Covering eight industry use cases, the report forecasts that the demand for enhanced and integrated imagery analytics intelligence will uncover new opportunities, and exploration of location data integrated with IoT systems will offer low-cost solutions and customized services. Location-based, real-time surveillance, says the firm, is the fastest-growing geospatial technology and expected to be the main driver of the earth observation industry in the future.
"The rising demand for real-time surveillance and location-based intelligence services will pave the way for new companies to enter the geospatial services sector," says Priyanka Gopalakrishnan, Research Analyst. "Access to geospatial data will become simpler in the future, with government downstream operators expected to provide data without any regulation."
"However, the entry of multiple drone players is likely to increase the pressure on satellite companies," says Gopalakrishnan. "Compared to satellite operators, drone operators use high-resolution cameras to capture images and can perform operations at much lower costs."
Advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), cloud, big data, and blockchain are expected to bring new value propositions into the market and promote innovative business models across various geospatial applications.
"Advanced geospatial technologies would allow the delivery of products and services at lower costs, which will bring new customers into the sector," says Gopalakrishnan. "Additionally, the geospatial imagery-based analytics market can perform operations on a small budget."
According to the firm, market participants should invest in the research and development of geospatial applications and their use cases in the following sectors:
- Agriculture: There's an increased need for real-time prospecting, analytics solutions for damage assessment and insurance estimation using AI. Fully automated drone operators will enable autonomous seeding, spraying and mapping, along with soil nutrient and moisture monitoring.
- Automotive: Smart cities, autonomous driving, and business intelligence are expected to be the main growth fields in the future. Drone technology, IoT, AI and ground-based sensors will permit real-time traffic monitoring and control plus logistics