The geospatial economy, which is currently valued at ₹38,972 crore, has potential to grow to ₹63,100 crore with a growth rate of 12.8 per cent by 2025.
“Defence and intelligence, water resources and irrigation, construction, and utilities will continue to lead the growth of the geospatial market in the country,” the India Geospatial Artha Report, released here at the inaugural of the two-day GeoSmart India 2021 conference on Tuesday.
During the period, the number of people working in this space will double to 9.5 lakh from the present base of 4.7 lakh, the report said.
Market size
The geospatial economy encompasses the domestic market for geospatial products and services; export value of geospatial hardware, software, data, and services; and the government expenditure on national geospatial organisations and infrastructure.
The Indian geospatial market, part of the geospatial economy, is expected to grow to ₹23,200 by 2025 from its current size of ₹14,050, growing at a compounded annual growth rate (CAGR) of 13.36 per cent.
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“Defence and intelligence, water resources and irrigation, construction, and utilities will continue to lead the growth of the geospatial market in the country,” the India Geospatial Artha Report, released here at the inaugural of the two-day GeoSmart India 2021 conference on Tuesday.
The Union government is in the process of finalising the draft National Geospatial Policy (NGP) and the draft of the Indian Satellite Navigation Policy (SATNAV Policy). It has already implemented Guidelines for Geospatial Data (Guidelines for acquiring and producing geospatial data and geospatial data services including maps) in 2021.
“We have done a great job with policy reform, but it’s not time to think of programmes for industrial development strategy, which allow us to harness and take this growth from about eight per cent to 15 to 16 per cent,” Sanjay Kumar, Chief Executive officer of Geospatial World, said.
Growth trigger
The pandemic-hit 2020 and 2021 will go down in history as a transformative years for the geospatial industry as the Government has strategically and determinedly pushed boundaries in geospatial and allied policies and the implementation of the technology across varied economic sectors, the report said.
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“The Guidelines for Geospatial Data, the Drone Rules 2021, and the Draft Policies (Geospatial, Remote Sensing, and Satellite Navigation) will liberalise, democratise, and commercialise the use of geospatial data,” it said.
