The global geographic information system (GIS) market was valued at USD 6.3 billion in 2017 and is further expected to become USD 12.7 billion by 2024. This market is further expected to witness CAGR of 10.7% during the forecast period 2018 – 2024. The increasing popularity of this market is attributed to the 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 these task in an effective manner.
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The GIS market on the basis of the component is segmented into hardware, software, and services. Among all these components, the software segment holds the largest share is expected to witness a CAGR of 9.2% during the forecast period. Software-based GIS is extensively being used in spatial data analysis, spatial data processing, spatial database management systems, and digital mapping. Moreover, the services segment is expected to observe increasing demand pertaining to excessive utilization for spatial data analytics in several applications such as taxi aggregators, urban planning and food delivery.
The increasing amalgamation of GIS system with traditional technology has upgraded the business intelligence systems of the organization. Furthermore, the combination of IoT devices and GIS system helps the users in accessing accurate data along with using geospatial data analysis. Moreover, 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. Additionally, the increasing use of GIS systems in the construction sector is expected to further exaggerate the growth of this market during the forecast period.
The initial high set up cost of GIS system and non-existence of authentic spatial data is the major factor hindering the growth of this market across the globe. Moreover, it has been observed that an ample amount of capital is required for developing a database and managing the overall GIS system. As a result, small and medium enterprises and government of emerging economies are not implementing GIS technique which is further restraining the growth of the GIS market.
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Some of the major players operating in the global GIS industry include 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