#Geospatial Analytics Market 2027

[sranalytics50]

CPG Analytics Solutions | Optimize Operations & Drive Growth

Consumer packaged goods (CPG) companies face unprecedented challenges in 2025, from volatile supply chains to shifting consumer preferences. Advanced cpg analytics solutions have become essential for brands seeking to optimize operations, drive growth, and maintain competitive advantage. 

With global CPG retail sales $7.5 trillion in 2024, and 71% of CPG leaders adopting AI in at least one business function, the industry is rapidly evolving toward intelligent, analytics-driven operations. Our proven methodologies help consumer goods companies unlock the full potential of their data to drive profitable growth.

Why CPG Analytics Matter More Than Ever in 2025

The consumer packaged goods landscape has fundamentally shifted. Companies using advanced analytics consistently achieve 12% lower cost of goods sold ratios compared to non-users, while those relying on outdated approaches struggle to compete. Today’s CPG data analytics requirements extend far beyond traditional reporting.

Key Industry Challenges:

Supply Chain Volatility: Commodity prices remain 20–40% above 2019 levels, with climate change affecting 85% of major food commodities

Consumer Fragmentation: Rapid shifts in purchasing behavior that traditionally took 2–3 years now occur in 2–3 months

Digital Acceleration: E-commerce is forecasted to constitute 41% of global retail sales by 2027

Sustainability Pressure: Products marketed as sustainable are growing 6x faster than conventionally marketed products

Our data analytics consulting services address these challenges through sophisticated CPG analytics platforms that integrate seamlessly with existing operations.

Transform Your CPG Business with Advanced Analytics Solutions

Demand Forecasting & Inventory Optimization

Anticipate demand fluctuations and optimize stock levels using AI-powered predictive models. Our CPG demand forecasting analytics solutions help brands reduce waste while ensuring optimal product availability.

Key Capabilities:

Predictive Demand Sensing: Machine learning algorithms analyze historical sales, weather patterns, and market signals

Dynamic Inventory Optimization: Real-time adjustment of stock levels based on regional demand patterns

Automated Replenishment: Smart restocking decisions with retailer data integration

Results: Clients typically achieve a 15–25% reduction in inventory carrying costs while improving in-stock rates by 8–12%.

Consumer Insights & Personalization

Understand your customers at a granular level and create tailored experiences that drive loyalty. Personalization leaders grow 10 points faster than laggards in the CPG space, making consumer analytics a critical competitive advantage.

Advanced Analytics Include:

Behavioral Segmentation: Deep-dive analysis of purchase patterns and preferences

Sentiment Analysis: Real-time monitoring of brand perception across digital channels

Lifecycle Value Modeling: Predictive analytics for customer retention and growth

Our approach combines traditional market research with modern consumer packaged goods data intelligence to deliver actionable insights that drive product innovation and marketing effectiveness.

Trade Promotion Optimization

Maximize promotional impact and improve ROI through data-driven campaign strategies. Currently, 59% of trade marketing promotions do not break even, representing a massive opportunity for optimization.

Promotion Analytics Solutions:

Lift Analysis: Statistical modeling to measure true promotional impact

Channel Optimization: Determine optimal promotional mix across retail partners

Competitive Intelligence: Monitor competitor promotional strategies and market response

Market Expansion & Competitive Analysis

Identify growth opportunities and outperform competitors through comprehensive CPG analytics. Our geospatial and demographic analytics help brands make informed expansion decisions.

Strategic Capabilities:

Market Opportunity Assessment: Data-driven identification of high-potential regions

Competitive Benchmarking: Performance comparison across key metrics

Channel Strategy Optimization: Determine optimal retail partner mix and distribution strategies

CPG Analytics Use Cases That Drive Growth

Real-Time Performance Monitoring

Track KPIs across multiple channels with automated dashboards and alerting systems. Our Power BI consulting services help CPG brands visualize complex data relationships and identify trends before they impact business performance.

Supply Chain Analytics

Technology is expected to generate 55–60% savings in CPG supply chains within the next decade. Our supply chain analytics solutions provide end-to-end visibility and optimization opportunities.

Digital Shelf Analytics

Monitor online product performance across e-commerce platforms. With digital channels becoming increasingly important, CPG retail analytics software helps brands optimize product listings, pricing strategies, and promotional campaigns.

The Future of CPG Analytics: AI & Machine Learning

Artificial intelligence is reshaping the CPG industry. Our latest insights on data analytics trends explore how emerging technologies are creating new opportunities for growth and efficiency.

AI-Powered Solutions:

Generative AI for Content: Automated product descriptions and marketing copy optimization

Computer Vision: Automated shelf monitoring and compliance checking

Natural Language Processing: Consumer feedback analysis and sentiment tracking

Predictive Modeling: Advanced forecasting for demand, pricing, and promotion planning

A recent McKinsey survey found that 56% of CPG companies now use generative AI regularly, indicating the rapid adoption of these transformative technologies.

Looking to optimize your data processes? Explore our guide on data cleaning automation to streamline your analytics foundation.

Success Stories in CPG Analytics

Case Study: Regional Snack Food Manufacturer

Challenge: Declining market share and inefficient promotional spend

Solution: Implemented comprehensive trade promotion analytics and consumer insights platform

Results: 23% improvement in promotional ROI, 15% increase in market share within 18 months

Case Study: Global Beverage Brand

Challenge: Complex supply chain optimization across 40+ markets

Solution: AI-powered demand forecasting and inventory optimization system

Results: $12M annual savings in logistics costs, 35% reduction in stockouts

Our proven methodologies and expert team have helped dozens of CPG companies achieve similar transformational results.

Why Choose SR Analytics for Your CPG Transformation

As a specialized data analytics consulting firm, SR Analytics brings deep industry expertise and technical excellence to every CPG engagement. Our team combines statistical rigor with practical business acumen to deliver solutions that drive real results.

Our Advantages:

Industry Expertise: Deep experience across food & beverage, personal care, household products, and specialty CPG categories

Technical Excellence: Advanced capabilities in machine learning, statistical modeling, and data visualization

Integration Focus: Seamless connection with existing ERP, CRM, and retail data systems

Scalable Solutions: From pilot projects to enterprise-wide transformations

Getting Started

Ready to transform your CPG business with advanced analytics? Our consultation process begins with a comprehensive assessment of your current data infrastructure and analytics maturity. We then develop a customized roadmap that aligns with your business objectives and delivers measurable value.

Contact our CPG analytics experts today to schedule your free strategy session and discover how data-driven insights can accelerate your growth in 2025 and beyond.

[infinitiresearch]

Geospatial Analytics Market| Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast, 2023 – 2027

Originally published on Technavio: Geospatial Analytics Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast 2023-2027

### **Geospatial Analytics Market Research Report**

#### **1. Executive Summary**

- Overview of the Geospatial Analytics market. - Key findings and market trends. - Market growth prospects.

#### **2. Introduction**

- Definition and significance of Geospatial Analytics. - Historical development and evolution in the geospatial technology and analytics sectors.

