Geospatial Imagery Analytics Market Expected to Reach 10.21 Billion USD by 2021
According to market research report "Geospatial Imagery Analytics Market by Type (Image and Video), Collection Medium (GIS, Satellite, UAV), Vertical (Defense & Security, Insurance, Agriculture, Healthcare & Life Sciences), and Region - Global Forecast to 2021", published by MarketsandMarkets, the global geospatial imagery analytics market is estimated to grow from USD 2.77 Billion in 2016 to USD 10.21 Billion by 2021, at a CAGR of 29.8% between 2016 and 2021. The market is primarily driven by convergence and integration of geospatial technology with mainstream technologies, need for security and safety, and commoditization of geospatial information.
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“Among types, the image segment is expected to dominate the market during the forecast period”
The global geospatial imagery analytics market, by type, has been segmented into image and video. The image segment is expected to hold the largest market share during forecast period, from 2016 to 2021. Existing use of earth imagery in applications across industry verticals, increasing demand of high resolution imagery, and availability of low cost earth imagery sources are expected to help the image analytics segment hold the largest market share during the forecast period.
“Among verticals, the healthcare & life sciences segment is projected to grow at the highest CAGR between 2016 and 2021”
Geospatial imagery analytics provides ways to tackle public health related issues by delivering intelligent analysis of images and maps. Geospatial imagery analytics also helps the healthcare & life science industry in delivering public healthcare services by monitoring and analyzing the changing environmental conditions. The increased application of geospatial imagery analytics in healthcare & life sciences is expected to significantly drive this segment’s market during the forecast period.
“North America is expected to hold the largest share of the global geospatial imagery analytics market during the forecast period”
On the basis of region, the global geospatial imagery analytics market has been segmented into North America, Asia-Pacific (APAC), Europe, the Middle East & Africa (MEA), and Latin America. The European region is estimated to lead the global geospatial imagery analytics market in 2016, having accounted for the largest market share. However, North America is expected to dominate the market from 2017 onwards. Presence of key market players, such as UrtheCast Corporation, DigitalGlobe, Inc., Trimble Inc., Harris Corporation, and Satellite Imaging Corporation, among others will drive the adoption of geospatial imagery analytics in this region.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and new product launches adopted by various key players to increase their shares in the global geospatial imagery analytics market. Some of the major vendors of geospatial imagery analytics solutions are Hexagon AB (Sweden), DigitalGlobe, Inc. (U.S.), UrtheCast Corporation (Canada), Trimble Inc. (U.S.), and Harris Corporation (U.S.), among others.
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