NEW YORK, March 26, 2018 (GLOBE NEWSWIRE) -- According to the new market study published by P&S Market Research, global geospatial imagery analytics market is expected to reach $14.7 billion by 2023, technological advancements in in this field and urge among enterprises to increase competitiveness are the major factors driving the growth of the market.
On the basis of collection medium, the geospatial imagery analytics market is categorized into geographic information systems (GIS), satellites, unmanned aerial vehicles (UAVs), and others. Of these, the fastest growth during the forecast period is expected from the UAV category. This is attributed to the increasing adoption of UAVs by government bodies to gather geospatial information.
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Of the two imaging types, the market for geospatial video analytics is expected to witness faster growth during the forecast period. This can be ascribed to the rising demand of video analytics in government as well as non-government sectors, and advent of industrial automation.
On the basis of analysis, the geospatial imagery analytics market is categorized into geovisualization, network analysis, and surface analysis. Among these, geovisualization has been generating the highest revenue in the market till now. On the basis of vertical, government has been generating the highest revenue in the market so far. This can be attributed to the fact that this technology helps government bodies with a number of planning decisions such as city planning and disaster management.
Browse report overview with 78 tables and 57 figures spread through 144 pages and detailed TOC on "Geospatial Imagery Analytics Market by Collection Medium (GIS, Satellites, UAVs), by Imaging Type (Image, Video), by Analysis (Geovisualization, Network, Surface), by Vertical (Government, Energy & Mining, Defense, Agriculture & Forestry, Media & Entertainment, Civil Engineering & Archaeology), by Application (Surveillance & Monitoring, Construction & Development, Energy & Resource Management, Geospatial, Conservation & Research, Disaster Management, Exhibition & Live Entertainment), by Geography (U.S., Canada, U.K., Germany, France, Russia, Sweden, China, Japan, India, South Korea, Taiwan, Israel, Brazil, U.A.E., South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/geospatial-imagery-analytics-market
During the forecast period, APAC is expected to lead the geospatial imagery analytics market in terms of growth. The increasing number of internet users due to the rising adoption of connected devices is likely to offer lucrative opportunities for the growth of this market in the region. According to a report published by Cisco Visual Networking Index (Cisco VNI) - 2016, APAC will account for over 53% of the global internet population by the end of 2020.
Advancements in this field is a key factor driving the growth of the geospatial imagery analytics market. Generally, when images are captured by various collection mediums, they are manually processed for analyzing any pattern or demographic change in large datasets. It only makes the process slow, monotonic, and complex. To overcome this, market players are integrating artificial intelligence (AI), deep learning, and big data technologies with geospatial imagery analytics. As these technologies enable a faster and more efficient analysis of data, vendors are increasingly integrating these technologies into their offerings to deliver knowledgeable insights in less time.
The use of location-based services (LBS) is growing rapidly. As per a study, the number of LBS users in the U.S. increased from around 196 million in 2016 to nearly 219 million in 2017. Internet connected devices come with location-based features, which help consumers in the interpretation of real-time maps into useful insights. As LBS relies on the use of this technology, the growing preference for and adoption of LBS acts as an opportunity for the growth of geospatial imagery analytics market.
Some of the key players operating in geospatial imagery analytics market include Fugro N.V., Google Inc., Trimble Navigation Ltd., Environmental Systems Research Institute Inc. (Esri), Planet Labs Inc., UrtheCast Corp., KeyW Corporation, Satellite Imaging Corporation, RMSI, and Maxar Technologies.
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Geographic Information System (GIS) Market
The global GIS market is expected to increase from $8,985.5 million in 2016, to reach $17,510.9 million by 2023, growing at a CAGR of 10.1% during 2017 – 2023. Among the various application areas, government sector has been the largest contributor to the global GIS market, accounting for over 28% of the global revenue in 2016. Increasing urbanization, in addition to the surging adoption of enterprise GIS in developing countries is expected to bolster the demand for geographic information system during the forecast period.
Commercial Satellite Imaging Market
Geographically, North America has been the largest market for commercial satellite imaging and Asia-Pacific had been the fastest growing regional market. North America is expected to account for over 40% of the global commercial satellite imaging market in 2023. By country, the U.S. stands as the largest market globally, whereas the commercial satellite imaging market in India has been growing at highest pace.
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