We will be closely involved with different sectors to develop one click solutions for the problems which will be driven by AI and ML.
How mapping and location technology is being leveraged by businesses in India to deliver customized solutions?
Every industry has its own challenges and need a scalable and easily customisable solution which can augment their analysis and understanding of their territory. Location data like human mobility, point of interests and addresses combined can tell the pattern of visitation over a period of time which can help retail businesses to monitor the health of their stores and types of visitors. Such information makes business leaders understand the profile which can help in displaying the right product mix for the potential customers. Most common applications which has emerged in last couple years are: Market Analysis, Site Suitability, Last Meter Delivery Excellence, Location Analytics to understand the movement of people, Infrastructure Planning, Asset & Workforce Management, Route Mapping and Fleet Management, Site Visitation, Geo-fencing & Consumer Profiling and acquisition. Industries are generating Hugh volume of location data which is not being utilized for Day to day decision making because software packages available today require expertise and analysing the Hugh volume of data is a time taking process. There is demand by several sectors for pre-packaged analysis tools for standard industry problems as mentioned above so that a business user can take decisions effectively.
What kind of time and investment is involved in creating a customized solution based on maps?
The technology which Transerve has developed allows users to create a custom template within a few hours and using the pre-packaged tools analysis becomes just a minutes job. Using standard software, a customized solution can take months of effort and are costly to implement.
How do such archaic laws impact the level playing field for start-ups working on such technology?
Archaic laws in countries like India did not allow the adoption of technology for many years now but governments across the world are now realising the power of technology and the impact it can bring for overall economic growth. With the adoption of smartphone technology, location data is being produced at a rate greater than billions of points on a daily basis. A liberal policy which is required to allow innovation in this sector not just in India but at global level. India has adopted a new geospatial policy in 2021 which has encouraged small companies to innovate and adopt this technology for decision making. More need to be done at other policy fronts like Remote Sensing policy which still restricts acquisition of high resolution satellite or aerial imagery. Similarly liberalised drone data acquisition policy will give a boost to this sector.
How Indian start-ups can leverage India’s new geospatial data guidelines?
New age companies of this sector have already started offering innovative products like browser based analytics platforms which can handle large volumes of data and leverage cloud computing. The ecosystem will now see data hosting in both vector and raster domain which will help businesses across sectors to utilise data as SaaS along with the platform. The policy is encouraging startups to invest in data and providing the ready to use data products to the customers.
How big is the location technology market? What has been the growth over the last five years, globally as well as in India?
The location technology market in India currently stands at US $600 million and will grow with a minimum of CAGR @ 15%. Globally the market size is around US $ 30 Billion.
Since the industry is mostly tech-driven, how can technology evolve in this space?
Yes, it is current to say that this industry is tech-driven and to help businesses adopt technology one has to focus on making it easier to use for day to day operations. The awareness about location intelligence is increasing very fast and so the need for innovating products using the location data to make it easy for customers to use it. This technology like Google or Here maps will become a part of daily life not just for businesses but for common people. The penetration of internet, smartphones, cloud and edge computing along with connectivity will help the geospatial industry to grow fast in next 5 years. It would not be a surprise if the industry grows 20-25% YoY for a few years initially. The cloud and mobile app based solution will dominate the market and fusion with VR and Metaverse will also become the focus of the industry in a couple of years time.
What are the emerging trends and predictions in this industry in 2022?
Cloud based solution as SaaS offerings will dominate the market and the need for desktop based computing will become stagnant. Cloud computing will make the technology affordable and product companies will focus on offering a unified analytics platform offering Data + AI driven Analysis along with pre-packaged tools for standard industry challenges. Acquisitions of the existing players by various industry giants will also surge in 2022. LI technology will be the talk of the town in 2022.
What is the road ahead for Transerve in the year 2022?
Transerve is expected to grow exponentially in 2022 with its SaaS offering on a global level. We are partnering with Data providers in various spaces to offer our unified platform for analysis. We will be closely involved with different sectors to develop one click solutions for the problems which will be driven by AI and ML.
What does India have for the location intelligence industry? What gaps need to be filled in?
The biggest challenge Indian companies will face is the Remote Sensing policy which needs to be liberalised on an urgent basis to give more boost to the technology adoption. This technology needs aggressive investors to allow smaller companies for more and more R&D to make the decision making automated. The data availability is not an issue with the industry, AI+ML technologies have matured hence the fusion of data with AI-ML is required for different challenges faced by businesses.
What are your funding and expansion plans? Where do you deploy the fresh round?
We are preparing for the next round of funding – Series A for expanding the sales and developing more partnerships globally. Research and development will continue to be the major focus areas to innovate the product on a continuous basis.
Source: Business World
