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Biz News Korea(Eng)

Geospatial industry burgeoning amid high demand for location-based business

Collected: 2016.12.27

Distributed: 2016.12.28

Source: Go Direct

The fast-growing geospatial industry employing collective geographic or locational data and associated technology generated revenue of 7.9 trillion won ($ 6.58 billion) by the end of 2015, up 11.6 percent on year and growing much faster than annual economic growth of 2.6 percent, according to the Ministry of Land, Infrastructure and Transport Sunday.

Geospatial industry has expanded more than 10 percent since 2012. Geospatial employment is still at fledgling stage and could grow in explosive pace according to the fourth industrial revolution led by self-driving motor and air vehicles.

Total sales growth was led by sectors like geospatial information engineering service, geospatial information R&D and wholesale business of geospatial imagery equipment whose annual growth reached 22 percent to 28 percent. Of 4,533 businesses in the industry, 63.5 percent were small firms with less than one billion sales.

By Chung Soon-woo

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