NEW YORK, Oct. 30, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global geographic information system market share was valued at $10.8 billion in 2018, and is anticipated to reach $19.7 billion by 2024, exhibiting a CAGR of 10.7% during the forecast period (2019–2024). Among the type of offerings, data category held the largest share in the market in 2018, and is expected to witness the fastest growth during the forecast period. The category is gaining significant growth opportunities from small- and medium-sized geographic information system projects in engineering & business applications. For instance, retailers are using consumer behavioral data to map out the specific population requiring specific products to increase their sales.
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Growing demand for geographic information system solutions in the transportation sector is one of the key factors driving the market growth. Applications of geographic information system in transportation include accident analysis, highway maintenance management, traffic modeling, and route planning. Geographic information system helps in monitoring, planning, and managing complex systems, which are involved in transportation planning and management more effectively. The highway maintenance management is a difficult issue and can be controlled with geographic information system. By integrating maintenance and work order management systems with geographic information system, highway management agencies have gained efficiency and productivity.
On the basis of offering, data category is expected to witness the fastest CAGR during forecast period in 2018, owing to the increasing demand for geographic information system data by government organizations for security purposes. The category is further expected to exhibit the fastest growth, with a CAGR of 10.7%, during the forecast period, due to the growing need for spatial data in water & wastewater application.
Browse report overview with detailed TOC on "Geographic Information System (GIS) Market Research Report: By Offering (Hardware, Software, Data, Service) Function (Mapping, Surveying, Telematics and Navigation, Location-Based Services), Geographical Outlook (U.S., Canada, U.K., Germany, Italy, France, Spain, Russia, China, Japan, India, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, U.A.E., Turkey, Nigeria) – Global Opportunity Analysis and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/geographic-information-system-market
Together, North America and APAC are expected to account for over 60% share in the global GIS market by 2024. This can be attributed to rising investments in geographic information system-based infrastructure by governments. Apart from this, geographic information system is witnessing significant demand from the water & wastewater sector, owing to strict government regulations, such as America’s Water Infrastructure Act 2018 and Water Law of the People's Republic of China, for safe drinking water in major countries, including the U.S., Germany, China, and India. Besides, rising investments in homeland security application and surging capital funding for urban development in developing countries are also driving the market growth.
During the forecast period, the market is expected to exhibit the fastest growth in APAC. This is due to growing demand for geographic information system technology from emerging economies, such as China, India, Indonesia, and Malaysia. In the APAC market, China represented the highest share in 2018. This is due to the fact that China is exhibiting rise in the development of smart city projects, wherein geographic information system is being used in planning and development of the smart cities.
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The global GIS market is consolidated, wherein top players in the market have high penetration in developed countries of Europe and North America, such as the U.K., Germany, and the U.S. Esri Inc., IQGeo Group plc, Hexagon AB, Maxar Technologies, and Pitney Bowes Inc. are actively launching new products while Esri Inc. and Bentley Systems Incorporated are active in mergers and acquisitions. For instance, in 2019, Esri Inc. announced the acquisition of indoo.rs GmbH, a provider of indoor positioning system (IPS) technology. With this acquisition, the company aims to provide its users an ArcGIS platform with imbedded IPS location services for supporting indoor mapping and analysis.
Some other important players operating in the GIS market are Environmental Systems Research Institute (Esri) Inc., Hexagon AB, Autodesk Inc., Bentley Systems Incorporated, Schneider Electric SE, General Electric Company, Pitney Bowes Inc., Maxar Technologies Inc., SuperMap Software Co. Ltd., PASCO CORPORATION, IQGeo Group plc, and Trimble Inc.
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