the market. These players have adopted various growth strategies such as expansions, mergers & acquisitions, partnerships, and new product launches to sustain their position in the market. Partnerships, collaborations, and acquisitions have accounted for a major share of all growth strategies adopted by key market players.
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