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.
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.
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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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