HYDERABAD:With the number of industries using location data on the rise, the geospatial industry is set to grow in India, say experts. Speaking to Express on the sidelines of an event here on Tuesday, B V R Mohan Reddy, executive chairman of Cyient, said that big data, cloud, Internet of Things, and artificial intelligence will drive the geospatial industry in the country.
“Geospatial companies can no longer exist as standalone companies. Time has come for convergence of geospatial applications across sectors... With the government focusing on smart cities, the opportunities in this space are only set to rise,” he added.
According to Geospatial Industry Outlook and Readiness Index, the global market size of geospatial industry is $300 billion, which is expected to grow at the rate of 13.6 per cent till 2020. In India, the growth rate is expected to be higher thanks to an explosion in usage of location data. BFSI, construction and agriculture sectors use geospatial services in a big way.
“The use of geospatial applications is increasing in India. There is a need for swift, cost-effective and efficient delivery; businesses are ready to spend on geospatial technology. The market for geospatial applications has much scope that several reputed foreign players are eyeing it,” said Shishir Verma, senior vice-president and head of government business at MapmyIndia, a major player in the geospatial space in India.