Geospatial Imagery Analytics Market

Geospatial Imagery Analytics Market Outlook

The geospatial imagery analytics market size is projected to be valued at USD 7.2 billion in 2023 and is expected to reach USD 44.58 billion by 2033. The sales of geospatial imagery analytics are expected to record a significant CAGR of 20.00% during the forecast period.

Various Factors Propelling the demand for the Geospatial Imagery Analytics Market are:

• The increasing use of GPS devices and various technical data is driving up demand for geospatial analytics. Recent analytics such as vessel navigation and logistics management are increasing market share globally.
• Geospatial imagery analytics software has developed into a platform for the expansion of smart cities. A centralized information system based on GIS provides an IT infrastructure for installing and managing applications and data in each step of the development life cycle of smart cities, opening up significant market potential.
• According to the Consumer Technology Association, spending on smart cities was USD 34.85 billion last year and is predicted to reach USD 54.35 billion by 2026.
• The launch of 5G is anticipated to accelerate industry growth by enabling the collection of remarkable geographic data. It is projected that the rollout of 5G network services is expected to create new opportunities for the geospatial imagery analytics market.
• Tracking a person's location, viewing optical satellite images, and conducting strategic operations are likely to drive market growth in the coming years. To support market growth throughout the forecast period, the 5G network may primarily utilize the spectrum's low-band, mid-band, and high-band sections.
• As customers were compelled to adopt ineffective, cumbersome, and error-prone data transfer techniques and a shortage of experienced personnel may serve as a market limitation over the projection period.
• To give correct insights, many businesses are modernizing their solutions through the use of AI and ML technology which is anticipated to provide lucrative opportunities for market growth.
• Due to the development of 5G technologies, this trend is expected to continue to increase over the forecast period. Shortly, new startups are expected to fuel the need for the geospatial imagery analytics market.

Attribute	Details
Market Estimated Size (2023)	USD 7.2 billion
Market CAGR (2023 to 2033)	20.00%
Market Forecasted Size (2033)	USD 44.58 billion

Geospatial Imagery Analytics Market, (2018 to 2022) Historical Sales, Compared to (2023 to 2033) Future Outlook

In contrast to the 12.5% CAGR observed between 2018 and 2022, the demand for geospatial imagery analytics is anticipated to record a CAGR of 20.00% between 2023 and 2033. Geographic information system firms are providing both existing and new data to the telecommunications industry with the aid of technologically advanced 5G networks.

The government sector is one area where geospatial imaging analytics are widely used. Technology plays a significant role in government initiatives related to urban development, property identification, agricultural protection, monitoring of geographical regions, and climate change.

Government decisions regarding crisis management, boundary management, population management, planning for green spaces, public works projects, controlling wildfires, security, and law enforcement, strategy development, emergency management, evacuation action plans, etc. are all supported by geospatial imagery analytics. The worldwide geospatial imagery analytics market is being driven by the broad range of applications in the government sector.

The geospatial imagery analytics market is also being driven by the enterprises' increased requirement for GIS services to discover customer preferences and boost sales in the targeted demography. Geospatial imaging analytics are being used by businesses to direct their decision-making.

Key Market Trends

The increasing demand for geospatial imaging analytics, rising disposable incomes, and rapid advancements in analytics technology are the main drivers of this market's expansion. Geospatial imagery analytics is projected to have and high demand in the future analytics market. In coming years, the demand for geospatial imagery analytics has improved among organizations, as it supports pathway changes in patterns and trends over a period.

The technological developments in geospatial imagery analytics have increased the acceptance of geospatial technologies including Remote Sensing (RS), a Global Positioning System (GPS), a Geographical Information System (GIS), and many others.

Also, increasing penetration of geographical information system technology in the service industry, increasing usage of location-based data, and rising demand for open interoperable solutions, are significant factors that are boosting the growth of the geospatial imagery analytics market.

Category-wise Insights

With a Revenue Share of more than 74.5%, the Imagery Analytics Category Dominated the Market

As satellite technology has improved to the point that satellites can now take high-resolution photographs, the imagery analytics category dominated the market in 2020 with a market share of roughly 74.5%. These systems record image-based geographic data as raster and vector images, which contain lines, points, and tabular graphics. These detailed images are proven to be priceless tools for geospatial analysis and modeling.

The mining applications are anticipated to record a CAGR of 25% through 2033 as a result of the rising demand for safe and secure mining operations and the high risk of accidents in the sector.

Many mining businesses are emphasizing generating more value out of their planning, mining, and data processing operations to make informed strategic decisions. One example of this is the use of geospatial imaging analytics to gain a deeper understanding of mining operations.

Sales in the government and defense industry are expected to increase by 3.3X during the analysis period.

