IndustryARC, in one of its latest reports, predicted that 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. The geographic information system market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Competitive Landscape:
The top 5 players in the geographic information system industry are:
1. Environmental Systems Research Institute (ESRI)
2. Google
3. Microsoft
4. Super map Software Co. Ltd
5. Hexagon
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Segmental Analysis:
1. By Deployment Geospatial Information System Market is segmented as Cloud and On-Premises. The Cloud-based deployment is witnessing significant growth in the market. The smartphone mobile apps trace location and routing, spatial analytics, smart mapping, field data collection and others which is only possible through the web geospatial information tools. The real-time geographical data used by devices for instance smartphones, vehicle sensors, imaging sensors on drones are majorly extracted from the cloud. These factors are fueling the growth of the market.
2. Geographic Information System offers the following positive business outcomes such as customer analytics and loyalty marketing, capacity and pricing optimization and predictive maintenance analytics in the transportation sector. Travel and transportation organizations face capacity restraints thus a sharp focus on pricing and ability optimization is crucial. Geographic Information System offers new capabilities for public transportation operators and urban city traffic management to improve service to passengers and create new business opportunities and capabilities.
3. Global Geographic Information System Market is dominated by APAC with a market share of over 35% in 2020. The growth in use of geospatial analytics, growth in internet penetration, rise in the developing industrial sectors and growth in infrastructural developments are boosting the growth of the market. The growth of cellular networks and real-time communication for the various applications for instance wireless broadband, mobile applications, GPS tracking and others are also driving the growth of the market in this region.
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Market Drivers and Challenges:
1. Rise of Big Data Analytics: 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. Location intelligence can help to simplify mapping, ordering, assistance, and queue management. Understanding the spatial position of an individual has helped to enhance the visitor experience in a wide variety of industries.
2. Rise in Internet Penetration: 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. The ambulances are installed with wireless connectivity which runs through the availability of high-speed internet.
3. Furthermore, the national labs are using these Geographic Information System tools for managing the chaos of natural disasters, improvement of crisis mapping, weather condition predictions as it allows real-time monitoring of all the geographical information. All these applications are possible owing to the presence of high-speed internet in almost all the locations around the globe nowadays. These factors are driving the growth of the market.
4. 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.
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