Home Articles What are the technology trends and business directions in geospatial industry?

What are the technology trends and business directions in geospatial industry?

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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 isleveraging and enhancing its value to larger IT and engineering industriesfrom automation to artificial intelligence Internet of Things Big Datato customisation of apps and digital services the sheer speed oftechnological change has made traditional business practices outdateddue to constant disruption the business models that have lost it for decades arenow undergoing transformations to open up new revenue streams the CEOs of todaymust transform the legacy of business models.

How is the geospatialindustry fairing?

How does it feel the technology changes and subsequent disruptions is there a fear of an impending global economic slow down 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 waitfor one to happen also the inability to innovate is one of the biggest internal challenges with the looming threat of a global economic down turn 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 inartificial 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 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 modelis 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 thatnew 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

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