June 23, 2020
According to the research report titled ‘Global Geographic Information System (GIS) Software Market Size study with COVID-19 impact, by Offering (Hardware, Software, Services), by Function (Mapping, Surveying, Telematics and Navigation, Location-Based Services), by End-User (Agriculture, Biologics, Architecture, Engineering, and Construction, Transportation, Healthcare, Retail, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global geographic information system (GIS) software market was worth USD 7.2 billion in the year 2019 and is expected to grow with a CAGR of 12.4% during 2020-2026.
For the record, GIS (geographic information system), also known as GIScience (geographic information science), is the study of primary geographic concepts, applications and systems. The software is designed to store, manage, recover, evaluate and display all forms of geographic as well as spatial data. It arranges various layers of spatial location data into visualizations using 3D scenes and maps. The software provides in-depth perceptions into information including relationships, situations and patterns which further helps users in quick decision making.
Rapid urbanization coupled with increasing development of smart cities are major factors driving the growth of geographic information system software industry. As per the United Nations Department of Economic & Social Affairs, around 55% of the global population were living in urban regions in 2018 and is predicted to increase to 68% by the year 2050.
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Rising incorporation of geospatial technology with mainstream technologies such as business intelligence is further aiding the market expansion. Geographical information system software stores data by using spatial indices, which further enables it to study the features of any region. For instance, a GIS solution assists in quickly detecting and mapping out all the roads in a region. Increasing utilization of GIS solutions in transportation sector is also stimulating the industry outlook.
The COVID-19 pandemic has impelled the demand for effective communication services, which in turn is favoring the market outlook. Geographic information system software plays a vital role in identifying, responding and analyzing the outbreak patterns of COVID-19 in real-time. This further helps in detecting at-risk population as well as improve healthcare capacities. However, high investments associated with database development coupled with rising concerns regarding data security & privacy may act as restraining factors to the overall market growth.
Regionally, Asia-Pacific GIS software industry is estimated to garner significant returns in the forthcoming years. Early adoption of geospatial solutions, growing demand for location-based services in construction, transportation, etc., and rising penetration of mobile devices are complementing the industry outlook in Asia-Pacific.
The prominent companies operating in geographic information system software market are TomTom N.V., Bentley Systems Inc., Caliper Corp., Maxar Corp., Topcon Corp., Hexagon AB, Pitney Bowes, Trimble Inc., Esri and Autodesk Inc. among others.