According to a research report "Geospatial Imagery Analytics Market Size by Type (Imagery Analytics and Video Analytics), Collection Medium (Satellites, UAVs, and GIS), Application, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2026" According to a research report, the geospatial imagery analytics market is projected to grow from USD 9.1 billion in 2021 to USD 37.5 billion by 2026, at a CAGR of 32.8% during the forecast period. The key factors driving the growth of this market include the rise of geospatial imagery analytics technologies and the increasing competition.
The spread of COVID-19 has been disrupting the world, businesses, and economies and has impacted the way of living of the masses and approaches adopted by enterprises for their business management. The COVID-19 pandemic has impacted all the elements of the technology sector. The hardware business is predicted to have the most impact in the IT industry. Due to the slowdown of the hardware supply and the reduced manufacturing capacity, the IT infrastructure growth has slowed down. The software and service businesses are also expected to slow down for a short span of time. However, the adoption of collaborative applications, location-based applications, security solutions, big data, and AI is set to witness an increase in the remaining part of the year. The pandemic has affected the geospatial imagery analytics market, but companies are still leveraging geospatial imagery analytics solutions and hardware for facility management, virus tracking, people tracking and management, and smart quarantining. Governments, as well as private companies across verticals, are adopting geospatial imagery analytics solutions to keep citizens indoors as well as track them.
Cloud segment to account for higher CAGR during the forecast period
The Geospatial imagery analytics market is bifurcated on the basis of cloud and on-premises. The market size of the cloud deployment mode is estimated to be larger and projected to have a higher CAGR during the forecast period. The cloud-based deployment helps businesses more efficiently process and report data findings, enhance collaboration, and enable decision-makers to get faster access to business intelligence leading to its higher adoption in the Geospatial imagery analytics market.
SMEs segment to hold a larger market size during the forecast period
The SMEs segment is a faster-growing segment in the Geospatial imagery analytics market during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. The adoption of Geospatial imagery analytics software and services among large enterprises is high due to the ever-increasing adoption of the cloud, and the trend is expected to continue during the forecast period.
Healthcare and Life sciences segment to have a higher growth rate during the forecast period
Geospatial imagery analytics helps in decision-making by providing real-time information that can support decisions and deliver actionable insights for the vertical. It offers insights that can aid in enhancing the efforts put into patient care, enhance services, and improve existing procedures.
APAC to hold higher CAGR during the forecast period
APAC is showing a substantial rise in the adoption of Geospatial imagery analytics solutions and services during the forecast period. The increasing volumes of data, advancements in AI and big data technologies, growing concerns about data integrity, and rising demand for useful insights are major factors driving the geospatial imagery analytics market across APAC. Countries such as China, and Japan are focusing on enhancing the management of data to enable data-based business decisions and enhance business processes.
Major vendors in the global Geospatial imagery analytics market Google (US), Microsoft (US), Oracle (US), L3Harris Corporation (US), Hexagon AB (Sweden), ESRI (US), TomTom (Netherlands), Trimble (US), Alteryx (US), RMSI (India), Maxar Technologies (US), Ola (India), Planet Labs (US), Orbital Insight (US), UrtheCast (Canada), Geocento (UK), Sparkgeo (Canada), Mapidea (Portugal), ZillionInfo (US), Geospin (Germany), OneView (Israel), Boston Geospatial (US), SafeGraph (US), Hydrosat (US), GeoVerra (Canada), and Slingshot Aerospace (US).
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