In a world where disruption is fast becoming the new normal, geospatial information and technologies have become ubiquitous, pervasive and by-default in our daily lives. With the world on the cusp of a Fourth Industrial Revolution driven by Artificial Intelligence, Big Data and Internet of Things, geospatial industry is gaining momentum with the mainstream; adding spatial dimension and locational context to digital infrastructure, interconnected systems and business processes.
Return on investments are getting bigger, boosting the economic impact of geospatial market in world economy — currently estimated to be US$2 trillion in 2017, growing at a CAGR of 20%. The global geospatial industry is projected to grow at a CAGR of 13.6% to reach US$ 439.2 billion by 2020 owing to the democratization of geospatial information and its integration with IT.
Proliferation of location-based technologies has further raised the demand and accelerated the development of applications for user-based needs. With location technology going into chipsets, cars, drones, and every other kinds of business process, collaborations are becoming essential.
To accentuate relevance and the value the industry offers to world economy and society, the geospatial industry has to essentially reorient itself to new business processes and work with national governments to redefine policy frameworks. Besides, the industry needs to adapt itself to system of systems to consciously meet the needs of its stakeholders today and evolve and scale to sustain those stakeholders into the future.