NEW YORK, May 22, 2019 (GLOBE NEWSWIRE) -- The global geographic information system (GIS) market is expected to grow at a CAGR of 10.7% during the forecast period with its market size predicted to reach USD 12.7 billion by 2024. The increasing popularity of this market is attributed towards extensive utilization of GIS by several business organizations to develop maps that help in efficiently performing analysis, solving complex problems, sharing information and communicating across the globe. This system is further enabling the organization to perform this task in an effective manner.
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Combination of IoT devices with GIS to support the growth of the market
The increasing amalgamation of GIS with traditional technology has upgraded the business intelligence systems of the organizations. Furthermore, the combination of IoT devices and GIS helps the users in accessing accurate data along with using geospatial data analysis. The increasing demand for location-based services such as control of a valve and real-time status is driving the growth of the GIS market across the globe. The increasing application of GIS in construction sector is driving the growth of the market.
GIS software account for the largest share in the market
The GIS market on the basis of the component is segmented into software, hardware, and services. Among all the components, the software segment holds the largest share and is expected to witness a CAGR of 9.2% during the forecast period. It has been observed that software-based GIS is extensively being utilized in spatial database management systems, data analysis, digital mapping and data processing.
On the basis of application, the GIS market is segmented into water & wastewater, government, aerospace & defense, oil & gas exploration, engineering & business services, oil & gas refining, healthcare, transportation & logistics, telecommunications, and others. Engineering and business services segment is expected to witness the highest CAGR of 11.9% 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. The massive usage of GIS technique in the analysis of urban planning such as use value of the land is further enhancing the growth of the market.
Explore key industry insights in 142 tables and 80 figures from the 171 pages of report, “Global Geographic Information System (GIS) Market Analysis and Forecast to 2024 - Industry Insights by Component (Hardware, Software and Services), by Project Size (Small, Medium and Large), by Application (Water & Wastewater, Government, Aerospace & Defense, Oil & Gas Exploration, Engineering & Business Services, Oil & Gas Refining, Healthcare, Transportation & Logistics, Telecommunications, and Others)”
On the basis of project size, the GIS market is categorized into small medium and large projects. Among these, medium size projects are the most commonly executed due to the involvement of governments in developing as well as developed countries.
Asia-Pacific to witness the fastest growth in demand for GIS
Geographically, Asia-Pacific is expected to witness the fastest growth of 11.9% during the forecast period. The increasing investments undertaken by the government authorities in this region and the implementation of several economic reforms are expected to bolster the growth of GIS industry in this region. GIS technologies in this region are extensively being employed for rural and agricultural progression. Furthermore, implementation of GIS system in various countries such as India and China are expected to further fuel the growth of the Asia-Pacific market during the forecast period.
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Industry players to leverage the wide range of GIS application
Globally industry players are leveraging market growth through extensive application of GIS in various fields including aerospace and defence, oil and gas exploration and refining, and transportation or logistics. Some of the major players operating in the global GIS market include Environmental Systems Research Institute Inc. (Esri), MacDonald and 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.
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