According to the market research report published by P&S Intelligence, the global GIS market value will increase to $24,607.7 million by 2030 from $8,185.9 million in 2020, at an 11.6% CAGR between 2020 and 2030. As this technology makes it possible to visualize, analyze, and interpret geographical information to ascertain trends, patterns, and relationships, investments in it are increasing. For instance, the United Nations (UN) plans to use geographic information system (GIS) to offer location information to various industries.
Moreover, the COVID-19 pandemic has been characterized by the wide usage of this technology to map the infection spread by tracking the travel history of infected people and pinpointing those who have had any contact with them. GIS was further leveraged to create time-enabled maps, to track the spread of the virus over a period and come up with action plans.
Key Findings of GIS Market Report
- The most-significant function of the technology in recent years has been mapping. Due to the rapid urbanization and population growth, GIS is being used to create maps and enable effective urban planning.
- The fastest growth in the GIS market based on offering is predicted in software. This is because advanced GIS software supports the mapping of field operations, integration of analytical tools, and management and display of geographic information through dashboards and reports.
- With time, the usage of this technology for disaster management in developing and developed countries is rising. It is being used to track the path and assess the impact of hurricanes, tornadoes, wildfires, tsunamis, earthquakes, oil spills, and epidemics.
- As a result, the government sector is the largest user of geographic information systems. Much of the disaster management and relief work is carried out by governments, which have, additionally, been at the forefront of COVID-19 pandemic control.
- GIS is majorly used in medium-sized projects, which abound in the healthcare and defense sectors. Hence, with the rising healthcare and defense spending around the world, the usage of this technology is increasing.
- Asia-Pacific (APAC) is expected to be the fastest-growing GIS market in the coming years on account of the rapid urbanization and government spending on infrastructure development.
Currently, North America makes the most use of geographic information systems because of the advanced IT infrastructure and high technical awareness here. The U.S., which is the largest defense spender in the world, uses it to manage battlefield operations, gather intelligence, monitor possible terror activities, and analyze terrain.
The major GIS market players are Esri Inc., Autodesk Inc., Hexagon AB, Schneider Electric SE, Precisely Incorporated, General Electric Company, Maxar Technologies Inc., SuperMap Software Co. Ltd., Bentley Systems Incorporated, PASCO CORPORATION, Trimble Inc., and IQGeo Group plc. Since the market is consolidated, they are launching advanced geographic information systems that differentiate them from each other.