Global GIS market is expected to reach $17.5 billion by 2023, according to P&S Intelligence.
Increasing urbanization in addition to the surging adoption of GIS solutions in enterprise applications in developing countries is the key factor bolstering the demand for the system. The growth of the global GIS market can also be attributed to the implantation of LIDAR (light detection and ranging) technology and increasing availability of spatial data and cloud technology.
Insights on market segments
Based on component, the GIS market has been categorized into software, hardware, and data. The data component contributed the largest revenue to the market in 2017, as it is widely used for mapping, routing, geocoding, reporting, data management, and modeling. Also, the GIS data component is witnessing high demand for regional literacy mapping applications in developing countries. Moreover, the growing demand for the data component from the government, transportation, and telecommunications sectors is pushing its market growth.
Market is expected to register the fastest growth in Asia-Pacific (APAC)
During the forecast period, the GIS market is expected to witness the fastest growth in APAC, owing to the increasing use of this technology by governments, and for water and wastewater management, in the developing countries of the region, including India and China. Increasing urbanization, supported by growing investments in smart cities, is expected to bolster the demand for the technology in the region in the coming years.
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Growing demand for enterprise GIS solutions is a key growth driver for the market
GIS has witnessed high penetration in enterprise applications in recent years. Although industries have a huge amount of data, they lack location-specific information. Modern GIS provide precise and meaningful business intelligence solutions for effective product management and accurate marketing information about clients. The modern GIS technology is steadily transforming the enterprise command technique, under multiple location scenarios. In addition, organizations are investing heavily in GIS implementation to access geographical data through software application. Enterprise GIS enables resource sharing, data organization, and improved decision making. These factors are propelling the demand for enterprise GIS solutions, which, in turn, is contributing to the growth of the GIS market.
Market Segmentation by Component
- Hardware
- Software
- Data
Market Segmentation by Application Areas
- Aerospace & defense
- Oil & gas exploration
- Water & wastewater
- Government
- Transportation & logistics
- Engineering & business services
- Oil & gas refining
- Telecommunications
- Healthcare
- Others
Market Segmentation by Project Size
- Small (<$250K)
- Medium ($250K to 1 million)
- Large (>$1 million)
Data constraints in GIS development to hinder the market growth
Effective implementation of a GIS is hugely hampered by the limited or no availability of resourceful data. Data constraints in GIS implementation include quality and quantity of the existing data, and physical and political barriers in creating an effective database for the GIS. Data is the most important asset in the GIS technology. Building a database of resources and using that information in planning future development are only possible with collective commitment and political stability of a country, as the authenticity of the spatial data depends a lot on the government’s long-term development vision in addition to its willingness toward publicizing critical location-based information. Thus, data constraints in GIS development hinder the growth of the GIS market.
