Geospatial imagery analytics industry is projected to witness significant growth over the coming years attributing to major factors such as increasing investments in satellite technologies, high demand for location-based technologies, and rapid adoption of drones for surveillance. Moreover, increasing use of geospatial image analytics by intelligence & defense agencies to recognize as well as decrease cross-border terrorist activities will also favor the market growth.
As per a Global Market Insights, Inc., research report, geospatial imagery analytics market is slated to surpass an $8 billion valuation by 2025.
Recently, several industry players are increasingly focusing on improving their product portfolios through numerous strategic means like mergers, acquisitions, new product launches, and partnerships. Citing an instance, in October 2020, European Space Imaging, a leading supplier of global imagery in North Africa and Europe, reportedly signed a new partnership agreement with Satellogic, a renowned player in geospatial analytics and satellite imagery industry.
Being the first to sign onto the Geospatial Imagery Global Consortium of Satellogic, European Space Imaging would further provide sales and tasking assistance across North Africa and Europe. The new partnership is poised to substantially boost tasking capabilities and also introduce hyperspectral imagery to customers. Currently, Satellogic operates nearly 5 commercial imagery satellites and has further planned to launch nearly 60 by 2023.
Below are some of the key trends that are likely to influence geospatial imagery analytics industry growth:
Growing demand for video-based geospatial imagery analytics
With respect to analytics type, the video-based analytics segment is likely to grow at a CAGR of around 25% over the forecast time period. This anticipated growth is ascribed to the growing adoption of surveillance cameras and drones by businesses in order to analyze and use video content for supporting their day-to-day operations. Moreover, organizations are also offering analysis systems and video recording, which are best for capturing videos mainly for post-mission mapping, real-time reporting, and mobile mapping surveys.
Increasing product demand from the Agriculture sector
In terms of application, agriculture application segment is expected to showcase a growth rate of over 25% through the forecast time frame owing to rapid adoption of drones and remote sensing technologies for enhancing farming methods. Geospatial imagery analytics techniques are effectively helping dampen the adverse effects of natural disasters and below par farming techniques by analyzing the geospatial data that is captured using drones. In fact, these techniques make sure the safety of crops as well as the judicious usage of natural resources. Additionally, government authorities are also engaging in enhancing the farming techniques by using geospatial imagery analytics, which would further stimulate revenue growth.
Also Read: 5 trends influencing growth prospects of mobile satellite services market
Rising product demand across North America
On the geographical front, North America region is anticipated to witness a distinguished level of growth over the analysis timeframe. In 2018, the region held a maximum market share of around 35% of the overall market. The anticipated regional growth is attributed to the development of novel satellite technologies. Government authorities across the region are increasingly focusing towards surging the investments in space research technologies, which would predominantly outline the industry growth. Meanwhile, increasing deployment of novel satellite navigation systems are also likely to support the development of the geospatial imagery analytics market in the region.
With the surging investments, prominent market players are frequently innovating new solutions to strengthen their position in the industry landscape through new partnerships. Citing an instance, in October 2020, SkyWatch, a leading software company, and Picterra, which enables users to train ML models to automate the detection of objects within geospatial imagery, reportedly announced their new partnership and a novel unique joint program.
The new partnership would allow Picterra to become one of the top solution providers in the market for extracting insights with self-serve EO imagery and AI/ML tools. It would further enable any firm to efficiently access unique geospatial intelligence as well as analytics capabilities. In comparison to traditional methods of data analysis, this platform is 95% faster and is also 90% more affordable than data science services.
Pitney Bowes, Inc., Geospatial Analytics, Inc., Bentley Systems, Environmental Systems Research Institute, Inc., Maxar Technologies Inc. (DigitalGlobe, Inc.), Hexagon AB, Autodesk, Inc., RMSI Private Limited, General Electric Company, Oracle Corporation, Harris Corporation, KeyW Holding Corporation, Planet Labs, Inc., Google, Inc., and Fugro N.V. are some of the key players operating in the geospatial imagery analytics market.
