GIS Market To Generate Revenue worth $25,121 Million by 2030

The global geographic information system market is predicted to reach $25,121 million by 2030, growing at a CAGR of 12.2% between 2021 and 2030. The market growth is primarily driven by the increasing investments, proliferating availability of spatial data and cloud technology, and rising demand for these solutions from the transportation industry.

Hardware Sales Generate Majority of Revenue

The hardware category accounted for the largest revenue share, of around 45.2%, in 2021, mainly due to the initial requirement for a computer system for such solutions. On the basis of hardware, the GNSS/GPS antennas category held a significant revenue share in the market in 2021. This is mainly because GPS/GNSS devices send information to receivers on the ground, in order to help users determine one’s location.

The LiDAR category is projected to witness the fastest growth in the coming years. The LiDAR technology helps in measuring the distance with laser light, and it is utilized for developing elevation models and mapping rooftops. Some of its benefits include quick gathering of accurate data and improved results for floodplain delineation and location assessment.

The associated services are expected to witness an increasing demand due to the rising use of spatial data analytics in various applications, such as food delivery, taxi aggregation, and urban planning. The advancements in such technologies, such as geo-analytics and integrated location-based data services, are also boosting their adoption, thereby driving the service demand over the forecast period.

Rising Demand For GIS Software for Development of Smart Cities

 This software is used in smart cities to help with site selection, land acquisition, planning, design, visualization, construction, project management, operations, and reporting. Specialists in urban planning employ such technologies to better analyze, model, and visualize locations. By processing geospatial data sourced from satellite imaging, aerial photography, and remote sensors, the software gives a comprehensive perspective of the land and infrastructure. Hence, as governments throughout the world push for more-sustainable urban development, the need for GIS is expected to rise in the next few years.

Increasing Demand for Enterprise GIS solutions

For successful product management, modern GIS technologies deliver precise and valuable business analytics, including accurate marketing information on clients. Furthermore, corporations are extensively investing in GIS in order to access geographical data through software applications. Enterprise-centric GIS systems provide various advantages, including resource sharing, data organization, better decision making, and effective inter-department communication.

Furthermore, this technology allows businesses to minimize inventory, product backlog errors, and fleet management expenses. Facility management is one of the most-potential uses of business GIS technology. Water and wastewater management systems are widely used in developing nations for catering to their huge populations. With the pace of urbanization increasing and the amount of freshwater decreasing, the demand for GIS solutions for water and wastewater management is likely to rise in the future.

Increasing Penetration of 4D Software & Augmented Reality Platforms in GIS

GIS is rapidly being utilized to include not only physical geographic data, but also to analyze and visualize space across time. 2D, 3D, and temporal change data are all part of the system. To create 4D data, an integrated database with real-time monitoring is necessary. This technology is used to integrate, organize, and analyze geographical and non-spatial data obtained from multiple sources. Additionally, it is gaining prominence in fields where GIS is required to anticipate dimensions over time.

Increasing Accessibility of Spatial Data and Cloud Technology Drives Industry Growth

The amount of geospatial information has increased exponentially over the past few years, which has led to the large-scale adoption of GIS for new applications, including marketing and advertisement. GIS engineering applications are one of the main beneficiaries of easily available geospatial data. The development of advanced software, such as software as a service (SaaS) and data capturing technologies, and the rise in the number of mobile device users are a few factors driving the growth of the market.

The integration of this technology with building information modeling (BIM), developments in VR-based 3D GIS mapping, and incorporation of mobile-based apps with sensor-based technology are increasing the spatial data availability for such technologies. Moreover, cloud-based spatial data provides cost-effective solutions to organizations to enhance their productivity.

Some major players operating in the GIS market are Autodesk Inc., Esri, Bentley Systems Incorporated, Caliper Corporation, General Electric Co., Schneider Electric SE, Computer Aided Development Corporation Ltd., Hexagon AB, Pitney Bowes Inc., and Trimble Inc.