#### **3. Market Size and Forecast**

- Historical market size and growth. - Current market size and trends. - Future projections and factors influencing growth.

#### **4. Market Dynamics**

- Drivers of market growth (increased use of location-based data, advancements in satellite technology, growing demand for business intelligence). - Challenges and obstacles (data privacy concerns, integration complexities, regulatory hurdles). - Opportunities for market expansion (integration with IoT, development of smart cities, adoption in agriculture and natural resource management).

#### **5. Segmentation**

- Types of Geospatial Analytics solutions (satellite imagery, GPS tracking, GIS software) and their market share. - Regional segmentation and market presence.

#### **6. Competitive Landscape**

- Major Geospatial Analytics solution providers and their market share. - SWOT analysis of key companies. - Trends in partnerships, acquisitions, and technological innovations.

#### **7. Regulatory Environment**

- Overview of regulations affecting the Geospatial Analytics industry. - Compliance challenges and opportunities.

#### **8. Satellite Imagery and Remote Sensing Trends**

- Growth and trends in satellite imagery and remote sensing technologies. - Impact on applications in agriculture, forestry, disaster management, and urban planning.

#### **9. Location-Based Services and Navigation**

- Trends in location-based services and navigation technologies. - Impact on consumer applications, transportation, and logistics.

#### **10. Geographic Information System (GIS) Software Trends**

- Growth and trends in GIS software. - Impact on spatial analysis, mapping, and visualization.

#### **11. IoT Integration and Spatial Data Analysis**

- Trends in integrating Geospatial Analytics with the Internet of Things (IoT). - Impact on real-time monitoring, asset tracking, and predictive analytics.

#### **12. Smart Cities and Urban Analytics**

- Trends in Geospatial Analytics for smart city development. - Impact on infrastructure planning, traffic management, and public safety.

#### **13. Agriculture and Natural Resource Management**

- Growth and trends in using Geospatial Analytics in agriculture and natural resource management. - Impact on precision farming, environmental monitoring, and resource optimization.

#### **14. Climate Change and Environmental Monitoring**

- Trends in using Geospatial Analytics for climate change and environmental monitoring. - Impact on climate modeling, deforestation tracking, and disaster risk reduction.

#### **15. Case Studies**

- Successful implementations of Geospatial Analytics solutions. - Challenges faced by organizations and lessons learned.

#### **16. Future Outlook**

- Emerging trends in Geospatial Analytics technology. - Anticipated changes in technology adoption and market dynamics.

To Learn deeper into this report , View Sample PDF

#### **17. Recommendations**

- Strategic recommendations for organizations implementing Geospatial Analytics. - Areas for further research and development.

#### **18. Conclusion**

- Summarize key findings. - Concluding thoughts on the future of the Geospatial Analytics market.

For more information please contact.

[likelyyouththing]

Geospatial Analytics Market Emerging Technologies, Growth, And Regional Forecast To 2027

the Geospatial Analytics Market is projected to grow from USD 67.4 billion in 2022 to USD 119.9 billion by 2027, at a CAGR of 12.2% during the forecast period. The key factors driving the growth of this market include the rise of geospatial analytics technologies and the increasing competition. GIS may be used to monitor facilities that are available and organize interventions. The mapping of demographic data aids in the monitoring of high-risk populations and vulnerable areas. The geospatial technology anticipates and analyses organizational risk regions and monitors operational capabilities to increase business continuity.

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Cloud segment to account for higher CAGR during the forecast period

The Geospatial analytics market is bifurcated on the basis of cloud and on-premises. The market size of the cloud deployment mode is estimated to be larger and projected to have a higher CAGR during the forecast period. A combination of spatial technologies with cloud computing offers an alternative platform for data, making it affordable and scalable. The deployment type comes with flexible subscription-based pricing models, and access to the services is provided through cloud-deployed network connectivity. A geospatial cloud providing GIS as SaaS offers many analytic and visualization capabilities.

SMEs segment to account for higher CAGR during the forecast period

The SMEs segment is a faster-growing segment in the Geospatial analytics market during the forecast period as the demand for geospatial analytics in organizations is increasing. The deployment of geospatial analytics varies according to the needs of different end users. The increasing volume of location-based spatial data in SMEs is one of the major factors driving the growth of the geospatial analytics market.

APAC to hold higher CAGR during the forecast period

APAC is showing a substantial rise in the adoption of Geospatial analytics solutions and services during the forecast period. The number of people living in cities has dramatically increased because of the region’s rising economies, including those of Indonesia, China, and India. This expansion has increased demand for smart cities, smart infrastructure, and well-planned urban landscapes. Leading the development of 5g and IoT infrastructures are China, South Korea, and India. These factors will lead the APAC market to grow at the quickest CAGR over the next years.

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/geospatial-analytics-market-198354497.html

Major vendors in the global Geospatial analytics market Esri (US), Precisely (US), Caliper Corporation (US), Blue Marble Geographic (US), Google (US), eSpatial (Ireland), HexagonAB (Switzerland), TomTom (Netherlands), Trimble (US), Maxar Technologies (US), RMSI (India), Maplarge (US), General Electric (US), Bentley Systems (US), Fugro (Netherlands).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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[emaanderson]

Geospatial Imagery Analytics Market Share, Demand and Current Trends Analysis Till 2027

The geospatial imagery analytics market, in terms of value, is estimated USD 3.75 Billion in 2017 and is expected to grow rapidly during the forecasted period at a good CAGR.

The global geospatial imagery analytics market is segmented by analytics into  image analytics and video analytics; by technology into global positioning systems (GPS), geographical information systems (GIS), remote sensing, unmanned aerial vehicles (UAVS) and others (helicopters, balloons, and airships); by vertical into defense & security, insurance, agriculture, healthcare & life sciences and others; by application into surveillance & monitoring, construction & development, energy & resource management, geospatial, conservation & research, disaster management, exhibition & live entertainment and others.

Geospatial imagery analytics is a wide range solution system which provides both image and video data of the earth. Geospatial imagery analytics support to integrate, operate, gather, examine and display geospatial data which is collected through GPS, satellite imagery, mapping and many other sources. The geospatial imagery analytics market, in terms of value, is estimated USD 3.75 Billion in 2017 and is expected to grow rapidly during the forecasted period at a good CAGR.

In terms of regional platform, Europe holds the latest market share in geospatial imagery analytics market due the advance infrastructure for image collection and calibration which provides a promising environment for the adoption of geospatial imagery analytics technology.

Asia Pacific is expected to be the fastgrowing market for geospatial imagery analytics in terms of revenue due to growing urbanization, increasing adoption of geospatial technologies along with rising need for proficient space management and rising number of geospatial imagery analytics startups.

North America is expected to show to a rapid growth during the forecasted period. Hefty investments for the expansion of geospatial technologies and increase in the production of geospatial imagery analytics due to the demand for geospatial imagery analytics in varied range of verticals such as mining & manufacturing, environment monitoring, defense & security and utility & natural resources.

