NEWARK, Del, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The geospatial imagery analytics market size is projected to be valued at US$ 7.2 billion in 2023 and is expected to reach US$ 44.58 billion by 2033. The sales of geospatial imagery analytics are expected to record a significant CAGR of 20.00% during the forecast period.
As technology advances swiftly, businesses from several industries are adopting geospatial image analytics to improve decision-making processes and outcomes. Geospatial imaging analytics are very helpful in identifying cost-saving opportunities, opening up new business prospects, and making previously unrealized opportunities a reality.
The technology's most notable end users are likely to be stakeholders in the healthcare and life sciences, defense and security, and governmental institutions.
Geospatial imagery analytics is proven essential for advancing innovation by assisting in identifying and resolving anomalies in the areas of marketing, operations, risk management, and human resources.
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Geospatial imaging is expected to strengthen virtual security by identifying and removing undesirable web activity. Geospatial technologies increase the effectiveness of intelligent machines and artificial intelligence in a variety of industries, including agriculture in particular. Remotely controlled equipment completes a range of tasks using GPS and digital dashboards. Robots and intelligent farm equipment are now commonplace, and this is just the beginning. Numerous other industries, including logistics, biosecurity, engineering, and construction, are expected to benefit from the advancement of technology.
Key Takeaways from the Geospatial Imagery Analytics Market
- By the end of 2033, the United Kingdom is anticipated to generate an absolute dollar potential of US$ 1.1 billion, according to the report. The market in the United Kingdom is being driven by the combined use of geospatial information systems and business intelligence.
- By 2033, the geospatial imagery analytics market demand in the United States is anticipated to account for roughly 72.3% of the market. The growth of the United States market is influenced by the development of modern geospatial clouds. During the projection period, it is expected that demand in the deployment segment will increase by 2.8X. The use of cloud technology improves corporate efficiency and has led to an increase in the demand for geospatial imagery analytics in key corporations.
- Throughout the projected period, geospatial imagery analytics solution sales are expected to increase in India recording a CAGR of 17.0%. Demand in India is being driven by the expansion of GIS applications in the agricultural industry.
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Competitive Landscape
Players in the geospatial imagery analytics market are focusing on forming strategic alliances with other service providers to create cutting-edge geospatial imagery analytics solutions.
In November 2022, 3D modeling and reality capture company Spatial Acuity, LLC's assets were mostly bought by Bowman Consulting Group. Forging a geospatial ecosystem and bringing digital twins to life, Spatial Acuity focuses on reality capture technology, such as high-definition scanning and 3D building information modeling (BIM).
Innoviz Technologies, a pioneer in high-performance, automotive-grade LiDAR sensors and perception software, teamed up with Kudan in October 2022. Using Innoviz LiDARs and Kudan's perception software, machines can move autonomously and create 3D representations of their surroundings.
Latest Developments
By the end of 2024, EOS SAT spacecraft is planning to launch seven optical into low earth orbit, according to a February 2021 announcement by the satellite imagery company EOS Data Analytics. Since the company's goal is to keep track of fields, agriculture is the main focus of this initiative.
Trimble released the Trimble TerraFlex field application in December 2019 to make an accurate and quick recording of GIS information simple. By combining the Trimble Global Navigation Satellite System (GNSS) with the TruPulse laser rangefinders, the Trimble GNSS systems may have a longer range.
Key Segments Covered in the Geospatial Imagery Analytics Market Report
Analytics Type:
- Image-based Analytics
- Video-based Analytics
Deployment Model:
- On-premises
- Cloud
Collection Medium:
- Geographic Information System (GIS)
- Satellite Imagery
- UAV
Application:
- Agriculture
- Construction
- Mining
- Oil & Gas
- Telecom
- Government
- Transportation & Logistics
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Table of Content
1. Executive Summary | Geospatial Imagery Analytics Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
TOC continued..!
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