Technology

Importance of Geospatial Technology in Modern Age

Geospatial technology is basically a tool which is used to evaluate and measure Earth’s land as well as its features. Several systems such as GIS (Geographical Information System), Earth observation, scanning, and GPS (Global Positioning System) are basically used in the geospatial technology. However, the geospatial technology fond its applications in the number of sectors such as private companies, government organizations, research and academic institutions, and non-profit organizations which manufacture, develop, employ, and research geospatial technology. This technology basically involved in collecting, storing, mapping, integrating, managing, distributing, and analyzing data tied to a specific location on the Earth. The adoption of Spatial/GIS Analytics by several industries is only expected to improve demand for geologically interrelated information.

The increasing use of GPS devices, several innovative advancements in the sector GIS technology, introduction of new business models to leverage the demand for geospatial information, current trends in convergence and integration of geospatial technologies, and rapidly increasing applications of geospatial technology in town and city planning are some of the major factors fueling the growth of geospatial industry across the world. However, the geospatial technology makes use of information to build graphs, infrastructure, statistics, blueprints, and cartograms to create complex relationship in easy manner.

On the other hand, the smart city investment has increased at a rapid pace in recent years and it is expected to fuel the demand for these services which uses location-based solutions. In addition, the Consumer Technology Association states that the smart city expenditure to be increasing rapidly over the forecast period. The number of service providers in the geospatial industry is investing highly in building their satellites t collect the most reliable as well efficient data for increasing the user base is likely to impact the geospatial technology across the world.

According to the geographical expansion, the geospatial industry basically divided into Europe, North America, Asia Pacific, South America, and the Middle East & Africa. In between these, the Asia Pacific market is anticipated to be one of the largest markets in terms of value and volume during the prediction period. The growing integration of geospatial technologies with mainline technologies is expected to be one of the major elements boosting the North American market. I addition to this, emerged economies are anticipated to contribute to the growth of the geospatial market. The adoption of geospatial technologies is growing at a rapid pace since the past few years across the globe.

The geospatial industry has high competition as the many leading vendors operating in the global market. Esri, HERE Technologies, Atkins Plc, Hexagon, DigitalGlobe Inc., Pitney Bowes, Topcon, Trimble, General Electric, Google, Baidu, Geospatial Corporation are some major players of the geospatial market. Out of these, the Trimble is one of the leading players of this market. The geospatial business of companies’ segments provides geospatial solutions, GIS, and surveys. However, it is geospatial and surveying portfolio comprises solutions such as 2D and 3D modeling, mapping, reporting analysis, measurement, mining, engineering, as well as land management. The overall revenue of Trimble rose by around US$ 461.9 ML owing to its geographical growth over all segments.

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