The Geospatial Goldrush: India's Emerging Market and the Global Context.

The Indian geospatial market has been witnessing remarkable growth. Geospatial World estimates that the Indian geospatial market was valued at approximately 28 thousand crore INR (USD 3360 million) in 2022, significant growth from 23 thousand crore INR (USD 2760 million) in 2019[1] . The government of India forecasts this market to continue its upward trajectory, with expectations to reach around INR 63,000 crore (USD 7560 million) by 2025, growing at a CAGR of 12.8%[2] . IMARC Impact Insights estimates only the geographic information system (GIS) segment of the market in India reached a size of US$ 473.9 million in 2022 and is projected to expand to US$ 1,122.8 million by 2028, growing at a CAGR of 15.48% during the five years from 2023 to 2028[3] .

?However, according to Mordor Intelligence [4] the Indian geospatial analytics market size is currently around USD 1.21 billion. It is expected to grow to USD 2.42 billion in 2028 at a CAGR of 14.82%.

The global geospatial industry is experiencing robust growth as well. According to Geospatial Analytics Global Market Report 2023 from Reasearchandmarket.com , the global geospatial analytics market grew from $73.3 billion in 2022 to $85.47 billion in 2023 at a compound annual growth rate (CAGR) of 16.6%. This market is projected to continue its growth trajectory, reaching an estimated USD 153 billion by 2027, growing at a CAGR of 15.7%[5] .

As per the report by Fortune Business Insights, the Geospatial Analytics Market size is projected to reach USD 206.93 billion in 2030[6] . ?

?GeoBuiz 22: Global Geospatial Industry Outlook?Report forecasts the global to reach significant milestones, with an estimation of USD 681 billion by 2025 and potentially expanding to a remarkable USD 1.44 trillion by 2030[7] . This exponential growth is expected to be driven by strategic public policy reforms, industry acceleration strategies, and innovations in digital technologies such as the digital twin and metaverse paradigms.

While estimates from different sources vary to a significant degree, so do their boundaries of 'geospatial' but all of them show a sharp increase in the size of the geospatial market in India and globally. These figures highlight the global geospatial industry's substantial and rapidly expanding nature and the increasing importance of geospatial technologies across various sectors and industries worldwide. There is an opportunity for investors, businesses, and professionals working in this space to strategise their game-plan for the next decade to ride the wave.

How can they do that?

Here are a few ways they can take advantage of this opportunity:

1. Investment in Emerging Technologies: investing in cutting-edge geospatial technologies, such as AI and machine learning for data analysis, could offer substantial returns. Businesses could focus on creating or utilising tools that simplify complex geospatial data interpretation.
2. Expansion of Services and Solutions: Companies and professionals can expand their range of services to cater to various sectors that rely on geospatial analytics, such as climate change, urban planning, disaster management, agriculture, and transportation. This could involve developing tailored solutions or consulting services for these industries.
3. Partnership and Collaboration Opportunities: there are ample opportunities for collaborations and partnerships to generate to take advantage of the expertise of each other. Businesses can look to partner with government bodies, educational institutions, and other companies to develop innovative solutions, engage in knowledge sharing, or expand their market reach.
4. Focus on Training and Skill Development: As the demand for geospatial analytics increases, there's a growing need for skilled professionals. Companies and educational institutions can capitalize on this by offering specialized training and certification programs in geospatial technologies.

In forthcoming articles, we will discuss these issues in greater detail. In the meantime please feel free to leave your remarks in the comments section below.

Sanjay Singh World Geospatial Industry Council (WGIC) Geospatial World Forum (GWF) Geospatial World Rising Stars Geospatial World Chamber of Commerce Geospatial World Geospatial Insight - Asset Monitoring Millennium Geospatial Elets Smart City Dr. Ravi Gupta GISJobWorld Jobs @ Spatial DNA Spatial Information Technology

[1] https://bit.ly/3sLYJUV

[2] https://bit.ly/3sU6Yht

[3] https://bit.ly/4151KvZ

[4] https://bit.ly/40ZrHgu

[5] https://bit.ly/412AmyD

[6] https://bit.ly/3N7Up9b

[7] https://bit.ly/3QY5Rp7