The global geospatial imagery analytics market is increasingly competitive mainly on the account of prevailing forces of consolidation that prompt prominent players to merge with larger companies, notes Transparency Market Research (TMR). The competition offered by incumbent players for new entrants into the market is also intense. A growing number of players in the market are leveraging the potential of strategic acquisitions, collaborations, and partnerships to either gain a get a better foothold or to consolidate their shares. TMR finds that several regional players are focusing on consolidating their distribution networks across various geographic regions to strengthen their positions during the assessment period.
Prominent vendors and suppliers in the market are increasingly offering integrated geospatial imagery solutions and are developing user-friendly software to meet the range of needs of end-use industries, observes TMR. Top players operating in the geospatial imagery analytics market are Hexagon AB, Harris Corporation, Esri, DigitalGlobe, TomTom International B.V., Trimble Inc., and WS Atkins plc. These players are also making sizeable investments in research and development activities to stay ahead of others.
The global geospatial imagery analytics market stood at US$4,567.0 Mn in 2016 and is projected to rise at a CAGR of 7.0% from 2018 to 2026. Expanding at this pace, the opportunities in the market is estimated to reach a worth of US$8,951.5 Mn by 2026 end.
On the regional front, Asia Pacific is projected to serve the maximum demand for geospatial imagery analytics in the global market. The regional is projected to rise at a CAGR of 7.5% during 20182026.
The various technologies for which geospatial imagery analytics are used comprise Global Positioning Systems (GPS), geographical information systems (GIS), remote sensing, and unmanned aerial vehicles. Of these, GIS is expected to witness potentially large demand among end-use industries. The vast popularity stems from the robust capabilities GIS has in storing and analyzing geospatial data.
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Burgeoning usage of GIS Analytics propels Market Expansion
The lucrative growth of the global geospatial imagery analytics market rides on the back of the rapid strides that the application of geographical information systems is making in several end-use industries, mainly in the area of disaster management. The rising usage of GIS in climate change, carbon management, flood management, in integrating, analyzing, and detecting patterns in geospatial data is a notable factor propelling the growth of the geospatial imagery analytics market. The substantial usage of location-based services among worldwide consumers is catalyzing the demand for geospatial imagery analytics solutions. Moreover, the rising need for navigation systems in several end-use industries is fueling the demand for geospatial imagery analytics solutions.
The staggering data volumes being generated from GPS devices, world over, is a notable trend bolstering the demand for geospatial imagery analytics solutions. Moreover, the proliferating usage of connected mobile devices, particularly smartphones, in various economies of the world is fueling the market growth.
The extensive demand for GIS for law and security in the government sector is accentuating the market growth. The overall market will greatly benefit from the rapid advances being made in GIS technologies and advancement in systems for extracting geospatial information.
Rising Application of Retail and Agriculture Insurance Sectors create Lucrative Avenues
The market is witnessing attractive strides contributed by burgeoning usage of video-based and image-based analytics in the industries such as construction, manufacturing, and defense and security. However, the public access to online satellite image may cause considerable concerns to the national security and integrity if found in the hands of unscrupulous parties with criminal or nefarious motives. This may render the analytics to be misused, thereby impeding the growth of the market.
Nevertheless, the adoption of better security and privacy measures by providers of geospatial imagery may help allay these concerns. The market will immensely benefit from the burgeoning demand for geospatial imagery analytics in the retail and agriculture insurance sectors. For instance, the usage of unmanned aerial vehicles (UAVs) for crop health monitoring is gathering steam among farmers, farm owners, and agriculturists, world over.