Yahoo Finance Geospatial Imagery Analytics (GIA) Market Predicted to Hit USD 27.6 Billion at a CAGR of 32.1% by 2028 - Report by Market Research Future (MRFR)
New York, US, Dec. 09, 2021 (GLOBE NEWSWIRE) -- GIA Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Geospatial Imagery Analytics Market information by Vertical, by Type, by Application and Region – forecast to 2028” market size to reach USD 27.6 billion, growing at a compound annual growth rate of 32.1% by 2028.
GIA Market Scope:
The global geospatial imagery analytics market is witnessing rapid revenue growth. Geospatial imagery analytics are predominantly used for earth observation to measure and assess the planet's natural and artificial environments. Derived data and insights offered by these analytics are used to solve critical environment-related issues like climate change, deforestation, natural disasters, and food security, among others.
Dominant Key Players on Geospatial Imagery Analytics Market Covered are:
KeyW Corporation
Satellite Imaging Corporation
Fugro NV
Planet Labs
UrtheCast Corporation
RMSI
Google
Trimble
Environmental Systems Research Institute
Harris Corporation
DigitalGlobe
Hexagon AB
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Market USP Exclusively Encompassed:
GIA Market Drivers
The rising adoption of IoT across various industry verticals allows the market to witness exponential traction. Growing uses of space imagery in environmental monitoring is a major growth driver for the market. Additionally, growing investments in space exploration and commercial earth observation substantiate market revenues.
Also, increasing investments by governments in environmental monitoring has been providing immense impetus to the market rise. Increasing wildfire cases worldwide creates vast demand for geospatial imagery analytics. Extensive uses of geospatial imagery analytics in agriculture and mining are also a key driving force behind the market growth. Furthermore, the growing demand for large-scale farming and the spurring rise in mining sectors define the growing market landscape of geospatial imagery analytics.
Given the rising government efforts to establish a collaborative geospatial ecosystem, these imagery analytics play a crucial role in helping local organizations to drive social, economic, and environmental impact using earth observation data and analytics. It will significantly enhance agriculture, forestry, environment, financial services, and defense & intelligence, among many other verticals.
Democratizing geospatial technology is a powerful solution to solve a wide variety of use cases, such as finding features, detecting change, counting objects, uncovering patterns, deriving vegetative indices, and classifying land use. Geospatial analytics plays a causal role in the global agriculture field, offering the ability to verify, validate, predict, and forecast using advanced earth observation imaging and enhanced geospatial analytics.
Geospatial data and algorithms have been helping satellite & space requirements to address critical concerns ranging from determining the flow of container ship traffic amid unprecedented supply chain delays to visualizing dynamic intelligence and defense-related threats and anomalies across the globe. Industry players are currently building new satellite constellation solutions with unprecedented change detection capabilities.
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Segmentation of Market Covered in the Research:
The market is segmented into types, applications, end-user verticals, and regions. The type segment is bifurcated into imagery analytics and video-based analytics. The application segment is bifurcated into drones/UAVs, space & satellites, geographic information systems, aircraft, and others.
The end-user vertical segment is bifurcated into defense & security, environmental monitoring, mining, manufacturing, energy & utility, agriculture, healthcare & life sciences, and others. The region segment is bifurcated into the Americas, Asia Pacific, Middle East & Africa, Europe, and others.
Regional Analysis
North America dominates the global geospatial imagery analytics market. The region is a hub to major geospatial imagery analytics providers investing heavily in research and development activities to upgrade and enhance the capabilities of their solutions. North America also witnesses large technological advancements and early adoption of advanced geospatial analytics, which creates substantial market demand.
State governments across the region are rapidly adopting geospatial imagery analytics solutions for earth observation to solve critical issues like deforestation, climate change, food security, and natural disasters, among others, applying derived data and insights. All these factors commutatively drive the geospatial imagery analytics market growth in the region.
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COVID-19 Impact on the Global Geospatial Imagery Analytics Market
The COVID-19 outbreak impacted the geospatial imagery analytics market positively. Rising uses of these analytics increased dramatically in numerous industries to solve critical climate change issues. Technology providers are seen making substantial investments to foster R&D activities to improve geospatial services. Resultantly, the market witnessed a constant uptick during 2020 and would continue to grow in the upcoming years.
Competitive Analysis
The geospatial imagery analytics market witnesses several strategic approaches, such as partnerships, collaboration, mergers & acquisitions, expansion, and product launches. Key industry players also make significant investments in research and development activities and expansions.
On Nov.28, 2021, UP42 (Germany), a leading geospatial data marketplace, announced its plan to partner with the Indian Space Association and Gati Shakti to help achieve its objectives more cost-effectively.
Earlier November 2021, UP42 made available very-high-resolution optical imagery of the earth captured by its satellites. The combination of high-resolution imagery for earth observation activities offers daily data to end-users in all sectors rapidly and cost-competitively. It would most notably benefit applications such as urban mapping, infrastructure monitoring, disaster response, insurance, and agriculture.
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