Ireland: The increasing application of GIS in the utilities sector has led to a determined growth in the GIS market globally in the utilities sector. This is borne out by the latest outlook, 'Global GIS Market in the Utility Industry 2014-2018' recently released by ResearchandMarkets, which is Dublin-based world's largest market research firm.
The analysts forecast a CAGR of 9.27% over the period 2013-2018 in the GIS market worldwide in the utility industry in this comprehensive report that evaluates the market realities present in the APAC, EMEA and the Americas regions along with various growth prospects.
While determining the market size and vendor share, the report assesses the revenue generated from the sale of software, services and data in various market segments like photogrammetry and remote sensing, traditional GIS, geospatial engineering, GPS and other GIS application products.
The underlying objective of GIS in the utility sector relates to planning and designing facilities to deliver water, electricity or natural gas to end-users. The utilities sector is experiencing unprecedented change throughout the world as a result of better utilisation of spatial data.
"The emergence of 3D GIS software is expected to play a major role in the increased adoption of GIS solutions in the utility industry. There is an increase in demand for the development of 3D GIS software as it is adopted by many end-users because of its better visibility and performance than 2D GIS software. End-users in the utility industry are adopting 3D GIS software to obtain data/information on their network infrastructure and to increase their operational efficiency. Thus, many large vendors are in the process of developing and offering 3D GIS software, which is expected to drive the growth of the global GIS market in the utility industry during the forecast period," remarks, one of the analysts.
The primary factor behind the projected growth in the global GIS market in the utility space includes the growing need to boost process efficiency. Consequently, increasing number of companies have grasped the benefits and importance of GIS technology and started embracing it in their business models.
The report cites greater-than-ever availability of open-source GIS software as one of the foremost challenges in the market. A number of small to mid-level companies that cannot afford heavy spends in GIS solutions inevitably settle for open-source software.