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Rising Penetration of Geographic Information System (GIS) Technology

It is expected that the global geospatial imagery analytics market is chiefly driven due to the increase in adoption of geospatial information system (GIS) technology. Rapid increase in the number of connected mobile devices led to rise in penetration of consumer navigation systems. GIS is widely used in disaster management and related applications such as climate change, flood management and carbon management. These factors are expected to drive the market growth of geospatial imagery analytics globally.

Through GIS technology users can analyze, integrate and detect patterns for large amounts of geospatial data sets. Numerous factors such as rise in geospatial information generated through smart phones, GPS devices and Google have resulted in the demand for GIS technology which further expected to increasethe demand for geospatial imagery analytics market globally.

Technological Advancements in Geospatial Imagery Analytics

Technological advancements are expected to drive the growth of the geospatial imagery analytics market globally. Generallywhen images are taken by several collection mediums they are manually processed which makes the process slow and complex. To overcome this problem, key market players are using artificial intelligence (AI), big data and deep learning technologies with geospatial imagery analytics technology.

These technologiesprovide a faster and more efficient analysis of data which are expected to drive the growth of geospatial imagery analytics market globally over the forecasted period.

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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the geospatial imagery analytics market which includes company profiling ofHexagon AB, Harris Corporation, Digital Globe, ESRI, Google, Trimble Navigation, Ltd., MDA Corporation, General Electric, Planet Labs, RMSI Private Limited, Satellite Imaging Corporation and WS Atkins Plc.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global geospatial imagery analytics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

[kritikapatil]

Telco Data Monetization Market Growing Popularity and Emerging Trends in the Industry

Latest added Telco Data Monetization Market research study by AMA Research offers detailed outlook and elaborates market review till 2027. The market Study is segmented by key regions that are accelerating the marketization. At present, the market players are strategizing and overcoming challenges of current scenario; some of the key players in the study are

CARTO (United States)

Atos (France)

Aerospike, Inc. (United States)

TUATARA. (Poland)

Adastra (Canada)

Meiro (Singapore)

InMobi Telco Solutions (India)

VoltDB (United States)

VIAVI Solutions Inc. (United States)

Optiva, Inc. (Canada)

Mahindra ComViva. (India)

SmarTek21, LLC. (United States)

Covalensedigital (India)

Data Monetization is known as the process of obtaining quantifiable economic benefits from using data. It is widely used in number of industry. In telecommunication industry, monetising mobile even data is becoming one of the profitable business for telecom operators. It is conducted by external and internal data monetisation. Increasing focus of telecom operators on adopting big data based analytics for handling their routinely operated data is impacting on the market demand in positive manner.  Geographically, North America region is expected to grow with the highest market share over the forecast period followed by Europe and Asia Pacific. Presence of leading market players creating hub for market providers further impacting on market profitability in better manner.

Influencing Trend: Up surging Demand for Cloud based Data Monetisation

Challenges: Lack of standardization & Less Adoptions across MEA regions

Opportunities: Growing Implementation of IOT & 5G in Telecom Industry

Augmenting Demand for Telco Data Monetization in Location based Value Chain 

Mounting Adoption of Market Locator by Leading Telecom operators

Market Growth Drivers: Rising Telecom Industrial Infrastructure across the Globe

Huge Data Creation in Routinely Operations

Higher Demand for Embed Analytics for Telecom Offerings

The Global Telco Data Monetization segments and Market Data Break Down by Type (Internal Data Monetization, External Data Monetization), Application (Geospatial Data, Location Intelligence Solutions, Foot Traffic Offering, In-house Analytics, Zero Touch Operation, Others), Monetization Methods (Data as a service, Insight as a service, Analytics-enabled platform as a service, Embedded analytics), Deployment (Cloud, On Premise)

Presented By

AMA Research & Media LLP

[emergenresearch]

Coastal Surveillance Market Trends, Revenue, Key Players, Growth, Share and Forecast Till 2028

The global coastal surveillance market size is expected to reach USD 43.19 Billion at a steady CAGR of 3.1% in 2028, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rise in asymmetric engagement, advancements in technologies, and increasing focus on coastline security across various countries. Asymmetric threats are a major concern for coastal security, including offshore asset protection. A significant portion of global critical infrastructure such as oil wells, pipeline loading arms, floating LNG platforms, and drilling rigs are located offshore. Coastal surveillance systems, through geospatial analytics, assist in detecting asymmetric threats by deploying Artificial Intelligence (AI) to execute real-time data analysis to prevent any such engagements, thereby preventing substantial monetary losses. Also, coastal surveillance systems are capable of tracking and recording any illegal activity and identifying the mothership, and the recorded radar image can be produced in a court of law.

Our sample copy includes a brief analysis of the Coastal Surveillance market, the List of Tables and Figures, the market’s competitive scenario and geographical segmentation, and product innovation and future developments based on a sought-after research methodology.

Click the link to get a Free Sample Copy of the Report: @https://www.emergenresearch.com/request-sample/644

Competitive Outlook: The leading companies operating in the Coastal Surveillance market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.

Top Companies Operating in the Coastal Surveillance Market and Profiled in the Report are:

Elbit Systems Ltd., HENSOLDT UK, Thales Group, Indra Sistemas SA, Terma A/S, Frequentis AG, Konsberg Gruppen, Northrop Grumman Corporation, Saab AB, and FLIR Systems

Objectives of the Report:

Study of the global Coastal Surveillance market size by key regions, types, and applications with reference to historical data (2017-2018) and forecast (2020-2027)

Industrial structure analysis of the Coastal Surveillance market by identification of various sub-segments

Extensive analysis of key market players along with their SWOT analysis

Competitive landscape benchmarking

Analysis of Coastal Surveillance market based on growth trends, futuristic outlook, and contribution to the total growth of the market

Analysis of drivers, constraints, opportunities, challenges, and risks in the global Coastal Surveillance market

Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances

Enquire for customization in Report @:https://www.emergenresearch.com/request-for-customization/644

Segments Covered in this report are:

  Type Outlook (Revenue, USD Billion; 2018–2028)

Large Scale Coastal Surveillance

Moderate Scale Coastal Surveillance

Application Outlook (Revenue, USD Billion; 2018–2028)

Maritime Monitoring

Intelligence, Surveillance, and Reconnaissance

Search & Rescue

Electronic Warfare

Others

End-Use Outlook (Revenue, USD Billion; 2018–2028)

Naval

Coast Guard

Others

Regional Analysis:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Browse Detailed Research report @https://www.emergenresearch.com/industry-report/coastal-surveillance-market

Thank you for reading our report. For further queries regarding the report or customization options, please connect with us. Our team will ensure you get a report well-suited to your needs.

