Earth observation satellites, Unmanned Aerial Vehicles (UAVs) and airborne sensors are today incessantly feeding to the repository of Earth’s images. The demand for this unprecedented data supply has been of increasing interest to a number of industries, who then use analytical tools to infer about the patterns, trends and anomalies about the earth’s environment and other events. Geospatial imagery analytics includes the analysis of modules, below and above the earth’s surface, gives more precise results than 2D and 3D analysis, and thus supports both the public and the private sectors to make informed decisions, risk assessment, disaster management, urban planning etc. It has hence been one of the most promising markets in recent times and is poised to grow strongly over the next few years.
Both imagery and video analytics have contributed to the growth of the marketability of Geospatial Image Analytics, with video analytics segment poised to have a greater growth potential due to the rising demand for drone video surveillance across industries. The UAVs are the fastest growing among the various collecting mediums due to their cost-effectiveness over other mechanisms. All said and done, some of the key factors leading to the exponential growth of the Geospatial Image Analytics market are:
- Technological Developments: The increasing use of data from various geospatial technologies like GPS (Global Positioning System), GIS (geographical information system), RS (Remote Sensing) etc. have been one of the primary factors that has led to the phenomenal growth of the geospatial image analytics market. This, coupled with increasing advancements in Artificial Intelligence and Big Data has increasingly helped market players combine principles from diverse fields of machine learning and computer vision to stay competitive and make sustainable profits.
- Increasing Penetration of GIS Technology: The increasing use of geographical information system technology in the service industry, the growing usage of location data and the high demand for open, interoperable solutions is probably the key factor that has boosted the geospatial imagery analytics market. GIS data is now an integral for many industries, and firms today need to analyze the humungous data generated from GIS collectors using analytics, thus laying down a strong foundation for the geospatial image analytics market to grow at rapid pace.
- Actionable insights: Unearthing accurate high-level abstractions, and geospatial imagery analytics solutions provide actionable insights to various businesses. Rising awareness among business houses regarding this particular advantage of geospatial imagery analytics is helping them in formulating effective strategies for growth and expansion. Established firms are expected to continue using this information to sustainably maintain and grow their market share. On the other hand, the newer ones are using it to increase their value propositions, yet again a key driver that will lead to strong growth in the market.
- Increasing Safety and Security needs: The increasing need for video surveillance systems (for diverse reasons like pattern recognition, perimeter detection, incident detection, and crowd management among others) has become more basic than ever (and are set to grow in the coming years) is another crucial factor that will drive the geospatial imagery analytics market.
- Rise in use of data analysis: Geospatial analytics solutions are being increasingly used both by governments and private sector organizations for umpteen functions such as surveying, disaster risk reduction, monitoring climate change, medicine and public safety. And the list is not exhaustive. Data Analysis helps the decision makers in drawing insights out of the sea that lies out there. Geospatial imagery captures the requisite data, which is then appropriately processed by data analysts and applied in appropriate filters and then conceptualize the sorted data to draw meaningful insights using data modelling, predictions and trend analysis.
Taking advantage of the market opportunities, key players are using geospatial imagery analytics tools to penetrate the market further and tap emerging economies. The market is booming, and hence firms will continue to focus on innovations, which will, in turn, lead to a lot of mergers and acquisitions, partnerships and collaborations in coming years.
Author: Pratik Patra
Pratik is a Writer, Artist, and Technocrat from India. He is an engineer from IIT Bombay and is currently pursuing his MBA from XIMB.