The global geospatial imaging market size was valued at USD 1.73 billion in 2022 and is expected to be worth USD 2.02 billion in 2023. The market is projected to reach USD 5.84 billion by 2030, recording a CAGR of 16.4% during the forecast period.
Geospatial imaging captures, analyzes, and interprets a wide range of complex imagery and data pieces of the Earth’s surface and its features. It uses advanced technologies, such as aerial photography, mapping systems, LiDAR, and remote sensing, to analyze this data. The growing need for 3D maps for road networks and cities is predicted to fuel the geospatial imaging market growth.
Fortune Business Insights™ displays this information in a report titled, "Geospatial Imaging Market, 2023-2030."
https://www.fortunebusinessinsights.com/geospatial-imaging-market-107834
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Asia Air Survey Co., Ltd (AAS) (Japan)
- Cyient Limited (India)
- ESRI, Inc. (U.S.)
- Fugro N.V. (Netherlands)
- Hexagon AB (Sweden)
- NV5 Global, Inc. (U.S.)
- Pasco Corporation (Japan)
- Surdex Corporation (U.S.)
- Trimble, Inc. (U.S.)
- Woolpert Inc. (U.S.)
Segments
Rapid Infrastructure Development and Maintenance to Augment Demand for Vehicle Mounted Devices
By platform, the market is categorized into drones, vehicle mounted device, mobile, and backpack. The vehicle mounted device segment is expected to dominate the geospatial imaging market share during the forecast period as these devices are used to enable the rapid development and maintenance of infrastructure.
Growing Need for Imaging Solutions from Construction Sector to Boost Product Use in Corridor Mapping Applications
Based on application, the market is segmented into corridor mapping, engineering, environment, exploration, ADAS and others. The corridor mapping segment dominated the market and is expected to register significant growth during the forecast period as the construction sector is increasingly demanding robust imaging solutions.
Infrastructure Industry to be a Major Product End-User with Rising Need for Surveying and Mapping from AEC Sector
By end-user industry, the market is divided into infrastructure, transportation & logistics, real estate, energy & utilities, and others. The infrastructure segment has captured a dominant position in the market as there is a high demand for surveying and mapping services from the Architecture, Engineering & Construction (AEC) industry.
With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage:
The report provides an in-depth analysis of the industry and highlights major areas such as optimization of the operating services and R&D capabilities. It also provides key insights into the market share, regional analysis, trends, competitive landscape of various companies profiled in the report, porter’s five forces analysis. The report also covers top industry developments. In addition to the above-mentioned factors, it sheds light on several factors that have contributed to the market growth in recent years.
Drivers and Restraints:
Increasing Demand for 3D Mapping of Cities and Road Networks to Fuel Market Growth
The significance of geospatial data has increased tremendously in recent years due to factors such as large-scale urbanization and rollout of advanced infrastructure development projects. This data will be used by end-users for land management, effective planning, and infrastructure monitoring activities. Using 3D maps of cities can help individuals visualize their surroundings and easily identify the landmarks, understand spatial relationships between different factors, and navigate through complex road networks. These factors are expected to augment the usage of geospatial imaging solutions.
However, rising concerns regarding data security and privacy as well as high data storage needs might impede the market growth.
Regional Insights:
North America to Dominate Global Market Due to Presence of Leading Companies
North America is expected to dominate the global market as the region has a vast presence of leading geospatial imaging solution developers such as Trimble Inc., Fugro N.V., ESRI Inc., NV5 Global, Inc., and many others.
Europe held the second-largest share in the market as the adoption of geospatial technologies increased tremendously for environmental control and asset management.
Competitive Landscape:
Leading Market Players to Focus on Technological Advancements, Emerging Markets, and Drone Imaging Solutions
The market is highly competitive due to the presence of leading companies such as Fugro N.V., Trimble, Inc., NV5 Global, Inc., ESRI Inc., Hexagon AB, Cyient Limited, Woolpert Inc., and others. These firms are increasing their focus on technological innovations, emerging markets, and drone imaging solutions to solidify their market presence.
Key Industry Development:
June 2023 - Axim Geospatial, LLC, a subsidiary of NV5 Global Inc., was given a prime contract with the National Geospatial-Intelligence Agency (NGA) under the GEOINT Enterprise Operations Service and Solutions Program with Industry, Core Mission Operations (GEO-SPI B). GEO-SPI B is a seven-year, multi-award deal worth around USD 900 million, aimed at offering robust geospatial intelligence (GEOINT) to NGA's Analysis and Source Directorates.
