Large volumes of data being created and stored in the name of Cloud, IoT, 5G, AI, and other new-age technologies has led to the creation of a ‘Data Economy’. Geospatial technology, an integral part of the data economy, refers to a varied range of modern tools and technologies that help in geographic mapping of the earth’s surface and provide context to the collected spatial data via intelligence and analytics - enabling evidence-based decision-making.

In today’s newsletter, we explore the emerging Geospatial sector and how this technology impacts the startup ecosystem coupled with the latest Indian Geospatial Policy!

80% of all the data collected has a spatial component and this untapped sector presents tremendous opportunity, leading to the Ministry of Science and Technology, GOI, recently notifying the “National Geospatial Policy 2022”. The policy is a 13-year guideline aiming to promote the country’s geospatial data industry and develop a national framework to use such data and democratize it for improving services. The policy highlighted that the private sector will play a key role in the creation and maintenance of Geospatial and mapping Infrastructures, innovations and process improvements, and monetization of Geospatial data.

As per the India Geospatial Artha Report, India’s geospatial economy has the potential to grow to US$ 7.7B at a CAGR of 12.8% by 2025 end. Just the domestic geospatial market (excluding exports and govt. spending on geospatial agencies) is expected to reach US$ 2.8B at at CAGR of 13.36% by 2025 end.

The value chain of the geospatial business is dynamic because it converts data into information to benefit the global economy and society. Data collection through surveying and mapping activities using scanning equipment and technologies, GNSS and positioning systems, and earth observation data sources are all part of the geospatial sector value chain. In order to gain insights, the vast amount of data that has been collected is further processed utilising geographic information systems (GIS) and artificial intelligence/machine learning.

The data is further integrated with different technologies such as Building Information Modelling (BIM), Business Intelligence, SCADA, etc., for enhanced workflow integration and easy application into multiple sectors – telecom services, urban planning, disaster mitigation, infrastructure, natural resources, asset management, and maintenance, among other sectors. Lastly, the insights are disseminated using social media platforms, web platforms, enterprise solutions, and applications, which significantly impact the world economy and society (Geospatial World Analysis)

Librealization of this technology holds a potential to lead significant value creation for the Indian economy and society wherein sector’s that form 70% of India’s GDP – such as healthcare, agriculture, finance, land, logistics, transportation, technology, and many more – can be positively impacted. Further, Survey of India (SoI) topographic data and other Geospatial Data produced using public funds would be treated as a common good and be made easily available and Geospatial Technology Parks will be established to provide businesses with the required facilities to spur growth and innovation.

Digital Mapping companies, MapmyIndia and Genesys are the top funded Indian Geospatial companies and have also raised money from the public market. Satellite based earth imaging companies, Pixxel and SatSure are amongst the other top companies.

If the suggested policies are implemented well, the impact on the geospatial market and economy would be multifold, also leading to growth and development in allied promising tech industries such as the Drone and the Space sector.