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Covid-19 Impact Analysis on Drone Analytics Market With Future Business Opportunities and Top Competitor Analysis

The report "Drone Analytics Market by Industry (Agriculture, Engineering & Infrastructure, Insurance, Energy & Power, Defense & Security, Telecommunication, Public Safety, Transportation & Logistics), Application, Type, Solution and Region - Global Forecast to 2027" The drone analytics market is estimated to be valued at USD 2.1 billion in 2022 and is projected to reach USD 6.5 billion by 2027, at a CAGR of 25.5%. This growth can be attributed to the rising demand for agricultural drones, the increasing use of drones in defense, and new application areas like thermal detection being carried out using drones, among others. The manufacturers of drones are focusing on expanding their business to meet the increasing demand for drone analytics.

Browse 214 market data Tables and 40 Figures spread through 240 Pages and in-depth TOC on "Drone Analytics Market by Industry (Agriculture, Engineering & Infrastructure, Insurance, Energy & Power, Defense & Security, Telecommunication, Public Safety, Transportation & Logistics), Application, Type, Solution and Region - Global Forecast to 2027"

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/drone-analytics-market-237350517.html

Players in the Drone Analytics Market such as AgEagle (US), AeroVironment (US), Skydio (US), ESRI (US) are some of the leading companies in this market. Other key players in the market are Draganfly (Canada), and Delta Drone (France). The report covers various industry trends and new technological innovations in the drone analytics Market for the period, 2018-2027.

Drone Data Created With Point Cloud

Point clouds are like natural clouds made of millions of condensed water droplets. Point clouds contain millions of geospatially connected points, producing a three-dimensional virtual mass. From the images created during a drone survey, distinct features are detected that can be observed in several images. Utilizing the location of the camera sensor, the location of each distinct feature can be calculated with triangulation. To establish a coordinate for a distinct point from drone imagery, the point must be taken in two images with known positions.

AI Inspection

Utility companies manage massive infrastructure networks, including poles, conductors (wind power and telecom towers), and substations. Taking a thorough snapshot of these assets requires utilizing a variety of different sensors for powerline inspections. These sensors consist of light detection and ranging (LiDAR), color (RGB), hyperspectral, and thermal imagery. This permits the drone mapping software to seize everything such as the vicinity of vegetation, infrastructure assets, and hot spots indicating potential fire risks. That is a lot of data to secure, catalog, and process. There are a lot of specific elements within that data, even in just one image, to pinpoint and categorize, let alone do so precisely. Sorting billions of data points across all those sensors is an impossibly time-exhausting task to do manually.

SaaS Segment Projected to Lead the Drone Analytics Market by Type, During the Forecast Period

Based on type, the Software as a Service (SaaS) segment is estimated to account for the largest share of 78% of the drone analytics market in 2022. This segment is projected to grow from USD 2.3 billion in 2022 to USD 8.4 billion by 2027.

North America Region Accounts for Largest Market Share in Drone Analytics Market

North America led the drone analytics market in 2022, with the US accounting for the largest share of the regional market. . The analytics market in the US is continuously growing due to ongoing technological developments in drones and autonomous ground vehicles. North America has always been a center for free trade. It supports the growth of different industries and businesses.

Major drone analytics Market players present in North America include Skydio (US), ESRI (US), AeroVironment (US) and AgEagle (US).

Don’t Miss Out on Business Opportunities in Drone Analytics Market. Speak to Our Analyst and Gain Crucial Industry Insights That Will Help Your Business Grow.

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[qrtumb]

Global Forestry Software Market Analysis, Report, and Outlook

Global Forestry Software Market was valued at USD 1.25 billion in 2021 and is slated to reach at USD 3.78 billion by 2027 at a CAGR of 14.59 % from 2022-2027.

Forecasting, inventory management, harvesting, and contract administration are just a few of the duties that users of forestry software may manage in the forest business. The software helps businesses anticipate harvest volumes and allocate resources more effectively. Calendars can be created by users to plan operations and assign resources to projects involving lumber. Industry managers rarely use tools to help them follow rules and industry standards. Acceptance of forestry software makes it easier to manage forests by minimising manual paperwork and offering a streamlined system for handling all activities.

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Market Drivers

A growing need for a new hybrid business model platform that can handle automated processes and old forest business operations on a single platform is anticipated to boost the market. In order to boost the effectiveness of software platforms, organisations are investing in technologies that incorporate big data technology. The market for forestry software is anticipated to grow as a result of this. The forestry software industry is being driven by the rising use of cloud-based applications and support software. Due to decreased operational expenses and infrastructure failures, cloud-based forestry software is becoming more and more popular among forestry enterprises. The need for purchasing and installing storage as well as computing hardware is removed with cloud-based forestry software.

The global market for forestry software is expanding as a result of the rising need for AI-based forestry, which is a major trend. Numerous industrial sectors, including forestry, where data gathering and analytics are essential for efficient operations and supply chain management, have been transformed by advances in artificial intelligence (AI) technology and research.

Market Restraints

Growth during the growth era may be hampered by a number of problems, including high financial costs and a lack of professional awareness and expertise among forest supervisors.

Impact of COVID-19

The Covid-19 epidemic is anticipated to have a negative impact on the worldwide forestry software market. Wood processing firms are lowering their investment in cutting-edge software and system solutions in order to preserve revenue during the pandemic. Some businesses have refrained from making any investments in cutting-edge business solutions and instruments due to the low return on investment in logging and wood processing operations. The market for forestry software solutions is declining during the Covid-19 lockout. However, it is anticipated to expand at a moderate rate over the projection period as a result of companies' greater reliance on digital platforms.

Market Segmentation

Global Forestry Software Market is segmented into Product Type, Application, & Technology. By Product Type such as On-Premises Forestry Software, Cloud-Based Forestry Software. By Application such as Forest Management, Logging Management, Mapwork Harvester, Inventory & Logistics Management, Other. By Technology such as Cut-to-Length, Geospatial, Fire Detection.

Regional Analysis

North America is anticipated to be the largest regional market for forestry software due to early adoption of cutting-edge technologies and digital platform solutions to lower operating costs and increase efficiency in wood processing industries. The market for forestry software in the Asia-Pacific is anticipated to grow quickly during the forecast period as a result of increased investments made by major players in the region's business solutions as well as improved awareness of the advantages of forestry software platforms.

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Key Players

This report includes a list of numerous Key Players, namely A.G. Leader Technology Inc. (U.S.), AGCO Corporation (U.S.), AgJunction Inc. (Canada), AgEagle Aerial Systems, Inc. (U.S.), Valmont Industries Inc. (U.S.), Agsmart Pty Ltd (Australia), BouMatic (U.S.), CROPMETRICS (U.S.), CropX Inc. (Israel), Deere & Company (U.S.).

Market Taxonomy

By Product Type

• On-Premises Forestry Software • Cloud-Based Forestry Software

By Technology

• Cut-to-Length • Geospatial • Fire Detection

By Application

• Forest Management • Logging Management • Mapwork Harvester • Inventory & Logistics Management • Other

By Region

• North America • Latin America • Europe • Asia Pacific • Middle East & Africa.

