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.
Large Enterprises segment to hold a larger market share during the forecast period
The Large Enterprises 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 solution 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.
Among regions, North America to hold largest market share during the forecast period
North America is expected to dominate the market due to early technology adoption and the presence of a large number of solution providers. The growing technology investments and improving penetration of the retail and manufacturing vertical are expected to drive the market growth of APAC during the forecast period. China, Japan, and India have displayed ample growth opportunities in the Geospatial imagery analytics market.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Geospatial imagery analytics market.
- By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
- By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%
- By Region: APAC: 30%, Europe: 30%, North America: 25%, MEA: 10%, Latin America: 5%
The report includes the study of key players offering Geospatial imagery analytics solutions and services. It profiles major vendors in the global Geospatial imagery analytics market. The major vendors in the global Geospatial imagery analytics market include 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).
The market study covers the Geospatial imagery analytics market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as type, collection mediums, deployment mode, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Geospatial imagery analytics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.