What are the technology trends and business directions in geospatial industry?
Published May 29, 2023, 3:20 p.m. by Monica Louis
The technology and business directions in geospatial industry are rapidly changing. New technologies are being developed and deployed at an ever-increasing pace, and the industry is becoming more and more competitive. Here are some of the key technology and business directions in geospatial industry:
1. Advances in sensor technology are providing ever-higher resolution data, from both traditional sources such as aerial photography and satellite imagery, and newer sources such as drones and handheld devices. This is resulting in a boom in the demand for data processing and analytics services.
2. The use of artificial intelligence (AI) and machine learning is increasing, both to automate the processing of data and to extract new insights from it. This is leading to the development of new applications and services, such as automatic feature detection and change detection.
3. The trend towards open data is gathering momentum, with governments and other organizations increasingly releasing data sets for free. This is providing new opportunities for geospatial companies to develop value-added products and services.
4. The use of cloud computing is growing rapidly, as it offers significant advantages in terms of cost, flexibility, and scalability. This is enabling geospatial companies to offer new services, such as real-time mapping and analysis.
5. Mobile devices are becoming increasingly popular, as they offer a convenient way to access geospatial data and applications. This is resulting in the development of new mobile-specific applications and services.
6. The use of virtual reality (VR) and augmented reality (AR) is increasing, as these technologies offer new ways to visualize and interact with data. This is leading to the development of new applications for training, marketing, and product demonstration.
7. The geospatial industry is becoming increasingly global, with companies operating in multiple countries and regions. This is providing new opportunities for collaboration and data sharing.
8. The geospatial industry is facing increasing competition from other sectors, such as the automotive industry, which is making use of similar technologies. This is leading to a need for geospatial companies to differentiate themselves through innovation.
9. The geospatial industry is becoming increasingly regulated, as governments seek to control the use of data. This is leading to new compliance requirements for geospatial companies.
10. The geospatial industry is facing significant challenges, such as the need to manage big data, protect data privacy, and cope with a rapidly changing technology landscape. However, it is also experiencing tremendous growth and opportunity.
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Innovations bring disruptions, disruptions bring opportunities,
opportunities bring new business models. As we ushering the Fourth Industrial Age
the geospatial industry ecosystem is leveraging and enhancing its value to
larger IT and engineering industries from automation to artificial
intelligence Internet of Things Big Data to customisation of apps and digital
services the sheer speed of technological change has made
traditional business practices outdated due to constant disruption the business
models that have lost it for decades are now undergoing transformations to open
up new revenue streams the CEOs of today must transform the legacy of business
models. So, how is the geospatial industry fairing? how does it feel the
technology changes and subsequent disruptions is there a fear of an
impending global economic slowdown the Geospatial World annual survey of
100-plus CEOs and industry leaders from across the ecosystem throws up some
interesting insights
as geospatial technology expands its value chains through integration with
mainstream disciplines the industry that was once struggling to keep pace with
disruptions seems to have now placed innovation caused by disruptions at its
core last year geospatial industry leaders from all
over the world were optimistic about both the global economic scenario
and the growth of their organizations this year while they still
appear certain about the growth of their companies they fear that the impending
global economic slowdown and the increasing geopolitical volatility may
adversely impact their businesses a large part of the industry today
believes in causing disruption than wait for one to happen also the inability to
innovate is one of the biggest internal challenges with the looming threat of a
global economic downturn and a constantly changing business environment
the industry leaders understand that there needs to have their best resources
taking up leadership roles that's why they are restructuring their leadership
teams to stay relevant advancements in artificial intelligence particularly
machine learning and deep learning will go a long way in making sense of the
vast amount of data being collected from various sources a I along with
miniaturization of sensors are the two emerging trends that will define the
future
contrary to the common perception that is built around the fear of machines
taking over the tasks humans perform the industries of the view that AI and
automation will go on to create new jobs rather than taking away the existing
ones the industry is witnessing a process of consolidation now but the
realization that no one company can offer 360-degree services across the
spectrum naturally the partnership model is emerging as the most preferred
business model
the major focus areas for organizations in the future will be organic growth
strengthening products portfolios via investments in new technologies and
targeting new markets
industry leaders unanimously feel that new user segments such as infrastructure
logistics and retail will drive future growth while the US and Europe continue
to be the most preferred destinations for doing business India Middle East and
Africa are no more lucrative for business heads