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3D Geographic Information System (GIS) Market - Forecast(2022 - 2027)

The global 3D Geographic Information System (GIS) market size is forecast to reach $18.9 billion, growing at a CAGR of 12.6% from 2022 to 2027. 3D Geographic Information System (GIS) refers to a geographic coordinate system that utilizes a digital elevation model to capture geographical spatial information or location data in 3D format. Integration of GIS with enterprise resource planning have been eventually growing overtime, ensuring data viewing view in spatial dimension for mapping plant locations, analyze supply chain as well as track the flow of materials or finished products, within manufacturing industries. Adoption of 3D GIS helps in improving ortho rectified satellite imagery, with the capability of rectify images and providing geometrical correction, thus aiding its market growth. Additionally, rising investment on infrastructural development or construction projects, adoption of location intelligence in varied industries including defense, mining, agriculture and others, along with the increased governmental focus on tracking or monitoring of illegal or unauthorized construction buildings or property can also help in driving the market forward. Furthermore, the rising occurrence of natural calamities like earthquakes, floods and many others driving the need for disaster management, as well as growing adoption of spatial data within cloud environment is set to positively impact the growth of global 3D GIS industry in the long run.

Report Coverage

The report: “3D Geographic Information System market Forecast (2022-2027)”,��by IndustryARC covers an in-depth analysis of the following segments of the 3D Geographic Information System industry.

By Offering: Hardware (Sensors, Memory & Disk Space Devices, Others), Software, Services. By Deployment Mode: Cloud, On-premises. By Application: Telematics & Navigation, Mapping & Surveying, Building Information Modelling, Location Intelligence, Others By End Users: Building, Construction & Engineering, Government & Public Sector, Agriculture, Aerospace & Defense, Oil & Gas, Mining, Transportation & Logistics, Others. By Geography - North America (U.S, Canada, Mexico), Europe (Germany, U.K, France, Italy, Spain, Others), APAC (China, Japan,South Korea, India, Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East, Africa).

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Key Takeaways

3D GIS Software segment is analyzed to witness the fastest growth with the highest CAGR during the forecast period 2022-2027, owing to growing demand towards mobile based mapping or location tracking solutions as well as adoption of advanced technologies like cloud computing, machine learning and others.

APAC 3D GIS market held the largest share in 2021, attributing to factors like governmental initiatives for improving urban planning, and increasing demand for geospatial mapping or remote sensing applications across various industries.

Rising rate of natural calamities including earthquakes, floods and others with disaster management requirements along with growing adoption of cloud based spatial data is analyzed to significantly drive the global 3D GIS market during 2022-2027.

Global 3D Geographic Information System (GIS) Market Value Share, By Region, 2021 (%)

3D Geographic Information System (GIS) Market Segment Analysis - By Offering

Based on offering, Software segment is analyzed to witness the highest CAGR of 7.3% in the global 3D Geographic Information System (GIS) market during 2022-2027. Growing demand towards mobile based mapping or location tracking solutions, increased adoption of cloud computing, machine learning and other advanced technologies, along with need for cost effective location intelligence tools have been attributing to its market growth. Deployment of 3D GIS software models help in improving data visualization, advanced analytics, data sharing across varied platforms, real-time access with mobile or web support and many others, which eventually aids its market growth overtime. Moreover, elimination of additional hardware setup or maintenance costs, along with availability of subscription options, be it annual, monthly or free version packages with limited benefits, can be considered vital in boosting the market growth towards 3D GIS software in the long run. In September 2021, Euclideon announced the launch of a geospatial SaaS platform, named udCloud, integrated with its unlimited detail software, in order to offer management, processing as well as visualization of massive amounts of 3D spatial data. This development was meant to eliminate the data size or scale limitations, enabling faster and accurate data visualization for varied organizations or end users. Such factors are further set to propel the market demand towards 3D GIS software in the long run.

3D Geographic Information System (GIS) Market Segment Analysis - By End Users

Building, Construction & Engineering sector is analyzed to grow with the highest CAGR of 11.2% in the global 3D Geographic Information System (GIS) market during the forecast period 2022-2027. Factors attributing to the market growth includes rising construction or infrastructural projects, growing adoption of three-dimensional mapping or surveying for architecture designing, planning and others, along with rapid urbanization have been attributing to its market growth. In addition, growing emphasis on monitoring illegal constructions by government bodies as well as increasing shift towards leveraging intelligent construction management tools for geospatial analytics to reduce overall project costs and completion time period can also help in driving its market forward. Moreover, the adoption of advanced technologies for improving urban planning activities or smart infrastructural projects, along with growing investment towards construction activities will also help in assisting its market growth overtime. According to United States Census Bureau, the construction spending during September 2021 was around $1,573.6 billion, compared to $1,582.0 billion in the previous month. In October 2021, GHD Digital had revealed about achieving the Esri Partner network speciality, under which Esri will provide offering, consultation as well as implementation of ArcGIS Urban software for urban designers and planners. Through this, GHD achieved a level of expertise while offering immersive 3D experience for municipalities as well as local governments, in streamlining urban planning projects. Such factors can be considered vital in boosting the market growth of 3D GIS within construction industry in coming years.

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3D Geographic Information System (GIS) Market Segment Analysis – By Geography

North America region dominated the global 3D Geographic Information System (GIS) market with a share of 35% in 2021, and is also analyzed to have significant growth during the forecast period 2022-2027. Factors including rapid urbanization, growing demand towards geospatial mapping or remote sensing applications across varied industries, along with governmental initiatives for improving urban planning have attributed to its market growth in the region. In addition, the growing need for monitoring or tracking illegal construction buildings or sites alongside rising occurrence of natural disasters like earthquakes, floods, hurricanes and many others have been also driving its market growth forward. In October 2021, the Japan Meteorological Agency had reported a strong earthquake, with preliminary magnitude of 6.1 in Tokyo, which had the capabilities of causing damages to buildings as well as power cuts. These incidents show the need for monitoring climatic conditions, in order to generate early notification or alerts regarding disaster occurrence events. In August 2021, Lucknow Development Authority (LDA) had revealed its collaboration with the Remote Sensing Application Centre, under which digital mapping will be used as a part of monitoring unauthorized construction and infrastructures within the city limits. Such initiatives by the Indian state government for tracking illegal construction sites within the city, utilizing satellite view, drone surveys as well as Google maps are set to influence the market growth of 3D GIS in the coming time.

3D Geographic Information System (GIS) Market Drivers

Rising rate of natural calamities including earthquakes, floods and others with disaster management requirements positively impacts the market growth of 3D Geographic Information System (GIS) Market

The rising rate of natural calamities including earthquakes, floods and others with disaster management requirements can be considered as one of the major factors driving the growth towards 3D Geographic Information System (GIS) market. Adoption of 3D geospatial mapping solutions help in improving the disaster management standards through offering a detailed information to the disaster response teams, ensuring prevention, avoidance as well as tackling impact of disasters from damages to human life and property. Utilizing 3D graphical representation helps in simulating, visualizing, as well as analyzing databases more efficiently and accurately, while identifying future occurrence or probability of natural calamities, aiding its market growth overtime. According to EMDAT, 316 natural disaster events including floods, earthquakes, wildfires, landslides and others were reported globally in 2019, in comparison to 282 events during the previous year. This shows the significant rise of natural calamities occurrence over years, which in turn impacts the need for geospatial mapping based disaster management by the weather forecasting organizations as a part of early detection, identification and announcements for the people. In August 2021, the Asian Infrastructure Investment Bank had revealed about approving $125 million funding as a part of helping India’s state government, Kerala towards better preparation against natural disasters, climatic change impact and so on. Such factors are set to assist the market growth towards 3D GIS in the long run.

