There has been spectacular progress in space science and technology in recent years, which has allowed us a better understanding of the near-earth space and the plasma environment therein. As a result, our comprehension of the processes governing the energetics and dynamics of this region which couples various electric and magnetic fields, particles, waves, and radiation prevailing therein have enhanced significantly to be able to realistically model some of them. I will present an update on our current understanding of the near-earth space, also known as the thermosphere-ionosphere-magnetosphere region. The presence of most of our present-day technological systems in this space makes it even more important for us to try and comprehend the complexities of this region. The talk will highlight the emerging perspective in this area of research in view of its impact on life on earth.