New Delhi [India], November 24 : India's geospatial market will reach Rs 1 lakh crore, growing at a compound annual growth rate (CAGR) of 13.45 per cent from 2022 to 2030, according to a report by Geospatial World.
The report added that India is poised to become a significant player, as the global geospatial market is set to reach USD 1,064 billion by 2030.
The geospatial market, by definition, is the industry that includes the creation, gathering, analysis, and use of geographic data through technologies such as Geographic Information Systems (GIS), Global Positioning Systems (GPS), and remote sensing.
This enables companies and organisations to comprehend spatial relationships and patterns on the surface of the Earth in order to make well-informed decisions in a variety of industries, including agriculture, urban planning, environmental monitoring, logistics, and defence.
As per the report, the advancements in geospatial technologies, including GNSS, GIS, earth observation, and sensor technologies will fuel the growth.
The report also emphasises the pivotal role of the private sector in driving India's geospatial growth.
"To realise sustainable growth in this sector, India must focus on developing indigenous software and hardware, building industrial capacity, and fostering public-private partnerships," said Sanjay Kumar, CEO and Founder of Geospatial World.
As per the report, from 2019 to 2022, the sector grew grew at a CAGR of 6.45 per cent, and it is now experiencing accelerated growth, with a forecasted CAGR of 16 per cent from 2022 to 2025.
The market is expected to expand from Rs 12,000 crore in 2019 to Rs 63,500 crore by 2028, driven by government initiatives such as the Smart Cities Mission, PM Gati Shakti, and precision agriculture programs, the report added.
Additionally, geospatial exports are projected to grow from Rs 11,000 crore in 2019 to Rs 36,500 crore by 2028, as per the report.
The report added that by focusing on indigenous technology development, public-private partnerships, and targeted investments in research and development, India's geospatial and space industries will not only drive digital transformation within the country but also establish India as a geospatial powerhouse on the global stage.
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