Growing adoption of spatial data within cloud environment positively impacts the market growth of 3D Geographic Information System (GIS)

Growing adoption of spatial data within cloud environment can also be considered as a major driver positively impacting the growth of 3D Geographic Information System (GIS) market. Factors including growing penetration of mobile device users, shift towards adoption of cloud computing, integration of GIS based mapping for spatial data analytics and so on have been attributing to the market growth. Utilization of geospatial information within cloud help in optimizing varied application areas including building information modelling, real-time data acquisition with web or mobile support, and so on, making it a cost efficient, accurate and reliable location intelligence technology, drives its market growth overtime. In October 2020, Intel announced about its partnership with 14 other geospatial as well as IT companies, in order to launch a cloud based geo visual data management platform, named Intel Geospatial. This development was done to combine multi-source data types, including satellites, manned aircraft, drones and others, to provide its customers with geo visual data management through immersive 3D visualization, analytic applications as well as enterprise integration. Such factors have been eventually helped in driving the 3D GIS market growth forward.

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3D Geographic Information System (GIS) Market Challenges

Complexities related to data analysis, elimination of irrelevant insights and handling of 3D mapping database hinders its market growth

Complexities related to data analysis, elimination irrelevant insights and handling of 3D mapping database act as one of the major factors impeding the market growth towards 3D GIS. During 3D data analysis, there can be complexities due to large scale maps, creating errors and related complexities which in turn adversely impact its accuracy levels. 3D GIS have been facing lesser adoptability across application areas where the results needs to be highly accurate and simplified, while utilizing 2D GIS models. Additionally, there can be technical issues which drive the need for eliminating irrelevant insights alongside creating the need for skilled professionals having capability of handling, managing as well as analyzing 3D geographical representations more efficiently. Such factors eventually contribute towards hampering the growth of 3D GIS market.

3D Geographic Information System (GIS) Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the 3D Geographic Information System (GIS) market. 3D Geographic Information System (GIS) top 10 companies include:

Autodesk, Inc.

ESRI Global Inc.

Hexagon AB

Topcon Corporation

SuperMap Software Co., Ltd.

Cadcorp

Trimble Inc.

Bentley Systems, Inc.

Caliper Corporation

IQGeo

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 Acquisitions/Technology Launches

In March 2021, Hexagon’s Geospatial division announced the launch of a machine learning GIS tool, named M.App Enterprise 2021, in order to update its platform used in geospatial and location intelligence applications. This development was meant to add features including a browser based 3D capability, enhanced visual effects, along with the ability to create as well as configure custom applications more easily.

In September 2020, SuperMap announced about the launch of the launch of a GIS software, named SuperMap GIS 10i (2020), as a part of supporting distributed GIS developments. This was done to incorporate technologies including 3D GIS, artificial intelligence, big data, distributed GIS and others.

In March 2020, Esri Inc. had revealed about the launch of ArcGIS analytics for IoT, at the Esri Federal GIS (FedGIS) Conference held at Washington. This development was done to enable users ingest, visualize, analyze, store as well as respond to large IoT sensor data volumes, ensuring organizations with improved situation awareness.

[mi-researchreports]

Geospatial Analytics Market is poised to grow at CAGR of 7.2 % by 2027. Factors driving the Geospatial Analytics Market are growing use of GPS devices and technological advancements.

[nita-world]

Commercial Satellite Imaging Market Reporting Commercial Satellite Imaging Market Size, Share, Growth, Trends, Analysis, Regional Outlook and Forecast - 2027

Commercial Satellite Imaging Market by Application (Geospatial Data Acquisition & Mapping, Defense & Intelligence, Energy, Surveillance & Security, Disaster Management), End-User (Commercial, Defense), Type (Small, Middle, Large) - Forecast till 2027

Key Players:

DigitalGlobe (U.S.), Galileo Group (U.S.), SpaceKnow (U.S.), Airbus (France), Harris Corporation (U.S.), Planet Labs, Inc. (U.S.), Exelis Inc. (U.S.), Blacksky (U.S.), European Space Imaging (Germany), UrtheCast (Canada) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global commercial satellite imaging market.

Commercial Satellite Imaging Market – Overview

The global commercial satellite imaging market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of commercial satellite imaging market will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2024, which will be a surplus growth at a moderate CAGR during the projected period (2018 -2024).

Commercial satellite imaging, well known as remote sensing, denotes the scanning of earth by satellite or high-flying aircraft to obtain geo-referenced information. The market for commercial satellite imaging is gaining attention with the growing requirement for disruptive satellite imagery data analytics by businesses throughout industries. It needs critical information and market understanding about various geospatial and environment conditions for efficient resource supervision.

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Geospatial information acquisition & mapping has been the largest commercial satellite imaging market across the globe. In addition, commercial platform has been the major customer of commercial satellite imaging market. It include providers of map created services such as Apple Maps, and Google Maps.

The major trends witnessed in the global commercial satellite imaging market include hyper-spectral processing image for automatic target recognition. Most of the military applications are involve in identifying objects such as a movement of vehicle tracking with the help of hyper-spectral processing image. Moreover, the use of hyper-spectral picture sensors provide image data, encompassing both spatial and spectral information. In addition, it can be reduced to detect various activities as military activities. Moreover, development in high resolution satellite imagery for applications in data related sectors such as agriculture and natural resource managing, is also a factor considerably supporting to the growth of global commercial satellite imaging market.

Global commercial satellite imaging market is driven by factors such as technological development in satellite imaging in addition, application of satellite imagery in various sectors and growing demand of location-based services (LBS) sector. Satellite imaging is used in LBS for different applications, such as navigation, local search, consumer tracking, enterprise services, location-based business intelligence (BI), location-specific health information, etc.

The intensity of rivalry in the global commercial satellite imaging market is at lesser as compared to last couple of years. Majority of the vendors in the global commercial satellite imagery market are aggressively focusing on their business growth by implementing organic and inorganic growth strategies. Presently, the global market is heading towards merging by witnessing major partnership, and acquirements among major companies. For example, DigitalGlobe lately announced its partnership with Esri and Harris Corporation, the providers of advance geospatial information.

Industry/ Innovation/ Related News:

October 2017 – DigitalGlobe migrated its total 100-petabyte imagery library to Amazon Web Services (AWS). The acquisition is intended at building machine learning models that extract data from satellite imagery library, in demand to provide detailed business insights to their customers.

October 2017 – DigitalGlobe was acquired by Maxar Technologies. This acquisition is aimed at leveraging Maxar’s expanded revenue base, core businesses, and enlarge opportunities for the future growth.

