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The global geographic information system (GIS) market is predicted to grow at 10.7% CAGR during the forecast period (2018–2024) with the market size reaching USD 12.7 billion by 2024. The driving factor for the growth of the market includes the increasing amalgamation of GIS system with traditional technology, the increasing demand for location-based services such as control of a valve and real-time status, and increasing usage of GIS systems in the construction sector.
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Insight by Component
Based on component, the GIS market is categorized into:
Of all, the software-based GIS segment holds the largest share in the global GIS market. Software-based GIS is extensively being used in spatial data analysis, spatial data processing, spatial database management systems, and digital mapping.
Insight by Project Size
On the basis of project size, the market is segmented into:
Among these, medium size projects are the most commonly executed due to the involvement of governments in developed as well as developing countries.
Insight by Application
Based on application, the market is segmented into:
– Water & wastewater
– Aerospace & Defense
– Oil & gas exploration
– Engineering & business services
– Oil & gas refining
– Transportation & logistics
Of all engineering and business services segment is expected to witness the fastest growth during the forecast period. Due to rapid growth in urbanization, it is expected to further enhance the developmental activities in the construction and infrastructure sector.
– Factors that have been acting as the driving factors for the growth of this industry are:
– The increasing amalgamation of GIS system with traditional technology
– The increasing demand for location-based services such as control of a valve and real-time status
– The increasing usage of GIS systems in the construction sector
Key factors hindering the growth of the GIS market are:
– The initial high set up cost of the GIS system
– Non-existence of authentic spatial data
Globally industry players are leveraging market growth through extensive application of GIS in various fields. Several key industry players are providing state-of-the-art software applications to its users that are further bolstering the growth of the GIS market.
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– North America — US, Canada, and Mexico
– Europe — U.K., Germany, France, Russia, and Rest of Europe
– Asia Pacific — China, India, Japan, and Rest of Asia-Pacific
– Rest of the World (RoW) — Brazil, Saudi Arabia, and Others
Geographically, Asia-Pacific is expected to witness the fastest growth during the forecast period. The growth of this market in this region is attributed towards increasing implementation of the geospatial system by the business organizations in several sectors such as agriculture, mining, and manufacturing, construction and insurance sectors that are enabling them to undertake informed decisions and identify potential strengths of their organization.
The Key players in global geographic information system (GIS) market are Environmental Systems Research Institute Inc. (Esri), Macdonald & Company, Pitney Bowes Inc., Dettwiler and Associates Ltd., PASCO CORPORATION, SuperMap Software Co. Ltd., Ubisense Group Plc., Bentley Systems Incorporated, Schneider Electric SE and Autodesk Inc.
Source: VynZ Research