Global sales of GIS and geospatial software, services and data grew by 10.3 per cent in 2010 to USD 4.4bn, according to research by Daratech.
And this figure is forecast to grow by more than 8.3 per cent to almost USD 5bn this year.
North America, which accounts for almost half the industry’s annual sales, has enjoyed an 11 per cent compounded annual growth rate for the last 8 years, leading Asia/Pacific with an 8.7 per cent compounded annual growth rate and Europe with a 7.9 per cent compound annual rate.
Daratech chief executive Charles Foundyller said demand for GIS/geospatial products is driven by an increasing global need for geographically correlated information.
“As more and more websites such as Google Earth and consumer navigation systems such as TomTom bring awareness of the power of linking business and consumer information with their geography, geo-enabled apps will become the norm,” he said.
The report notes that GIS/geospatial technology contributes to national security, helps governments manage natural resources and infrastructure, assists businesses in streamlining operations, and empowers consumers.
GIS data is today the fastest growing segment of the GIS/geospatial business, having grown at a compound annual rate of 15.5 per cent for the last eight years – about twice the rate of growth for software and services.
As more location-related data becomes available, the use and scope of geospatial analyses is sure to grow dramatically, the research suggests. And advances in image processing technologies are accelerating and refining GIS data production by orders of magnitude, creating a new feedstock for apps of all kinds.