Credence Research estimates 12.7% CAGR in GIS market by 2024

Credence Research estimates 12.7% CAGR in GIS market by 2024

According to a new market research report, the GIS market stood at $8.4 billion in 2015 and is estimated to expand with a CAGR of 12.7% from 2016 to 2024.

US: According to a new market research report published by Credence Research, the global geographic information systems (GIS) market stood at $8.4 billion in 2015 and is estimated to expand with a CAGR of 12.7% from 2016 to 2024.

Market Insights:

The GIS market is primarily driven by the increasing need to achieve enhanced efficiency and accuracy in various infrastructures and utility planning. Numerous government bodies in the developed countries seek to make use of the GIS in order to assess existing infrastructure and plan future projects accordingly.

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Apart from applications in the public sector, GIS have found numerous applications in the private domain. Organizations from various end-use industries such as oil and gas, telecommunication, engineering and business services, transportation and logistics, among others have adopted GIS.

With the use of geospatial data, organizations are able to solve specific issues related to their businesses. Moreover, maintenance of geospatial data has enabled organizations to analyze and compare outcomes of various business activities at specific locations periodically. Thereby, the GIS are expected witness higher adoption in the following years.

Despite numerous benefits of GIS, various organizations have failed to deploy these systems due to various reasons such as high costs, lack of technological awareness, and inaccuracy of legacy systems. However, technological advancement in image capturing and scanning has led to the rise of highly accurate systems providing precise geospatial data.

Moreover, with numerous companies offering consultation and implementation services, increasing number of organizations are expected to adopt GIS in the following years. Thereby, the GIS market is expected to witness significant growth during the forecast period.

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Competitive Insights:

The GIS market is highly competitive in various markets across the world. The GIS market includes numerous providers in the geographic information ecosystem including hardware providers, GIS software providers, geospatial data providers; and implementation and consulting service providers.

Most of the leading companies in the GIS market have achieved significant share in their respective home markets. However, increasing demand from developing countries towards effective infrastructure and township planning offers numerous growth opportunities for players in the GIS market.

Key Trends:

Increasing usage of advanced geographic data capturing techniques such as images from UAVs, 3D scanners, and precise satellite positioning using GNSS

Rise in the number of service providers which make use of third party GIS and geospatial data to help other organizations in planning and commissioning

Increasing investments towards research and development of advanced GIS to ensure higher accuracy and usability of geospatial data