Published on: December 02, 2019
The geographic information system (GIS) market in the utility industry is estimated to grow at a CAGR of 16.04% between 2023 and 2028. The growth of the market depends on several factors, including the increased adoption of GIS solutions in the utility industry, the integration between GIS and building information modeling (BIM), and the integration of AR with GIS.
GIS is a system that allows for the collection, storage, analysis, and visualization of geospatial data. In the utility industry, GIS is used to manage assets, infrastructure, and operations efficiently. It provides utilities with the ability to map and analyze their network of assets, such as power lines, pipelines, water distribution systems, and other infrastructure elements. This helps utilities in planning, designing, maintaining, and optimizing their infrastructure.
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Increased adoption of GIS solutions in the utility industry is the key factor driving market growth. Geospatial data and applications can be accessed by the industry through GIS. The GIS provides a more detailed understanding of the system and facilitates efficient operation of utilities. The GIS solution will enable the utility industry to create maps, organize and integrate location data at all points, visualize scenarios as well and extract and analyze intelligence which can be useful. GIS can help reduce costs and aid in capital planning.
Increased use of GIS for water management is the primary rend shaping market growth. For agricultural use, GIS is widely used for the management and conservation of water. Using interactive analysis tools, GIS plays an important role in water resource assessment and management through simulation models with a view to better decision-making. The water flow rate and turbidity shall be taken into consideration by GIS for efficient monitoring of water resources.
Lack of planning causing implementation failure of GIS solutions is a challenge that affects market growth. It is necessary to implement the global information system in a systematic way. Given that there is a high probability of a mismatch between system capabilities and end-user needs, a lack of planning results in a waste of funds. GIS is a complex technology requiring a high level of precision and proper planning and testing before its implementation.
Technavio's GIS market in the utility industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our GIS market in the utility industry reports include:
In order to provide you with a comprehensive view of the GIS market in the utility industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the GIS market in the utility industry with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
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