Geospatial Imagery Analytics Market - A Global and Regional Analysis: Focus on Application, Solution, and Country - Analysis and Forecast 2022-2032
Global Geospatial Imagery Analytics Market to Reach $32.78 Billion by 2032
Segmentation 1: by Application
- Agriculture and Forestry
- Sustainability and Natural Resource Monitoring
- Oil and Gas
- Civil Government
- Construction and Infrastructure Development
- Disaster Management
- Business Intelligence
- Finance and Insurance
Based on application, the global geospatial imagery analytics market is expected to be dominated by the construction and infrastructure development segment during the forecast period. This is due to increased demand for geospatial technologies in applications such as 3D modeling, digital twin, and urbanization of cities.
Segmentation 2: by Solution
- Data Acquisition
- Data Processing
- Integrated Delivery Platform
Based on Solution, the global geospatial imagery analytics market is expected to be dominated by the analytics segment during the forecast period. This is due to the increasing size of data sets from multiple sources requiring more efficient analytics to understand the data.
Segmentation 3: by Region
- North America - U.S., Canada
- Europe - France, Germany, Russia, U.K., and Rest-of-Europe
- Asia-Pacific - China, India, Japan, and Rest-of-Asia-Pacific
- Rest-of-the-World - the Middle East and Africa and Latin America
Europe accounted for the highest share of 29.88% in the global geospatial imagery analytics market by value in 2021, owing to a significant number of companies based in the region.
Recent Developments in Global Geospatial Imagery Analytics Market
- In September 2022, Satellogic signed a three-year agreement with the Government of Albania to build a dedicated constellation. The company's high-quality imagery will resolve Albania's significant issues, such as illegal construction, illegal crops, traffic management, wildlife monitoring, and border security.
- In September 2022, TomTom N.V. signed a partnership with Hyundai Motor Group (HMG) to provide its maps and real-time traffic data. HMG will use TomTom’s high-quality maps for its entire Europe vehicle lineup.
- In August 2022, Esri signed a renewed partnership with the National Technical Information Service (NTIS) of the US Department of Commerce. As per this partnership, NTIS would be able to access geospatial data in order to analyze and support government agencies in enhanced decision-making capabilities.
- In August 2022, BlackSky Technology Inc. received a contract from NASA to evaluate the quality of the company’s imaging data services for the Commercial Smallsat Data Acquisition (CSDA) Program. The company would provide its dawn-to-dusk imagery data for NASA’s Earth science mission.
Demand - Drivers and Limitations
Following are the drivers for the global geospatial imagery analytics market:
- Increasing Need for Data-Driven Decision Making
- Increasing Threat Perception Related to Natural Disasters (Impact of Climate Change)
Following are the challenges for the global geospatial imagery analytics market:
- Presence of Legacy Systems Delaying Integration with Next-Gen Solutions
- Lack of Mutual Sharing of Data Across Regional Stakeholders
Following are the opportunities for the global geospatial imagery analytics market:
- Cheaper Geospatial Solutions for Small and Medium Enterprises
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different solutions of the geospatial imagery market available for the management of geospatial data globally. Moreover, the study provides the reader with a detailed understanding of the different geospatial imagery analytics market by solution, and by application.
Growth/Marketing Strategy: The global geospatial imagery analytics market has seen major development by key players operating in the market, such as business expansion activities, contracts, mergers, partnerships, collaborations, and joint ventures. The favored strategy for the companies has been contracted to strengthen their position in the global geospatial imagery analytics market. For instance, in May 2022, Maxar Technologies Inc. received a contract from National Reconnaissance Office (NRO) to provide commercial imagery for Electro-Optical Commercial Layer (EOCL) program. Maxar would provide high-resolution commercial imagery for 10 years to U.S. government missions in this contract.
Competitive Strategy:Key players in the global geospatial imagery analytics market analyzed and profiled in the study involve geospatial solutions providers. Moreover, a detailed competitive benchmarking of the players operating in the global geospatial imagery analytics market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as contracts, partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
- The increase in adoption of artificial intelligence (AI) and machine learning (ML) for geospatial data analytics platforms has placed a high demand for the geospatial imagery market during the forecast period.
- Furthermore, rising in small-satellite deployment provides high-resolution, low-cost, and quick imagery delivery.
Global Geospatial Imagery Analytics Market Overview
The global geospatial imagery analytics market is estimated to reach $32.78 billion in 2032 from $24.25 billion in 2021, at a growth rate of 2.90% during the forecast period 2022-2032. Geospatial imagery analytics companies have witnessed a significant demand for applications such as disaster management, agriculture, cartography, and natural resources survey.
Market Lifecycle Stage
Geospatial data analytics has a long history since it started in the 1960s and was first used by Canada to use geographic information systems (GIS) to create a map-based inventory of natural resources. The first automated process of collecting geospatial data was developed by collaborating with IBM programmers for Canadian territory.
Today, the geospatial analytics market has changed significantly, and geospatial analytics has diverse applications. It is used for data collection, understanding the relationship between multiple data sources to analyze the trend, and accurate predictions. Geospatial analytics has spread over various applications such as weather monitoring, surveillance, urban planning, and disaster management. Geospatial imagery analytics have depended more on imagery from multiple sources, such as satellites, aerial vehicles, and aircraft.
Furthermore, the rise in the deployment of small satellites for Earth observation in low Earth orbit (LEO) has generated demand in the geospatial analytics market. The small satellites have made the imagery data more accessible and cost-effective. So, the users are dealing with a large influx of data, raising the demand for geospatial analytics. For instance, in January 2022, Planet Labs PBC, an Earth-imaging company, launched 44 SuperDove satellites onboard Space X’s Falcon 9 rocket.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of the company's coverage, product portfolio, and market penetration.
The top segment players leading the market include established players of geospatial imagery analytics, who constitute 40% of the presence in the market. Other players include start-up entities that account for approximately 60% of the presence in the market.
Some prominent names established in this market are:
- BlackSky Technology Inc.
- Capella Space
- Descartes Labs, Inc. (Antarctica Capital, LLC)
- EagleView Technologies, Inc.
- GHGSat Inc.
- L3Harris Technologies, Inc.
- Maxar Technologies Inc.
- MDA Ltd.
- Planet Labs PBC
- Spire Global, Inc.
- TomTom N.V.
- VETRO, Inc.
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