Defense organizations employ geographic information systems in several ways, including the charting and mapping of all military actions and plans to assist in their decision-making. The administration of the defense estate can benefit greatly from GIS. One of the key benefits of using a geographic information system for managing military bases is that it makes it easier to manage and maintain all of the bases' inventories. Therefore, geospatial imagery analytics' benefits are spurring demand in this market.

Regional Analysis of the Market

Given that the region's expanding economies, particularly those of India, China, and Indonesia, are causing more people to live in cities, the market in the Asia Pacific is expected to experience massive growth.

China, South Korea, and India are setting the standard for developing 5G and IoT infrastructure, the demand for smart cities, smart infrastructure, and well-planned urban population has increased as a result of this expansion. The market in Asia Pacific is expected to expand throughout the forecast period as a result of these factors.

• To strengthen the capacity of nations, regions, and the world to respond to emergencies and to improve human health, security, and well-being, the government in China is investing in the development of a spaceborne-airborne surveillance system.
• In India, the logistics industry's new trend of ‘mobility as a service’ is rapidly expanding. Morgan Stanley predicts that shared miles are expected to account for 35% of all miles traveled in India.
• Employing cutting-edge technologies like LiDAR, businesses in Indonesia are creating new prospects for geospatial technologies. For instance, Terra Drone Indonesia, a subsidiary of Terra Drone Corporation, showcased its LiDAR-based drone surveying and mapping services for the building industry.

With a 33.6% Revenue Share in 2020, North America became the World's Significant Geospatial Imagery Analytics Market

This was due to an increase in regional spending on new satellite systems. For instance, the federal government in Canada committed around USD 54 million in December 2017 as part of its support for the International Space Station (ISS) to open the door for the advancement of innovative space robotics technology.

The Geospatial Imagery Analytics Market in the Middle East and Africa (MEA) is anticipated to reach USD 2.5 billion by 2033

UAVs are widely used in the region in the construction, agricultural, disaster management, and government sectors. Defense and intelligence organizations are likewise embracing a variety of GIS-based technologies due to the crucial function that spatial data plays in these organizations. The agencies can utilize this data to make more rapid and precise decisions about missions related to national security.

Competitive Landscape

To strengthen their market positions in the worldwide geospatial imagery analytics market, the top players are currently focusing on implementing tactics like adopting new technology, product innovations, mergers and acquisitions, joint ventures, alliances, and collaborations. There have been some significant market developments.

Some of the Key Players Operating in the Market Include:

• Trimble Navigation, Ltd.
• Hexagon AB,
• General Electric
• RMSI, Bentley Systems, Inc.
• ESRI, MDA Corporation
• Fugro N.V.
• Harris Corporation
• WS Atkins Plc.
• TomTom
• Digital Globe
• Critigen, AAM
• Nokia

Latest Developments in the Market

• Sanborn Map Company Inc., a provider of geospatial solutions for analytics, software applications, and related services to government and commercial clients, acquired Applied Geographics, Inc. in September 2022. Numerous organizations, including corporations and governments, have benefited from the help of Applied Geographics, Inc. in developing the best GIS, location intelligence, and geospatial solutions for their needs.
• In August 2022, RB Rail and Esri joined forces to integrate geographic information system (GIS) software across all project units. The system aids in putting the virtual model for the Rail Baltica project into operation. ArcGIS, a system software, by Esri handles and keep asset data in a single spatial database.

Scope of the Report

Attribute	Details
Growth Rate	CAGR of 20.00% from 2023 to 2033
Base Year of Estimation	2023
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in USD billion and Volume in Units and F-CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Key Segments Covered	Analytics Type, Deployment Model, Collection Medium, Application, By Region
Regions Covered	North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania
Key Countries Profiled	United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia
Key Companies Profiled	Trimble Navigation, Ltd.; Hexagon AB; General Electric; RMSI, Bentley Systems, Inc.; ESRI, MDA Corporation; Fugro N.V.; Harris Corporation; WS Atkins Plc.; TomTom; Digital Globe; Critigen, AAM; Nokia
Customization & Pricing	Available upon Request

Key Segments Covered in the Geospatial Imagery Analytics Market Report

Analytics Type:

• Image-based Analytics
• Video-based Analytics

Deployment Model:

• On-premises
• Cloud

Collection Medium:

• Geographic Information System (GIS)
• Satellite Imagery
• UAV

Application:

• Agriculture
• Construction
• Mining
• Oil & Gas
• Telecom
• Government
• Transportation & Logistics

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• The Middle East & Africa (MEA)

Frequently Asked Questions

What is the Growth Outlook for Geospatial Imagery Analytics Market?

A CAGR of 20% is estimated throughout 2033.

What is the market value in 2023?

The market in 2023 is valued at US$ 7.2 billion.

Which region is expected to witness robust growth?

Asia Pacific is expected to witness robust growth.

Which application is expected to grow in demand?

Mining application to expand at 25% CAGR until 2033.

Who are some prominent market players?

Trimble Navigation, Ltd, and Hexagon AB are some key players.