NEW YORK, Sept. 10, 2020 /PRNewswire/ -- According to the market research report published by P&S Intelligence, strong support of governments is expected to take the global geographic information system (GIS) market to $25.6 billion by 2030, from $7.5 billion in 2019, at a massive 12.1% CAGR between 2020 and 2030. Governments around the world are adopting this technology for military, homeland, and aerospace applications. Another prominent application area of GIS is urban development, wherein these solutions are being used for selecting the site and acquiring the land, complying with regulations, constructing infrastructure and managing the project, and for facility management.
One of the public efforts driving the GIS market is the Digital India initiative, wherein the Indian government is investing to improve location-based services and internet connectivity. Moreover, in collaboration with Esri India Technologies Ltd., the central government has deployed geographic information system solutions for the development of smart cities.
The COVID-19 situation is proving beneficial for the geographic information system market, as the technology is being rapidly deployed to track the spread of the infection, so that the preventive measures can be strengthened. Since April 2020, the National Informatics Center (NIC), National Disaster Management Authority (NDMA), and several other government agencies have been using GIS solutions for analyzing the spreading pattern of the virus, monitoring people who have come in close contact with infected individuals, and deploy preventive measures.
In 2019, the largest share in the GIS market, under segmentation by data type, was held by the cartographic division. This is ascribed to the wide usage of geographical maps for a better understanding and analysis of data. In addition, with cartographic data toolsets, governments are managing and using data for map production.
Browse report with detailed TOC on Geographic Information System (GIS) Market Research Report: By Component (Hardware, Software, Service), Function (Mapping, Surveying, Telematics and Navigation, Location-Based Services), Data Type (Cartographic, Photographic, Digital, Tabular), Project Size (Medium, Small, Large), Industry (Government, Construction, Utilities, Telecommunications, Mining, Agriculture, Aerospace & Defense, Oil & Gas) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/geographic-information-system-market
The medium classification, under the project size segment, dominated the geographic information system market during the historical period (2014–2019), due to the rising investments by the aerospace and defense sectors in these solutions. Stockholm International Peace Research Institute (SIPRI) says that during 2017–2018, global military spending rose by 2.6%, to reach $1.8 trillion in 2018. In addition, since GIS projects are often time- and cost-intensive, governments hesitate in initiating larger projects.
North America is the largest geographic information system market presently, owing to the high usage of these solutions by the regional defense and homeland security departments, to deal with terror attacks and other situations. Moreover, GIS is being used by the U.S. government to achieve higher preparedness for floods, earthquakes, and wildfires. In the immediate future, the deployment of the technology will increase at the highest rate in Asia-Pacific (APAC), with India, China, Malaysia, and Indonesia adopting it for smart city development.
Companies Leveraging Mergers and Acquisitions for Larger Market Share
Mergers and acquisitions dominate the GIS market competitive landscape, as companies are leveraging such moves to:
Improve their simulation solutions for smart factories
Strengthen their operational technologies, collective information management, and engineering models
Develop more-efficient platforms for planning and executing freight operations and matching freight demand and capacity
Digitize and automate the construction workflows
Expand their portfolio of geographic information system solutions
The major players in the global geographic information system market are Esri Inc., Hexagon AB, Bentley Systems Incorporated, Autodesk Inc., General Electric Company, Schneider Electric SE, Maxar Technologies Inc., Precisely Incorporated, PASCO CORPORATION, SuperMap Software Co. Ltd., Trimble Inc., and IQGeo Group plc.
Browse More Reports
Extended Reality Market
The ongoing COVID-19 pandemic has led to an increase in the demand for XR solutions, due to more employees working from home and the increasing rate of digitization across all industry verticals, including retail, healthcare, education, and manufacturing, for the training and development of employees.
Geographically, the fastest growth in the demand for GIS-enabled disaster management solutions is projected in the Asia-Pacific (APAC) region during the forecast period. This would mainly be due to the increasing incidence of natural disasters in China, India, Japan, the Philippines, and South Korea, growing focus of regional countries on disaster resilience, and rising awareness on integrating next-generation technologies in GIS solutions for hazard mapping and assessment and giving early warning to communities.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.