Dublin, Ireland: Researchers at Technavio, a market research firm, forecasted the global GIS market to grow at a CAGR of 9.2 pc over the period 2011-2015. One of the key factors contributing to this market growth is increasing demand for GIS from governments and militaries. The global GIS industry has also been witnessing development of customised GIS applications. However, the need to meet various governments’ regulations and guidelines could pose a challenge to the growth of this market. Key vendors dominating this market space include ESRI Inc., Hexagon AB, GE Energy, and Bentley Systems Inc.
Speaking to the Sun Herald, an analyst from TechNavio’s Engineering Services team said, “The vendors in the global GIS market have now started to provide customised GIS applications in line with specific industry requirements. Many non-manufacturing industries have started to adopt GIS technology at a rapid rate. The companies in these industries prefer GIS solutions that have been customised to suit their industry requirements, as this could help these companies survive in a competitive business environment. Although industry-specific GIS solutions are currently available, customers also expect company-specific GIS solutions. Therefore, the market is witnessing a large number of opportunities in terms of customised GIS applications and solutions.”
According to the report, many governments and military bodies have started to invest in GIS to enhance their national security infrastructure. Thus, the public sector continues to drive the market, and is expected to retain its dominant role in the market.
Further, the report also highlighted that high initial investment and lack of skilled engineers in a few developing countries are some of the major challenges against the growth of the global GIS market.
Source: Sun Herald