According to a new market research report published by Credence Research “Geographic Information Systems (GIS) Market (Component – Hardware, Software, Data, and Services) – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2024”, the global geographic information systems (GIS) market stood at US$ 8.4 Bn in 2015 and is estimated to expand with a CAGR of 12.7% from 2016 to 2024.
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The geographic information systems (GIS) market is primarily driven by the increasing need to achieve enhanced efficiency and accuracy in various infrastructure and utility planning. Numerous government bodies in the developed countries seek to make use of the geographic information systems (GIS) in order to assess existing infrastructure and plan future projects accordingly. Apart from applications in the public sector, geographic information systems (GIS) have found numerous applications in the private domain. Organizations from various end-use industries such as oil and gas, telecommunication, engineering and business services, transportation and logistics, among others have adopted geographic information systems (GIS). With the use of geo-spatial data, organizations are able to solve specific issues related to their businesses. Moreover, maintenance of geo-spatial data has enabled organizations to analyze and compare outcomes of various business activities at specific locations periodically. Thereby, the geographic information systems (GIS) are expected witness higher adoption in the following years.
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Despite numerous benefits of geographic information systems (GIS), various organizations have failed to deploy these systems due to various reasons such as high costs, lack of technological awareness, and inaccuracy of legacy systems. However, technological advancement in image capturing and scanning has led to the rise of highly accurate systems providing precise geo-spatial data. Moreover, with numerous companies offering consultation and implementation services, increasing number of organizations are expected to adopt geographic information systems (GIS) in the following years. Thereby, the geographic information systems (GIS) market is expected to witness significant growth during the forecast period.
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The geographic information systems (GIS) market is highly competitive in various markets across the world. The geographic information systems (GIS) market includes numerous providers in the geographic information ecosystem including hardware providers, GIS software providers, geo-spatial data providers; and implementation and consulting service providers. Most of the leading companies in the geographic information systems (GIS) market have achieved significant share in their respective home markets. However, increasing demand from developing countries towards effective infrastructure and township planning offers numerous growth opportunities for players in the geographic information systems (GIS) market.
- Increasing usage of advanced geographic data capturing techniques such as images from unmanned aerial vehicles (UAVs), 3D scanners, and precise satellite positioning using GNSS
- Rise in the number of service providers which make use of third party geographic information systems (GIS) and geo-spatial data to help other organizations in planning and commissioning
- Increasing investments towards research and development of advanced geographic information systems (GIS) to ensure higher accuracy and usability of geo-spatial data
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