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
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Geographic Information System Market Research Report: By Component, Function, Data Type, Project Size, Industry - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982427/?utm_source=GNW
According to a report , the global geographic information system (GIS) market is projected to reach a value of $25.6 billion by 2030, rising from $7.5 billion in 2019, progressing at a 12.1% CAGR during the forecast period (2020–2030). The market is growing due to the need for better use of spatial data for gaining real-time information of the location, increasing investments in GIS-based infrastructure by the government sector, and surging requirement for these solutions from various end-use industries, including utilities, mining, and construction.
On the basis of component, the GIS market is divided into service, hardware, and software, among which, the hardware division held the major share of the market in 2019. This is because of the increasing need for a computer systems with a strong processing capability, integrated input/output devices, and large hard disk space for GIS to operate properly. Moreover, the software division is predicted to witness the fastest growth in demand during the forecast period, owing to the rising need for mapping field operations and integrating analytics tools through reports and dashboards.
In terms of function, the GIS market is categorized into location-based services, mapping, telematics and navigation, and surveying, out of which, the mapping category accounted for the largest share of the market in the past. The swift urbanization in both developed and developing nations has led to the rising need for mapping functions in different urban planning applications, including urban growth assessment, and acquisition, water quality management, land zone classification, and environment impact analysis. The development of urban areas in China and India is predicted to open up opportunities for the companies in the domain.
Geographically, the Asia-Pacific region is projected to register the fastest growth during the forecast period, which can primarily be attributed to the rising urbanization and surging demand for GIS solutions in the government sector in developing countries such as India and China. Governments of these countries have significantly increased the deployment of GIS in several military applications for advanced homeland security and infrastructure. In addition to this, the focus on smart cities in China is increasing, thereby driving the demand for GIS for planning and developmental stages.
A major driver of the GIS market is the rising demand for enterprise GIS solutions. Modern GIS systems offer meaningful and precise business intelligence for accurate marketing information about clients and efficient product management. Due to this, companies are widely investing in GIS for accessing geographical data through software applications. Enterprise GIS provides various benefits, including effective management of data, efficient resource sharing, and enhanced decision-making, which allows companies to decrease product backlog error cost, inventory cost, and fleet management cost.
A key trend being observed in the GIS market is the growing preference for GIS solutions for disaster management applications, such as forest fire management, flood management, climate change, and carbon management. Governments of developed nations in Europe and North America are increasingly relying on GIS for disaster management. Emergency management authorities utilize the available data for managing disaster or for analyzing consequences of possible disasters, before they happen. Similarly, the governments of countries including Japan, China, and India have also started relying on GIS for disaster management.
Hence, the market is being driven by the increasing demand for enterprise GIS solutions and rising preference for GIS solutions for disaster management.
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