Increasing need for reconnaissance for mineral and water resources and critical planning of breakwater constructions in operational applications are creating potential growth opportunities for digital elevation model providers. The global digital elevation model market is expected to surpass the mark of US$ 1 Bn by 2019 end, further witnessing a stellar 16% CAGR through 2029.
This forecast, based on a new report released by Future Market Insights (FMI), is substantiated by the extraordinary opportunistic potential for market growth in areas such as remote sensing and mapping applications. However, complexity in storing unstructured data and cyber threats are major challenges that hamper the growth of the digital elevation model market.
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Key Takeaways – Digital Elevation Model Market Study
- Digital elevation model is playing a major role in monitoring geographies and providing information regarding the ecosphere.
- Digital elevation model helps deliver more precise solutions to military, regarding mapping, charting, geo-positioning, and navigation.
- The tool sector of the digital elevation model market is projected to generate a billion-dollar worth of opportunity during the forecast period of 2019 to 2029.
The demand for digital elevation model is expected to experience significant growth over the course of next decade, as the applicability continues to soar in industries such as military and defense. Rapid growth in urban and infrastructure planning and mapping will remain the prime factor pushing the demand for digital elevation model.
Product Innovation to Enhance Remote Sensing Technology
Key vendors that are operating the digital elevation model platform are strategizing on innovation of products related to remote sensing technology. This would particularly enable them to achieve full global coverage and let include global 3D map services. In July 2019, NTT DATA and Remote Sensing Technology Center of Japan (RESTEC), launched AW3D full global 3D Map with 2.5-meter resolution, to provide clients with value-added information for urban planning, disaster-damage forecasting.
During the initial stage of construction and planning of a new crude pipeline in the Middle East region, digital elevation models are utilized for regional planning with high resolution data offering and detailed assessment. This process allows for reduced initial investment capital. The market scenario is thus expected to change during the next few years after the introduction of advanced and cost-effective digital elevation model and sensing solutions for the mining sector. These factors are creating potential growth opportunity for developers and providers of digital elevation model.
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More Valuable Insights on Digital Elevation Model Market
This research report provides detailed analysis of the digital elevation model market and offers insights on various factors such as growing popularity of digital elevation model in various verticals. To understand and evaluate these opportunities in the digital elevation model market, the market is segmented into four major sections such as tools (software and services), application (hydrological modelling and bathymetric analysis, disaster prevention, infrastructure, agriculture, 3D visualization, mapping, gravity measurements terrain correction or reduction), industry (telecommunication, planning and construction, transportation and tourism, oil and mining, aviation, geological, weather, military and defense) and region.
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