In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Geospatial imagery analytics is a wide range solution system which provides both image and video data of the earth. Geospatial imagery analytics support to integrate, operate, gather, examine and display geospatial data which is collected through GPS, satellite imagery, mapping and many other sources. Geospatial imagery analysis provides precise images related to 2D and 3D analysis. Geospatial imagery analytics supports private as well as government sectors and also inspect risk assessment and mitigation disaster management, climatic conditions and urban planning.
The geospatial imagery analytics market, in terms of value, is estimated USD 3.75 Billion in 2017 and is expected to grow rapidly during the forecasted period at a good CAGR. Development of geographic information system (GIS) technology and convergence of geospatial information with conventional technologies are expected to stimulate the growth of geospatial imagery analytics market globally over the forecasted period. Increase in requirement for geospatial data from the mining, engineering, manufacturing and construction industries are also expected to increase the growth of geospatial imagery analytics market globally.In terms of regional platform, Europe holds the latest market share in geospatial imagery analytics market due the advance infrastructure for image collection and calibration which in turn provides a promising environment for the adoption of geospatial imagery analytics technology. Technological advancements and rapid digitalization across all industries are expected to bolster the growth of the geospatial imagery analytics market in this region. CLICK TO DOWNLOAD SAMPLE REPORT
Asia Pacific is expected to be the fast growing market for geospatial imagery analytics in terms of revenue due to larger number of internet users and increasing adoption of connected devices. Increasing growth of imagery technologies along with demand for customization especially in developing economies such as China and India are expected to spur the growth of geospatial imagery analytics market in this region over the forecasted period. Growing large number of startups and government investments in geospatial imagery technology are also expected to drive the market of geospatial imagery analytics in this region.North America is expected to show to a rapid growth during the forecasted period. For the progress of smart cities there is a high requirement for exact base maps and utilities which are provided by the geospatial imagery analytics technology. These factors are expected to stimulate the growth of geospatial imagery analytics market in this region. Rise in the production of geospatial imagery analytics due to the demand for geospatial imagery analytics in wide range of verticals such as environment monitoring, defense & security, mining & manufacturing, government, utility & natural resources, engineering & construction, insurance, agriculture, healthcare & life sciences and other markets in this region are expected to spur the growth of geospatial imagery analytics market over the forecasted period.
Our-in depth analysis of the global geospatial imagery analytics market includes the following segments:
Global geospatial imagery analytics market is further classified on the basis of region as follows:
Growing commercialization of spatial data, increasing demand for safety and security emergence of cloud based geospatial imagery analytics and incorporation of spatial data with conventional technology are the factors expected to stimulate the demand for geospatial imagery analytics market globally over the forecasted period. Growing number of start-ups and increasing developments in analytics technologies are also expected to drive the market of geospatial imagery analytics globally.Growing amount of data from global navigation satellite systems, aerial surveys using photographic cameras, digital cameras, satellite remote sensing and radar are expected to generate a demand for geospatial imagery analytics market globally over the forecasted period. Machine learning and artificial intelligence (AI) helps to process the satellite imagery to identify objects and patterns automatically.
Technological advancements in geospatial imagery analytics have increased the adoption of geospatial technologies such as global positioning system (GPS), remote sensing (RS) and geographical information system (GIS). This factor also expected to spur the growth of geospatial imagery analytics market globally over the forecasted period. Growing penetration of geographical information system technology in the service industry and rising usage of location based data are also the major factors which are expected to boost the market growth of geospatial imagery analytics market globally over the forecasted period.Data accessibility and security are the major concerns for the growth of geospatial imagery analytics market globally.
Some of the examples of market players in the global geospatial imagery analytics market identified across the value chain include: