The global geospatial imagery analytics market is expected to grow from $7.44 billion in 2021 to $9.57 billion in 2022 at a compound annual growth rate (CAGR) of 28.6%. The geospatial imagery analytics market is expected to grow to $25.04 billion in 2026 at a CAGR of 27.2%.
The main types of geospatial imagery analytics are video-based analytics and imagery analytics. Imagery analysis, or image analysis, collects meaningful information from images, mainly from digital images utilizing digital image processing techniques. Image analysis tasks are as simple or as sophisticated as identifying a person from their face or reading bar-coded tags.
The different technologies include global positioning systems (GPS), geographical information systems (GIS), remote sensing (RS), unmanned aerial vehicles (UAVs), and are deployed through the cloud and on-premises. The different organization sizes include large enterprises, small and medium-sized enterprises (SMEs), and are used in agriculture, mining and manufacturing, defense and security, energy, utility, and natural resources, government, healthcare, insurance, and other applications.
North America was the largest region in the geospacial imagery analytics market in 2021. The regions covered in the geospacial imagery analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for small satellites is expected to drive the growth of the geospatial imagery analytics market going forward. The small satellites are usually less than 100 kg, or the size of suitcases. These satellites are used in imagery analytics for analyzing small pieces of information across the globe with less cost, and more reliable and accurate results in minute operations.
In addition, Starlink, a US-based satellite internet company, and OneWeb, a UK-based communications company, are responsible for nearly all of the 1,743 tiny satellites launched in 2021, accounting for nearly 95 percent of the total upmass. Thus, the upsurge in demand for small satellites drives the growth of the geospatial imagery analytics market.
Technological advancements have emerged as the key trend gaining popularity in the geospatial imagery analytics market. Major companies operating in geospatial imagery analytics are introducing new technological innovations to sustain their position in the market.
For instance, in January 2021, Esri, an Indian-based company that manufactures geospatial imaging analytics systems, launched a new technology known as the ArcGIS Platform. Esri's ArcGIS Platform works on a cloud consumption model. App developers typically utilize this technology to identify how to incorporate location capabilities into their apps, business processes, and products. It helps in providing easy access to geospatial technology.
In May 2021, Foursquare, a US-based location technology company, acquired Unfolded for an undisclosed amount. This acquisition would allow Foursquare to provide customers with access to different first-party and third-party data and apply it to the spatial features. Unfolded is a US-based company that offers location-based services and products, from geospatial data visualization to data enrichment and analytics.
Companies Mentioned
Oracle Corporation
Hexagon AB
Environmental Systems Research Institute Inc. (ESRI)
TomTom International B.V
Trimble Inc.
RMSI Private Limited
Planet Labs Inc.
Maxar Technologies Inc.
L3Harris Corporation
UrtheCast Corporation
Google Inc.
Harris Corporation
ZillionInfo
Orbital Insight
Mapidea
Scope Markets Covered:
1) By Type: Video-Based Analytics; Imagery Analytics 2) By Geospatial Technology: Global Positioning System (GPS); Geographical Information Systems (GIS); Remote Sensing (RS); Unmanned Aerial Vehicles (UAVs) 3) By Deployment Mode: Cloud; On-Premises 4) By Organization Size: Large Enterprises; Small and Medium-Sized Enterprises (SMEs) 5) By Application: Agriculture; Mining and Manufacturing; Defense and Security; Energy, Utility, and Natural Resources; Government; Healthcare; Insurance; Other Applications
