21st April 2023
Geospatial Imagery analytics is a method of gathering geographic information and images from various sources, such as earth observation, geographic information systems, global navigation, satellite systems, positioning, location sensors, and mobile devices. This method organizes the data collected and visualizes it in a structured manner, making it easier to track the relationships among places and people.
The adoption of smart city development has contributed to the growing popularity of geospatial analytics. A centralized information system based on GIS provides an IT infrastructure for installing and managing applications and data throughout every stage of the development life cycle of smart cities. This offers lucrative opportunities for the market. Geospatial imaging analytics refers to a collection of tools that help to analyze geospatial data obtained from sources such as GPS, satellite imagery, and mapping in order to provide valuable insights to facilitate critical business decision-making. This system is essentially a big data analytics platform that employs predictive analytics to help both private and public sectors in risk assessment, disaster management, urban development, and climate monitoring. Geospatial imaging analysis provides more detailed images than 3D and 2D analysis.
The geospatial imagery analytics market is being fueled by the use of big data and artificial intelligence (AI) to enhance geospatial imaging analytics solutions, as well as fierce competition among market players. In addition, the growth of the geospatial imagery analytics market will be driven by increasing income and advancements in analytics technology. The COVID-19 pandemic had a negligible effect on the geospatial analytics market. During the pandemic, many organizations, such as healthcare providers and governments, adopted geospatial techniques to deliver medical supplies and medications. Various countries also faced unique difficulties that had an impact on response efforts, which were addressed using geospatial analytics. Many companies are now updating their solutions to incorporate AI and ML technologies to provide more accurate insights. This trend is expected to continue over the forecast period, especially with the emergence of 5G technologies. New startups are expected to drive the demand for geospatial analytics shortly.
The Global Geospatial Imagery Analytics Market size is valued at USD 16.04 billion in 2023. It is projected to reach USD 116.9 billion by 2030, Growing at a CAGR of 32.8% during the forecast period (2023-2030).
The growth of the geospatial imagery analytics market will be accelerated by the proliferation of loT devices and the expansion of 5G networks, leading to increased opportunities for market development. National security and safety concerns, as well as a surge in demand for small satellites, will further stimulate market growth. Despite this, legal barriers and government regulations on geospatial data hinder the geospatial imagery analytics industry. Additionally, combining geospatial analytics data with enterprise solutions may pose a challenge to the market growth rate in the forecast period. The market is being driven by the need for better decision-making processes, risk assessment, and disaster management, particularly in the corporate and public sectors. The integration of geospatial data with other enterprise solutions is also expected to contribute to the market's growth, despite potential legal constraints and government regulations. Overall, the geospatial imagery analytics market is poised for continued growth and innovation in the coming years.
The geospatial imagery analytics market is currently experiencing significant growth, with North America and Europe leading the charge in terms of market share. With the advancement of big data, IoT, AI, and ML, these regions have been able to incorporate geospatial technologies in a way that improves communication and efficiency across various industries. This trend is expected to continue throughout the forecast period.
However, Asia-Pacific is poised to register the highest CAGR during this time frame. This can be attributed to the increasing number of start-ups in the region, as well as growing government funding for geospatial technologies. As a result, the Asia-Pacific region is expected to play a significant role in the future of the geospatial imagery analytics market. The growth potential of the geospatial imagery analytics market is further supported by the increasing demand for location-based services, which rely heavily on geospatial technologies.
In November 2021, Planet Labs acquired VanderSat to deliver advanced agriculture data products to customers.
In October 2021, Ola recently acquired geospatial startup GeoSpoc to develop and enhance its next-generation location intelligence technology.
In September 2021, RMSI partnered with NDMA, the Home Ministry, and several state disaster management authorities for designing disaster modeling solutions.
In August 2021, google Cloud partnered with Planet, a leading provider of daily data and insights about Earth to create joint solutions that combine the planet’s high-frequency Earth observation data with Google Cloud’s cloud-based infrastructure to enable better data-driven decision-making.
Geospatial technologies and 5G networks are closely intertwined, forming a powerful combination that can revolutionize the way governments design cities, focus public services, and engage with citizens. The accurate location data provided by geospatial technology is invaluable in creating smarter cities, and this data needs to be available in real-time to enable effective decision-making. However, 5G's higher frequencies, which are essential to carry massive amounts of data, have a limited range that can be easily obstructed. Despite this challenge, many countries are investing heavily in 5G technology and developing infrastructure to attract foreign direct investments to their countries. This trend is expected to continue as governments and businesses recognize the immense potential of geospatial and 5G technologies to drive growth and innovation in a variety of fields. As the two technologies continue to evolve and improve, their combined impact on society is expected to be truly transformative, unlocking new opportunities and driving progress around the world.
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