Kuala Lumpur, Malaysia: The global geospatial industry is estimated to have crossed $100 billion, according to various experts at the Asia Geospatial Forum 2013 being held in Kuala Lumpur.
Dr Do Tae-Ho, Deputy Minister for Housing and Land, Ministry of Land Infrastructure & Transport, South Korea pegged the estimated figure at $125 billion by 2015 growing at 11% per year from $74 in 2010.
Graeme Kernich, Deputy CEO Cooperative Research Centre for Spatial Information, Australia, estimated the growth rate at 16% per annum with a growth value addition of $113 million per year.
Earlier, Sanjay Kumar, CEO, Geospatial Media & Communications, had stated that while various studies had earlier forecast the value of global geospatial industry to touch $100 billion by 2015, it is estimated to have already crossed that figure as this technology increasingly becomes an integral part of government planning and business developments processes.
Giving further insight into the status of the industry, Kernich said the US GIS industry alone grew at more than 35%. The global GNSS market during 2010-20 grew at 11% per annum while the compound annual growth rate in world sales of satellite imagery was 12% and use of radar data saw a 17% growth. The LBS market tripled during 2010-15 while the global geoservices industry grew at 30% in the last few years.
Identifying future areas of applications, Kernich said health care will become the largest geospatial market segment in the coming years.
Source: Our Correspondent