Technological innovations in geospatial imagery analytics solutions are widening their application base. The integration of artificial intelligence (AI) and big data in these analytics solutions for an efficient and faster analysis of data has led to the delivery of meaningful insights about the happenings on the earth, in less time. The need for the extraction of meaningful data and classification of its large volumes has led to the widescale adoption of these solutions in the healthcare, defense, retail and e-commerce, disaster management, and banking, financial services, and insurance (BFSI) sectors.
Currently, an increasing number of nano and small satellites are being launched by numerous countries to offer an array of services to the public, including TV channels and weather updates. These satellites are smaller and lighter than the traditional satellites, usually less than 500 kg, and therefore, easier to launch. Organizations such as the National Aeronautics and Space Administration (NASA) and Space Exploration Technologies Corp. are investing heavily in these satellites because they offer frequent, quicker, low-cost, and broader access to space.
The collection medium segment of the geospatial imagery analytics market is categorized into geographic information systems (GIS), unmanned aerial vehicles (UAVs), satellites, and others, which include airships, helicopters, balloons, and helikites. Amongst these, the GIS category accounted for the largest market share in 2017 due to the widescale utilization of GIS systems in the government, oil and gas, aerospace and defense, and water and wastewater treatment sectors. Moreover, the UAVs category is predicted to grow the fastest in the forecast period. This can be ascribed to the increasing adoption of UAVs by government agencies to collect geospatial information.
Geospatial imagery analysis is used for network analysis, geovisualization, and surface analysis, for various purposes, such as surveillance and monitoring, energy and resource management, conservation and research, exhibition and live entertainment, construction and development, and disaster management. These industries are mostly using network analysis solutions to cut down the additional cost incurred and time used due to inefficient networks. These solutions are most suitable for analyzing definitive paths, such as roads, drains, canals, and rivers, with pinpoint precision.
Geographically, Europe made the most use of geospatial imagery analytics in 2017 due to the integration of machine learning and AI in these solutions and growing commoditization of geospatial data. Apart from this, government organizations in European nations are adopting geospatial analytics for public safety and security, as technological developments have led to the introduction of numerous such solutions. During the forecast period, the Asia-Pacific (APAC) geospatial imagery analytics market will register the fastest growth. This can be attributed to the increasing number of connected devices and rising penetration of the internet in the region.
Therefore, advancements in geospatial imagery analysis solutions are encouraging governments and private companies to go for them.