A report by Mordor Intelligence valued the geospatial analytics market at USD $22 billion in 2020, expecting it to reach a value of USD $33 billion by 2026.
Vancouver’s Sparkgeo wants their share of that market and has launched Prescient this week to go after it.
Prescient harnesses unparalleled amounts of satellite, remote sensor and third-party data into a custom enterprise solution that provides contextual analysis faster than any human can.
The platform’s location intelligence workflows enable organizations whose business is centered around location, to rethink, reinvent and evolve the core of their operations.
The applications for Prescient are far-reaching, but may be most immediately impactful for industries in finance, insurance, automotive and climate impact.
For example, using Prescient, an insurance analyst can not only estimate the age and material of a roof using satellite imagery, but can do it for every single roof on the planet, in just a few seconds. At the same time, Prescient can calculate the risk exposure from flooding based on its location and surrounding landscape features, while taking into account the grading of the property.
In their launch video below, Sparkgeo showcases how Prescient can analyze how many people are returning to the office after the pandemic.
The platform pulls GPS data, analyzes the temperature of buildings, vehicle counts in business centre parking lots, and transactions at local coffee shops to provide economic vitality indices. The data can be pulled for one city, or quickly scaled to analyze every city across the globe.
“Every day we have access to over 500TBs of data flow from earth observation satellites, and data from over seven billion smart devices, however, most companies don’t have the technology or the labour bandwidth to be able to process it,” says Will Cadell, Sparkgeo CEO.
“The sheer amount of location-based data we can harness and scale with Prescient transcends anything we have seen commercially available in our industry so far, making it accessible to companies outside of the technology space.”
Photo by Maximillian Conacher on Unsplash
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