Geographic Information Systems Market: Evolving Technology, Trends and Industry Analysis
Currently, the geographic information system is changing into systems of insight and systems of engagement. Industrial enterprises are trying to reach entire organization with simple access to spatial information to get awareness of their operation. In addition, rising net working complexity of the organization such as microgrids, renewable, electric vehicle, prosumers, energy storage systems and others are resulting companies to install geographic information systems to have access and to better understand the infrastructure information.
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The key factor is driving the market of geographic information systems due to the increasing demand of this new technology among the process industry for better service, geographic information interpretation and management and security. The increasing need for prediction and identification of the natural disasters and to minimizing damages is fueling the growth of geographic information systems market.
In addition, after the occurrence of earthquakes and tsunami and the destruction the market of geographic information systems is growing due to the rising need of identification of these are natural calamities. In addition, increasing need of land management systems coupled with rising real estate and construction industry is further booming the market of geographic information systems and this factor is expected a significant growth during the forecast period. The impact of this driver is high in recent times and is expected to be remaining high during the forecast period.
However, the lack of awareness about geographic information systems adoption for land managing solution the growth of this market is becoming slowdown. Additionally, high investment cost is also restraining the growth of this market. Moreover, the free source of GIS software now available on the internet. Therefore the restraining factor of this market is expected to be low during the forecast period.
The market of geographic information systems segmented into three categories: by organization size, by category and by industry. Based on organization size the market of geographic information systems is segmented by small, medium and large. In terms of the category type the market of geographic information systems is segmented by hardware, software, service, and software service. Based on industry type the market of geographic information systems is segmented by oil and gas, retail, electric power T&D, government, mining, engineering and business service (AEC) and others.
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By geography, the global geographic information systems market is segmented into North America, Latin America, Europe, Asia Pacific (APAC), Middle East and Africa. The North American geographic information systems held the largest market share in 2016 and are expected to hold its position during the forecast period. Owing to its developed economic condition and rising awareness about advanced technology and its acceptances is growing the market growth of geographic information systems in this region.
The U.S. and Canada, there is a high focus on innovations in technology and research and development is further fueling the growth of this market. North America, followed by Europe, is expected to become second largest revenue generating region for geographic information systems market in 2016. The Asia Pacific (APAC) is expected to be the fastest-growing region in the geographic information systems market. Middle East and Africa has shown a remarkable growth in architecture software followed by Latin America in recent years.
The global geographic information systems market is marked by some strong competition from the major players operating in this industry. Numerous merger and acquisition, joint venture and partnership agreement, product innovation, research and development and geographical extension are some of the key strategies adopted by this player to ensure long-term sustenance in these market key participants in the global geographic information systems industry include Hexagon AB (Sweden), GE Power (U.S) and Bentley Systems, Incorporated (U.S) among others.
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