DUBLIN, Nov 23, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Geospatial Imagery Analytics Market - Global Forecast to 2021" report to their offering.
The geospatial imagery analytics market is estimated to grow from USD 2.77 Billion in 2016 to USD 10.21 Billion by 2021, at a high CAGR of 29.8% during the forecast period. Convergence and integration of geospatial analytics with IT, telecommunication, and the internet is considered to be one of the important factors responsible for the growing application and adaptability of geospatial imagery analytics across varied industries. Furthermore, commoditization of geospatial data and its increasing demand for safety and security significantly propels the growth of the market. On the basis of type, the image segment is projected to lead the market during the forecast period. Most data inputs taken for geospatial imagery analytics is in image form, acquired through satellites, UAVs, GIS, and other sources. Currently, video-based geospatial imagery analytics is considered an attractive option for organizations owing to the increasing demand for video surveillance systems. The GIS (geographic information system) segment is projected to lead the global market, by collection medium, during the forecast period. GIS has given a significant boost to the geospatial imagery analytics market due to increase in the amount of geospatial information gathered through smart phones, GPS devices, and social media, among others. The UAV segment is expected to reflect highest growth over the forecast period due to the increasing use of UAVs for aerial photography as well as in remote sensing for mapping and surveying. Among verticals, the defense & security segment is projected to lead the global geospatial imagery analytics market during the forecast period. This can be attributed to the increasing demand for geospatial imagery analytics solutions from the defense and security sectors for intelligence, surveillance and reconnaissance (ISR). However, the healthcare & life sciences segment is projected to grow at the highest CAGR during the forecast period owing to the increasing usage of geospatial imagery analytics for the deployment of value-based healthcare services and population health management across the globe.