Spatial Information Industry to be fostered as core of the digital economy

The Ministry of Land, Infrastructure and Transport(MOLIT) has decided to develop the spatial information industry as the core foundation industry of the digital economy over the next five years.

As a result, by 2025, three priority promotion strategies and 12 key tasks were presented to achieve 13 trillion won in sales of the spatial information industry, and 7th place in national competitiveness in the spatial information field

MOLIT announced that the ‘The 3rd basic plan for Spatial Information Industry Promotion (2021-2025)’ was finalized on May 17 after deliberation by the National Spatial Information Committee.

First, more than 30 promising start-ups will be discovered every year through idea contests, technology contests and etc., and comprehensively supported workspace, data, and consulting. After then, the government promotes the formation of a founding investment fund to support long-term growth and survival with the goal of 5 billion won by 2025.

For an industrial ecosystem where large companies and small & medium-sized enterprises coexist, it will discover new technology projects such as large-scale convergence and complex projects (more than 2 billion won) and digital twins. Meanwhile, it plans to encourage small and medium-sized companies with technical skills to participate in projects carried out by large companies.

In addition, it is operating a 'spatial information data voucher' to expand the provision of data analysis functions to meet public and private demand through the spatial big data analysis platform and to support the purchase of data by start-ups and small and medium-sized enterprises.

At the same time, in order to support the creation of convergence and complex services, it will open various types of images such as satellites, aviation, and drones to the public and build a platform that can integrate and analyze satellite information and various statistics.

It will also develop artificial intelligence (AI)-based analysis and processing technologies to enhance 'digital twin land' and make it easier for the private sector to utilize digital twin data. It also plans to focus on spreading R&D performance by creating a public R&D testbed at the new building of the National Geographic Information Service and operating a technology mediation platform.

Reported by 'Smart City Today'