Commercial Satellite Imaging Market – Segmentation

The global commercial satellite imaging market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Application                  : Geospatial Data Acquisition & Mapping, Defence & Intelligence, Energy, Construction & Development, Surveillance & Security, Disaster Management and others.

Segmentation by End-Users                         : Commercial and Defence

Segmentation by Type                                : Small (Nano, Pico, Micro), Middle, and Large.

Segmentation by Regions                        : Comprises Geographical regions - North America, Europe, Asia-Pacific, Middle East & Africa and South America.

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Global Geospatial Analytics Market Size, Share, Trends and Growth Forecast to 2027 | VynZ Research

The Global Geospatial Analytics Market Research Report published by VynZ Research offers first-hand data, qualitative and quantitative analysis by industry analysts, and inputs from industry experts and stakeholders across the entire chain. The research examines current market trends, macroeconomic factors, regional analysis in-depth, as well as market attractiveness by segment.

The Global Geospatial Analytics Market is anticipated to be valued at USD 97.3 billion by 2027, registering a market growth rate 13.8% CAGR during the 2021-2027. The Market research offers SWOT analysis of competitors including external environment analysis and PEST analysis. Furthermore, the Market study provides business methods for dealing with COVID-19 impact on the Market.

Get a sample copy of the market report: https://www.vynzresearch.com/ict-media/geospatial-analytics-market/request-sample

Segmentation Analysis:

The study report examines significant market characteristics and latest developments, as well as research about relevant market segments and sub-segments, in-depth.

Segmentation of the Global Geospatial Analytics Market

By Component

Service

Software and Solutions

By Type

Network and Location Analytics

Surface and Field Analytics

Geo visualization

Others

By Application

Medicine and Public Safety

Climate Change Adaptation

Surveying

Disaster Risk Reduction and Management

Others

By Vertical

Automotive

Defence and Intelligence

Utility and Communication

Business

Natural Resources

Government

Others

Prominent Leading Companies and Regional Outlook of Global Geospatial Analytics Market Share Analysis

The report also covers the market's major strategic developments, such as R&D, M&A, agreements, novel product launches, collaborations, partnerships, joint ventures, and regional growth of the market's competing firms on a global and regional scale.

Furthermore, the study includes Porter's five forces analysis of the industry to understand the impact of various factors on the growth of the market, such as bargaining power of suppliers, rivalry among competitors, the threat of new entrants, threat of substitutes products or service, and bargaining power of supplier.

The major industry players across the value chain for Global Geospatial Analytics Market include:

DigitalGlobe

Alteryx

Fugro N.V.

RMSI

Hexagon

SAP

Maxar Technologies

Trimble Navigation

MapLarge

Bentley Systems

Harris Corporation

ESRI Pitney Bowes

General Electric Company

Oracle

Google

Some of the frequently asked questions addressed in the report include:

- What are the trends and drivers impacting the Global Geospatial Analytics Market?

-Preparation of SWOT and PESTLE analysis of competitors in the market.

-What are the regions covered in the report and the opportunities prevalent in the region leading to the growth of the market?

-What are the segments covered in the report and the strategies adopted by Industry Players in the Report?

-What are the innovative technologies in the market that are covered and their outlook?

-What are the regulations initiated by the government so as to expand the market?

- What are some recent trends that may have an impact on the product/service and return on investment (ROI)?

More Reports by VynZ Research:

Global Advanced Analytics Market – Analysis and Forecast (2021-2027)

Global RegTech Market – Analysis and Forecast (2021-2027)

Global Internet of Things (IoT) Market - Analysis and Forecast (2021-2027)

Global Computer-Aided Design (CAD) Software Market - Analysis and Forecast (2021-2027)

About Company:

VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. VynZ have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.

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6 Ways Machine Learning and AI are Transforming the Insurance Industry

The insurance sector has been sitting on a largely unused treasure trove of big data because it lies scattered across disparate systems. Lately, data management tools using artificial intelligence in insurance have been gaining accelerated adoption to build business intelligence. Specifically, artificial intelligence in insurance has gained popularity in claims processing and efficient underwriting, as well as risk evaluation and fraud detection.

During the pandemic, companies realized the benefits of their AI/ML applications, including natural language processing. By being able to standardize hitherto unstructured documents, it made it easier to figure out the exposure within insurance portfolios for sudden events like COVID-19.

Areas for transformation

With the global AI market estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027, AI and machine learning use in insurance are only bound to grow. Based on current trends, here are 6 ways in which AI and machine learning may find fast-tracked adoption in the insurance industry

1. Intelligent underwriting

The underwriting process in insurance depends heavily on data and analytics. It involves risk analysis and pricing, making underwriting an integral part of the insurance process. Traditionally, this vital task was entirely dependent on humans. With AI, the process of underwriting has become easier, quicker and more accurate.Intelligent underwriting algorithms can analyze customer information to create reliable customer profiles and detect risk more efficiently. Some uses of AI for risk analysis are

Photo analytics to verify damages for property and vehicle insurers

Geospatial imagery for property risk analysis, deep learning- and data science-driven risk comparison systems. Insurance companies can reduce risk exposure as well as improve the pricing mechanism of policies.

Efficient underwriting will move the benefit along to customers by charging the right rates for each applicant – personalization at its best.

Also Read:  The 4 Disruptive Technologies Reshaping Insurance Operations

2. Improved claims management

Claims management, though an integral part of the insurance industry, is a convoluted and cumbersome process. Settling a claim involves processing swathes of data and interacting with many stakeholders such as the claimant, insurance agent, underwriters, brokers, financial institutions. AI/ML applications can automate routine data checks as well as interactions, clearing up time for agents to focus on other important tasks.

Claims management software can streamline end-to-end processes, right from data scanning and processing to verifying policy details and identifying gaps or errors.

For example, Japanese insurance company Tokio Marine incorporated an AI-based claims document system to upload handwritten notices onto its cloud-based system. Due to the advances in machine learning and natural language processing, this AI-based system reduced input time by 50%, cut human error by 80% and fast-tracked claims payments for the company.

Another advantage of ML applications in claims management is the increased data security for customers. Using these advanced technologies, insurance companies can make the claims management process hassle-free.

3. Fraud detection using machine learning

In the United States alone, insurance fraud (non-health insurance) costs the industry over $40 billion in losses each year (Fbi.gov stats). From premium diversion to impersonation; scammers use numerous ways to commit insurance fraud. Insurance fraud detection using machine learning can be an efficient way to identify these scams.

Deep anomaly detection is a popular ML application to detect fraud. By analyzing large data sets of genuine claims, AI/ML-based software can create models of typical insurance claims. Any deviation from typical claims will be flagged as potential fraud, thereby enabling insurance companies to reduce risks and costs related to fraud and achieve superior results.

To cite an example, one of Turkey’s largest insurers, Anadolu Sigorta, had a team of 50 people to check every claim using a set of loose rules and their own personal experience. The predictive analytics tool in the software-enabled real-time risk assessment speeded up the process and reduced errors. After the change, Anadolu Sigorta insurer saw a 210% ROI within a year of switching to the AI solution.

