Showing posts with label Geospatial Imagery Analytics Market. Show all posts
Showing posts with label Geospatial Imagery Analytics Market. Show all posts

Geospatial Imagery Analytics Market Predicted to Grow at a CAGR of 28.7% in Coming Years

The global geospatial imagery analytics market is expected to reach $14,687.9 million by 2023, registering a CAGR of 28.7% during the forecast period. The rising demand for such solutions from enterprises due to the strong competition and advancements in the geospatial imagery analytics technology is the major factors driving the growth of the market. Indian Space Research Organisation (ISRO) launched 104 satellites in February 2017, out of which 88 were small satellites. Since nano and small satellites are of low mass and size, usually under 500 kg, they are easier to launch. This means that the number of satellites around the earth will be increased, leading to high-revisit rates and greater data frequency. Due to these advances in satellite manufacturing (ranging from creating unique designs to mass assembly of standard products), the adoption of space-based sensing with continual improvements in image resolution at a lower cost is expected to increase. This is further predicted to drive the adoption of geospatial imagery analytical methods.

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Geospatial Imagery Analytics
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Geospatial imagery analytics is used to leverage and recognize the unique characteristics of unstructured geospatial data (geospatial images and videos). The method helps understand the specifications and intricacies of an area by identifying the patterns and relations in a geographic space and the changes they experience over time. The global geospatial imagery analytics market was expected to reach $3,196.2 million in 2017, and it is further projected to grow at a CAGR of 28.7% in the near future. Apart from satellites, geospatial imagery is collected through geographic information system (GIS) and unmanned aerial vehicles (UAVs). 

Technological advancements are driving the adoption of geospatial imagery analytics. The manual processing done for analyzing any pattern or demographic change in large datasets, after the images have been captured by collection mediums, make the whole process slow, complex, and monotonous. In order to deal with this, service providers are focusing on integrating the deep learning, artificial intelligence (AI), and big data technologies in geospatial imagery analytics and are integrating these in their services rapidly. Various industries, such as banking, financial services & insurance (BFSI), disaster management, retail & e-commerce, and military, are getting beneficial results from these technological advancements. The demand for these services has risen considerably in the recent past as these technological advancements enable end-users with a faster and more-efficient analysis of data.

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A great opportunity for geospatial imagery analytics market players has arisen due to the increasing use of location-based services (LBS), which make use of such technology. According to a study, the number of users utilizing LBS in the U.S. alone grew from around 196 million to nearly 219 million during 2016–2017. This rise in the use of these services is due to the increasing number of internet-enabled devices around the world.

Location-based features are generally integrated in internet-connected devices to help consumers in the interpretation of real-time maps for useful insights. At the core of LBS are geospatial data analytics services. Hence, the growing adoption of smartphones and the quick sharing capability of hyper-local information is leading to the rising adoption of LBS, thereby further creating growth opportunities for the vendors providing these services.

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