In 2016, the global aerial imagery market generated a revenue of $1.4 billion and is projected to advance at a 13.4% CAGR during the forecast period (2017–2023). The market is growing due to the rising incidence of natural disaster, technological advancement in camera system, and wide adoption of drone-based technology. The imitation of objects and grounds by utilizing cameras mounted on aircraft is referred to as aerial imagery. The primary elements of aerial imagery include shape, texture, shadow, convergence of evidence, size, tone or color, pattern, and location.
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On the basis of type, the aerial imagery market is classified into vertical, low oblique, and high oblique. Out of these, the low oblique classification held the largest share of the market during the historical period (2013–2016). The high oblique classification is projected to grow at the fastest pace during the forecast period because of the surging requirement from government and defense for high oblique aerial photography. High oblique aerial imagery is useful for a number of purposes including guiding pilots toward landing site or photographic target.
In terms of application, the aerial imagery market is categorized into geospatial, conservation & research, disaster management, surveillance & monitoring, energy & resource management, exhibition & live entertainment, and construction & development. The surveillance & monitoring category dominated the market during the historical period and is further expected to hold the largest share of the market during the forecast period as the surging incidence of terrorism can be curbed using aerial imagery. The fastest growth is predicted to be witnessed by the energy & resource management category during the forecast period.
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When industry is taken into consideration, the aerial imagery market is divided into energy & mining, agriculture & forestry, civil engineering & archeology, government, defense, media & entertainment, and others (which include tourism and insurance). The government industry accounted for the major share of the market during the historical period and is projected to dominate the market during the forecast period as well. The reason for this is the rising usage of aerial imagery for town planning, energy sector exploration, monitoring & management of environmental changes, homeland security, and development of smart cities.
The growing incidence of natural disasters is a major driving factor of the aerial imagery market. Due to the rising number of calamities, such as fire, cyclones, earthquakes, floods, and tornadoes, governments of different countries are inclining toward the usage of aerial imagery in order to determine the actual loss of life and property. Aerial imagery is preferred for updating the map information after the occurrence of a disaster as it is capable of providing high resolution images which are easy to understand for disaster management teams.