China's geospatial industry is approaching world-class standards, driven by the burgeoning digital economy, according to a recent industry report.

The report, released on Wednesday by the China Association for Geospatial Industry and Sciences, said that the gross value of China's geospatial industry reached 811.1 billion yuan ($113.86 billion) in 2023, a 4.2 percent increase from 778.7 billion yuan in 2022. It highlighted that the industry is forming a nearly complete value chain.

The geospatial industry encompasses the collection, storage, processing, and analysis of location-based data using modern tools by government bodies, companies, social organizations, and academic institutions.

According to the report, cutting-edge technologies in the geospatial sector are increasingly applied in various fields, including academia, manufacturing, and daily life scenarios such as energy and transportation. These advancements have also fostered the development of new sectors such as the commercial space industry and autonomous vehicle services.

As of late June, about 223,000 registered organizations, institutes, and companies were involved in the geospatial industry, employing over 4 million people, according to the report. The industry, recognized as a core component of the digital economy, has shown rapid growth since last year, with significant innovations in web map services, positioning, commercial satellite services, and surveying equipment manufacturing.

The report noted that by the end of the previous year, China had 443 civil-use satellites in orbit and over 323 commercial remote sensing satellites, enhancing data-capture capabilities and providing diversified data.

The development of the geospatial industry also supports smart manufacturing and the operation of smart cities. Domestic geospatial companies provide more than 580 billion positioning services daily, with each smartphone receiving hundreds of locating or navigation services each day.

Zhou Chenghu, an academician at the Chinese Academy of Sciences, told China Central Television that the geospatial industry is a significant driver for the future information industry, experiencing growth in both quantity and quality. He noted that China has made substantial advances in academic research and innovation in the geospatial field, with technologies being increasingly applied in various sectors. He added that improvements in Earth observation technology have significantly boosted China's aviation capabilities, and the Beidou Navigation Satellite System has positioned the country's real-time locating services among the world's best.