Geospatial Imagery Analytics Market Size – USD 4.16 Billion in 2018, Geospatial Imagery Analytics Market Growth – CAGR of 28.2%
NEW YORK CITY, NEW YORK, UNITED STATES, March 24, 2020 /EINPresswire.com/ — The Global Geospatial Imagery Analytics market is forecast to reach USD 30.51 Billion by 2026, according to a new report by Reports and Data. The geospatial imagery data market demand is attributed to the rising demand for GIS services by enterprises to understand customer preferences to increase their sales in the targeted demography. The businesses are using geospatial data to improve their informative decision making. Government authorities are concentrating on improving disaster management by analyzing the data collected by spacecraft and GIS for reducing the effects of natural catastrophes such as earthquake, flood, and tsunami.
The authorities are investing massively in satellite technologies to capture high-resolution geospatial images and videos for diminishing cross-border terrorist activities for national security. The geospatial imagery data market growth is fueled by the adoption of GIS technology across the shipping and logistics sectors. As transportation and logistics vendors are looking for cost-effective resolutions to optimize their fleet operations, geospatial analytics is supporting these companies by providing data related to road conditions and traffic congestions.
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The demand for safe & secure mining processes is enabling enterprises to shift toward geospatial imagery analytics solutions. Geospatial imagery analytics is promoting mining companies in target mineral exploration, evaluating mining conditions, model mine construction, and displaying geochemical & hydrological data.
The region of Asia Pacific is budding with mining activities as well as telecom and agriculture. The developing countries are looking at India and China as global market leaders. These countries consist of over 35% population across the globe, and the application of geospatial imagery in this region will expand at a very high rate.
Further key findings from the report suggest
• Video Analytics segment is set to experience the highest CAGR of 29.6% during the forecast period. This is owing to the increased utility of videos over images where weather changes and climatic aberrations can be monitored for determining weather conditions.
• Geographic Information System segment had held a market share of 33.9% in the year 2018. Geographic Information System utility uses a system of physical facilities to produce data to customers connected to those facilities throughout a geographical area, which helps in choosing consumers for a market.
• Mining segment is set to experience a CAGR of 28.0% during the forecast period. Geospatial imagery analytics is benefiting mining companies in target mineral research, evaluating mining provisions, model mine construction, and presenting geochemical & hydrological data.
• Asia Pacific is forecasted to experience the highest CAGR of 29.0% during the forecast period. Countries like India, China, and Japan are rapidly catching up with the growth in the geospatial imagery analytics market. The increasing use of geospatial imagery data in insurance, agriculture, and engineering and construction businesses of Asia Pacific is fuelling the growth of the market in this region.
• Key participants are AeroVironment Inc., Alphabet Inc., Autodesk, Inc., Bentley Systems Inc., Environmental Systems Research Institute, Inc. (ESRI), Fugro N.V., Harris Corporation, HEXAGON AB, , Maxar Technologies Inc., and Oracle Corporation, among others.
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For the purpose of this report, Reports and Data have segmented into the global Geospatial Imagery Analytics market on the basis of analytics type, source type, end-users, and region:
Analytics Type Outlook (USD Billion; 2016-2026)
• Imagery Analytics
• Video Analytics
Source Type Outlook (USD Billion; 2016-2026)
• Geographic Information System
• Satellite Imagery
End-Users Outlook (USD Billion; 2016-2026)
• Oil & Gas
• Transportation & Logistics
Regional Outlook (USD Billion; 2016-2026)
• North America
• Asia Pacific
• Latin America
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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Source: EIN Presswire