Geographic Information System Market - Forecast(2024 - 2030)

Geographic Information System Market Overview

The global Geographic Information System Market is estimated to surpass $10.21 billion marks by 2026 growing at an estimated CAGR of more than 16.5% during the forecast period 2021 to 2026. As an emerging trend of technology, the field of GIS (Geographic Information System) is steadily expanding. The global Geographic Information System Market is growing steadily driven by increasing demand from the location-based services market Since the U.S region is making huge investments in the use of GIS technology in various industries such as natural resources, utilities & other sectors, North America is dominating the market & holds the largest market share followed by Europe and APAC.

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Key Takeaways

• Rise in adoption of Geographic Information System tools owing to their wide range of applications like monitoring of real-time geographical data, traffic congestions, spatial analytics and others are driving the growth of the market.?
• The cloud deployment is dominating the market as the data integration can be done efficiently in the cloud with less complexity along with upsurge in use of cloud networks globally.
• The real-time geographical data used by devices for instance smartphones, vehicle sensors, imaging sensors on drones are majorly extracted from the Geographic Information System solutions.
• Ridesharing and delivery companies have increasingly utilized Geographic Information System solutions for GPS tracking and asset management applications thus driving market growth.

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Geographic Information System Market Drivers

Rise of Big Data Analytics

Big data analysis utilizes large data to uncover correlations and other insights. As of 2019, there are more than 74 terabytes of information collected by the Library Of Congress in the U.S. This growth of big data has led to a significant rise in the business intelligence market, thereby leading to growth of location analytics. Big data has improved the perspective of the consumer for the better.

Rise in Internet Penetration

The rise in internet penetration has enhanced the use of Geographic Information System solutions. It is due to the high-speed internet that real-time monitoring of devices is possible nowadays through which communication is also possible. One growing application for GIS is in the healthcare sector where it is used in the real-time diagnosis of patients through wireless broadband. All this is possible owing to the presence of the internet. The patient receives first aid through the consultation of doctors’ on-route to the hospital.

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Geographic Information System Market Challenges

High Initial Cost of Integration

In terms of the various advantages provided by Geographic Information System, the positive return on investment remains the biggest concern for different businesses and serves as a significant limiting factor for the overall growth of the demand Geographic Information System tools. Geographic Information System is in its infancy stage, but for businesses that move from conventional tools to these Geographic Information System tools, the initial cost of investment is high. In order to ensure smooth functioning, businesses will need to employ competent and skilled technical personnel.

Geographic Information System Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Geographic Information System Market. Esri, Google, Microsoft, Super map Software Co. Ltd, CARTO, GIS Cloud, Autodesk.,?Auto Navi Software Co. Ltd, Bentley Systems., IBM and Amazon AmigoCloud Inc. Bentley Systems, Caliper Corporation GE Hexagon AB Hi-Target Global, Maptoss Technologies Pvt. Ltd. Pitney Bowes Inc. Takor Group Ltd. Topcon Corporation Trimble Inc.