The technology landscape is ever evolving, creating new trends and new products every day and is coming faster than we can imagine. There is always something new on the horizon and we can only wait and wonder about the upcoming technology marvels. A myriad of innovative technologies driven by the geospatial industry is what one has to watch out for. These trends are going to revolutionise the geospatial industry bringing about an exponential change in the world we live in. What are these game-changing innovative technologies that we all need to know!? Find out here!
Self-driving vehicles or Autonomous Cars
Autonomous Cars are no more a work of science fiction as they are gradually moving towards becoming a reality. These vehicles have tremendous potential to create value for customers while simultaneously creating powerful ripple effects of disruption. Ford, Tesla, Bosch, Google, Uber, General Motors, Apple, etc., there is no dearth of companies who are no longer willing to ‘wait and see’ but dive deep into this segment of technology marvel. According to industry estimates, by 2020, the autonomous cars will be worth $87 billion and 94.7 million vehicles with self-driving capabilities are expected to be on road by 2035.
The geospatial industry ecosystem shall play a crucial role in the success of the autonomous cars. The technology requirements of these cars are largely going to be based on geospatial technologies such as sensors, LiDAR, Radar, Navigation, etc. These cars will only become a reality as long as advancements in the positioning and sensor technologies continue to happen. Thus, the whole array of geospatial technologies lies at the core of autonomous cars
Health Bits/ Wearables
Fitness trackers like Apple Watch and Fitbit are the recent fad. The proliferation of these ‘wearable’ trackers and smart watches clearly shows that we have come a long way from clunky heart rate monitors. However, wearables are more than that! Seen as a path-breaking technology, wearables are developing applications in defence, logistics, fitness, sports, etc. At present, 1 in 6 American owns a wearable device and this is set to treble in size to $25 million by 2019. Leveraging on the availability of precise and accurate locations, wearables are creating new opportunities and opening up new user cases and experiences. Especially clinical wearables are set to measure almost every parameter of the body, thus enabling early diagnosis and long-term care by transforming and disrupting how healthcare is delivered. The wearable technology is expected to reach $31.27 billion by 2020, at a CAGR of 17.8% between 2015 and 2020.
3D Printing is not yet a widespread technology but ranks higher in the innovative technologies list for it is becoming a necessity. 3D printing goes hand in hand with geospatial information and therefore the geospatial industry and the GIS industry has an increasingly determining role to play. Used mostly for urban design, architectural and city modelling. The latest 3D tools offer greater realism and accuracy. The two surveying tools leveraged for 3D purposes are Light Detection and Ranging (LiDAR) laser scanning and digital photogrammetry. These create a proper 3D visualisation which makes anything possible. The other important aspect is the use of software to leverage geospatial technology and data for 3D Printing. Using software such as ArcGIS or GeoMedia3D, an intelligent virtual interface i.e. a 3D map can be derived which makes it easy to access, analyse and understand all information. According to a study conducted by MarketsandMarkets, the 3D printing market is expected to reach $30.19 Billion by 2022, growing at a CAGR of a massive 28.5%!
A new trend, enterprise mobility is a shift in the working habits of employees where they work more out of office using mobile devices and cloud services to perform business tasks. The Enterprise Mobility Solutions, redefine time, effort and cost required to mobilise businesses by enabling advanced applications and mobilisation. The Cloud empowers the enterprise mobility efforts – software developers and geospatial technology providers are evolving together to meet the growing demand for enterprise mobility. The global market for Enterprise Mobility is projected to reach US$50.7 billion by 2020 leading to operational efficiency, improve productivity, and reduce in-house infrastructure costs.
Surface computing means the table shape computer that uses specialised Graphical User Interface (GUI) that enables multiple user interactions and provide the multi-touch facility. The global surface computing market is expected to grow at an accelerated rate due to its increased adoption across entertainment and hospitality industry. The goal is to recognise and interact with objects seamlessly. Surface computing market is estimated to reach $26.2 Billion by 2020, at a CAGR of 36.57% between 2015 and 2020.
Microsatellite or Micro-sat usually applies to the name of an artificial satellite with a wet mass between 10 and 100kg and is sometimes referred to as ‘small sats’ or ‘small satellites’. These satellites are used mostly for monitoring of disasters, natural resources and landscape mapping. It is the cost of building large satellites that have pushed for the development of the nanotechnology and microsatellites. According to a report by markets and markets, the Nano-satellites and microsatellite market is estimated to grow to USD 2.52 Billion by 2020 at an estimated CAGR of 23.20% from 2015 to 2020.
Digital Mesh lies at the core of the innovative technologies of future. A digital mesh generates an ambient digital experience for the users using various devices connected to each other including mobile, wearable, consumer, home, automotive and every other device that constitutes the Internet of Things (IoT). The idea behind is to create a mesh of smart machines connecting billion of things into a continuous digital experience. The digital mesh is accelerating at an estimated 28 billion connected devices by the year 2021- a 21% increase in 3 years.
The need and requirement of gamification solutions among small and medium enterprises due to increasing need for enterprise and customer brands. Gamified applications help in cutting down the competition and aligning the interest levels of the end consumers to derive the desired actions and results. It is the growth of the cloud that is driving the growth of the gamification market. To fortify their marketing endeavours, business owners are demanding more consumer and employee based gamification solutions. According to a study by Markets and Markets, the gamification market is expected to reach USD 11.10 Billion by 2020 at a CAGR of 46.3%.
Virtual Reality means creating a computer image of the real world. Google, HTC, Microsoft, Oculus, and Sony are moving towards making Virtual Reality intensely competitive. 2017 is expected to bring a turning point in the virtual reality market as consumers find it very appealing. Rapid technological advancements in this are attracting more players to enter this market. Market research estimates by Transparent Market Research reveals that the Virtual Reality market will expand at an exponential CAGR of 92.5% between 2016 and 2024.
Context Rich Systems
Context Rich Systems, the most recent of all innovative technologies are strategic technology advancement. These systems are alert and extremely responsive to their surroundings, thanks to their embedded intelligence and analytics. This means that devices or systems, in this case, shall make decisions with context, thus affecting IT trends in many ways. Simultaneously, it is the advancement in software technologies and networking services that shall drive the context-rich system market. The Context Rich System market is expected to be worth USD 2.48 Billion by 2020 at a CAGR of 17.39%.
Do you want to know more about the innovative technologies that are driven by geospatial industry? If yes, Download the Global Geospatial Industry Outlook!