Also read: The Rise of Open API Ecosystems is Making Insurance Processes Bullish

4. Better customer support in insurance

Have you ever been confused about the difference between machine learning and artificial intelligence? Machine learning is a subset of AI, where machines continuously learn from past data without any explicit programming. However, if there is any change in customer behavior, for example, then the algorithm has to be fed with the new data to build new patterns.

Artificial Intelligence, on the other hand, is used where adapting to new scenarios is required, AI is smart and can teach itself. When combined with deep learning and other applications like interactive bots, artificial intelligence in insurance can improve customer-facing operations multifold. For instance, AI-based chatbots can provide speedy responses to routine insurance queries with higher accuracy than human agents. In fact, 40% of customers don’t realize that it isn't a human answering their questions in the online chat.

Additionally, using chatbots, insurance companies can save almost $1.3 billion by 2023 across motor, life, property and health insurance, according to Juniper Research.

5. New business and lead generation

AI software can help marketers collect and analyze valuable information from different sources such as website visits, chatbot conversations and social media channels. This data, when combined with tailored lead interactions, personalized recommendations and timely suggestions can help drive new business. AI software can not only point out potential leads but the best ones can also indicate which customers are ready for a sale.

Using NLP and deep learning to analyze routine conversations, chatbots can collect data around individual preferences, behaviors, past purchasing habits, age group and income, all of which can help provide personalized product recommendations. This also opens up possibilities for cross-selling and upselling policies.

6. Enhanced regulatory compliance

The regulatory landscape of the insurance industry is complex and ever-changing. One of the biggest challenges that insurance companies face is keeping pace with regulatory changes and incorporating these into policies. For instance, the relatively new regulations of General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have raised the stakes for data protection and privacy for insurers. NLP technologies can help scan internal policies as well as claims documents to check their compliance with different regulatory policies.

AI and ML applications in insurance can augment human intelligence to help companies avoid regulatory missteps that could cost them millions in non-compliance penalties.

The final word

If Google or Amazon were to venture into the insurance industry, imagine what a shake-up that would be because of their advanced technology. This should be a major driver for insurance carriers to adopt modern technologies to cope with industry setbacks, keep ahead of competitors while also improving their productivity.

Source URL :- https://www.simplesolve.com/blog/machine-learning-and-ai-in-insurance-industry/

[kritikapatil]

Military Computers Market to Observe Strong Growth to Generate Massive Revenue in Coming Years

Advance Market Analytics released a new market study on Global Military Computers Market Research report which presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data. The research study provides estimates for Global Military Computers Forecast till 2027*. The computers have played an increasingly significant role in the military. The computers in the military have been adapted or designed to do a broad range of tasks including analyzing intelligence, organizing prudent data for military leaders, controlling smart weapons or communications and geospatial analysis. The military computers are field-proven and designed for rigid reliability and performance in extreme environments.

Key Players included in the Research Coverage of Military Computers Market are

Curtiss-Wright Corporation (United States)

Zebra Technologies Corp. (United States)

Cobham plc (United Kingdom)

Saab AB (Sweden)

Rockwell Collins, Inc (United States)

Thales Group (France)

Northrop Grumman Corporation (United States)

Getac Technology Corporation (Taiwan)

Panasonic Corporation (Japan)

BAE Systems (United States) What's Trending in Market: Rising Need for Defense Modernization Owing To the Rising Number of Territorial Disputes

Challenges: Complexity of Designs of Electronic Equipment and Computer Systems

Opportunities: Software Advancements in Military Computers

Rising Defense Budgets by Governments in Various Countries

Market Growth Drivers: Rising Demand for Wearable Computers for Effective Battlefield Operations

Increase In Demand for New and Advanced Electronic Combat Systems

The Global Military Computers Market segments and Market Data Break Down by Type (Rugged (Portable, Wearable), Embedded), Application (Missile Control, Military Communication, Military Operation and Planning, Smart Weapons), Platform (Airborne, Naval, Ground) To comprehend Global Military Computers market dynamics in the world mainly, the worldwide Military Computers market is analyzed across major global regions. AMA also provides customized specific regional and country-level reports for the following areas. • North America: United States, Canada, and Mexico. • South & Central America: Argentina, Chile, Colombia and Brazil. • Middle East & Africa: Saudi Arabia, United Arab Emirates, Israel, Turkey, Egypt and South Africa. • Europe: United Kingdom, France, Italy, Germany, Spain, Belgium, Netherlands and Russia. • Asia-Pacific: India, China, Japan, South Korea, Indonesia, Malaysia, Singapore, and Australia. Presented By

AMA Research & Media LLP

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Geospatial Analytics Market Research Report by Forecast to 2027 | MRFR

[researchinsight]

Global Geospatial Analytics Market 2021-2027:  DigitalGlobe, Alteryx, Fugro N.V.

The global geospatial analytics market is anticipated to grow at a 13.8% CAGR during 2021-2027. Factors attributing to the growth of the geospatial analytics market include the rising number of AI and ML-based GIS solutions, advancement of smart cities and urbanization, development of big data analytics, and mounting deployment of IoT sensors across locations. The rising use of GPS devices, the growing trend towards integration and convergence of geospatial technologies, innovation of novel business models to leverage the demand for geospatial information will further accelerate the growth of the market.

The COVID-19 outbreak has provided significant opportunities for the geospatial analytics market owing to the rising use of smart wearable, robots, and drones. Moreover, the high-quality geospatial data allows models to handle the outbreak by providing information related to risk factors, setting specific characterization of disease transmission, and predicting pathogen and viral prevalence.

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Based on the vertical, the global geospatial analytics market can be divided into automotive, defense and intelligence, utility and communication, business, natural resources, government, and others. The defense and intelligence segment will have a significant share during 2021-2027 as military strategies are reliant on strategic intelligence. Geospatial information is a significant component of strategic alliance. Geospatial data helps in providing border security operations, provides information about situational awareness, rapid decision making, and enhances national security.

North America is anticipated to be the largest contributor to the geospatial analytics market owing to its wide adoption in applications like construction, agriculture, transportation, etc. There will be an increase in the demand for real-time information and location-based services that will increase the usage of mobile GIS technologies, resulting in a positive impact on the geospatial analytics market in the region.

Trimble has collaborated with Worldsensing who is an industry-leading manufacturer of geotechnical IoT monitoring systems to add a geotechnical portfolio to its geospatial automated monitoring portfolio. The collaboration aids survey, geotechnical and structural engineers to impeccably develop their monitoring business opportunities with a comprehensive solution that integrates geotechnical and geospatial data.

The prominent players in the geospatial analytics industry include DigitalGlobe, Alteryx, Fugro N.V., RMSI, Hexagon, SAP, Maxar Technologies, Trimble Navigation, MapLarge, Bentley Systems, Harris Corporation, ESRI, Pitney Bowes, General Electric Company, Oracle, and Google.

Source: VynZ Research