India's Geospatial Market to Reach 63,500 Cr by 2028 on Govt Initiatives

The geospatial market is projected to grow from Rs 12,000 crore in 2019 to Rs 63,500 crore by 2028 due to government efforts like the Smart Cities Mission, PM Gati Shakti, and precision agriculture programs. Moreover, the report forecasts that geospatial exports will increase from Rs 11,000 crore in 2019 to Rs 36,500 crore by 2028.

The report also stated that by prioritizing the development of indigenous technology, forming public-private partnerships, and making specific investments in research and development, India's geospatial and space sectors will facilitate digital transformation domestically and position India as a leading global force in the field of geospatial technology.

According to the report, progress in geospatial technologies like GNSS, GIS, earth observation, and sensor technologies will drive the expansion. The report also highlights the crucial importance of the private industry in advancing India's geospatial development.

"To realise sustainable growth in this sector, India must focus on developing indigenous software and hardware, building industrial capacity, and fostering public-private partnerships," said Sanjay Kumar, CEO and Founder of Geospatial World.

India's geospatial market will reach Rs 1 lakh crore, growing at a compound annual growth rate (CAGR) of 13.45 per cent from 2022 to 2030, according to a report by Geospatial World. The report added that India is poised to become a significant player, as the global geospatial market is set to reach USD 1,064 billion by 2030.