In the era of digitalisation, effective policy-making and budgetary allocation of technological innovation has gained importance in the Union budget 2022-2023. Location intelligence is a fundamental component of the technological revolution that will find widespread global applications in what the Ministry of Finance has identified as emerging sectors, which include areas such as artificial intelligence, drones, systems geospatial, etc., to name a few. Over the years, location intelligence has greatly expanded its reach and found applications in industries ranging from agriculture to urban planning, real estate to finance, and more, hence the new budget ; his horizons are still widening.
A focal point of the budget was smart farming, which aimed to improve the efficiency of farming systems. Using location intelligence in conjunction with drone technology for spraying insecticides, fertilizers and nutrients, and monitoring crops and livestock would help increase agricultural productivity. Second, digitizing land records through location intelligence would help the government update legacy records, while also being able to streamline grant schemes and benefit applications where needed.
The wide variety of possible use cases for location intelligence can make workflows much faster and more cost effective for citizens, MSMEs, OEMs, banks and even real estate companies who would need data points accurate location or imagery for critical decision-making, and be further aided by widespread government adoption and approval. With the pandemic having ushered in a tectonic shift and the way the world works, the implementation of location technology capabilities will benefit organizations and businesses in the form of opportunities to gain better insights into strategic, tactical, and operational analytics. Location intelligence has already moved from a niche technology to a mainstream technology. He has led public-private partnerships for major infrastructure programs, ensuring their timely completion through monitoring, as well as performance monitoring and management.
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Proving to be an ideal compromise between scalability, economic feasibility, error immunity and productivity, its adoption is therefore essential to realize the potential that its application in all sectors can offer. As the location intelligence and geospatial technology market size is expected to grow from Rs 70,600 crore by 2025, it is quite encouraging to see that companies, as well as governments, are now realizing the economic opportunities and social benefits that the dispersed and widespread geospatial technology the nation’s assets can provide to the nation, when operated and operated effectively.
The opinions expressed in this article are the personal opinion of Amarsh Chaturvedi, co-founder and director of Transerve.