Geographic Information System Market in agriculture segment is projected to grow at a CAGR of over 15% between 2018 to 2024

Geographic Information System Market in the agriculture segment is anticipated to grow exponentially over the forecast years due to the increasing applications of drone technology. Drones are rapidly being used by the farmers to assess crop condition. As these collect vegetation and topography related information, the demand for GIS will increase during the forecast timeline. The increasing penetration of the drone technology in sectors, such as defense, transportation agriculture, and urban planning is expected to drive the geographic information system market growth.

The competition in the geographic information system market is driven by various technological innovations in the geospatial industry for facilitating the acquisition of spatial data. Due to product development initiatives and partnerships adopted by the GIS providers, the competition in the geographic information system market is expected to intensify over the forecast timeline. For instance, in November 2017, Autodesk and Esri announced a strategic partnership for the amalgamation of their Building Information Management (BIM) and GIS mapping technologies to enable their shared customers to build a more connected infrastructure by synthesizing information from both the applications.

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The hardware segment dominated the GIS market with a share of around 55% in 2017 due to the large-scale adoption of GIS collectors and handheld devices equipped with high-resolution cameras and sensors to capture the spatial data. The data collectors enable organizations to capture geospatial data from varied sources which is then integrated and analyzed using GIS.

With location-based analytics and mapping forming an essential part of the future smart & sustainable technologies, geographic information system market is going a transformation of sorts in the recent times. Over the years, strong technological proliferation in geospatial services for remote sensing platforms and navigation have further accelerated the adoption of GIS solutions for obtaining critical information and real-time location data. With improved operational efficiency and enhanced decision-making, the advent of GIS technology has irrefutably brought a commendable transformation in the recent years.

The mapping application segment held majority of the geographic information system market share amounting to over 40% in 2017 due to the widespread adoption of the GIS software to integrate, manipulate and present the geospatial data and let the users to produce graphic display of information for analysis. GIS mapping software helps in mapping the position and any changes occurring in the areas and allow GIS professionals and surveyors to gain insights about changes that occur in the specific area.

North America is projected to account for a majority market share of around 35% by 2024. The market growth is driven by the growth of the geospatial industry with the launch of new satellite navigation systems. For instance, in March 2018, NASA launched the next-generation weather satellites for the National Oceanic and Atmospheric Administration (NOAA). NOAAs Geostationary Operational Environmental Satellite-S (GOES-S) provides more accurate and detailed data to track storm systems, lightning, wildfires, coastal fog, and other hazards that affect the western U.S. The extensive presence of the major market players, such as Esri and Autodesk, in the region is also expected to drive the GIS market growth between 2018 and 2024.

Asia Pacific geographic information system market is expected to grow at a CAGR of over 15% during the forecast timeline. The GIS market growth is attributed to the factors such as rising urbanization and development of smart cities and various efforts taken by the government agencies to strengthen spatial infrastructure of the satcom industry which further triggers the need to have more advanced GPS systems and navigation platforms to capture the location-based data.

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