The Geographical Information Systems market is growing at an exponential rate across the globe, thanks to mass adoption of the technology in the transportation, natural resource, and utility industries. As of late however, TechNavio has witnessed a huge demand for GIS technology from several non-conventional fields such as retail, financial Services, and marketing.
Indeed, research has shown that over 75 percent of all business organizations can be geographically referenced using GIS as a tool to identify and expand markets, and ultimately to optimize revenue.
To elaborate, GIS helps commercial businesses (specifically financial services and retail industries) identify relations between customers’ geographical presence and organizations’ marketing campaigns.
The process is simple. Retailers feed customers’ information into GIS software, and the software gives an analysis of customer details specific to their geography. This in turn helps enterprises with their customer targeting and segmentation, as it helps them easily identify the reach of their marketing activities in a particular targeting segment.
GIS also provides geographic customer details on the following:
- customer culture
- lifestyle
- demography
- buying behaviour
The advantages of this trend for vendors in the Geographical Information Systems market are obvious. Finance and retail are two of the most highly competitive industries, and even the minutest marketing advantage can be the deciding factor between a successful enterprise and a bankrupt business.
Once a few large-scale commercial enterprises begin adopting GIS in their business strategies, other businesses will have little choice but to follow suit if they want to avoid facing huge business disadvantages. Moreover, there are few if any alternatives to the resources offered to commercial businesses by GIS systems, therefore it’s unlikely that the technology will be replaced any time in the near future.
Essentially, this translates to a bottomless cap of geographical information systems market demand and a guarantee for high profits in the Geographical Information Systems Market in the next few years.
For more information, view our 2012-2016 Global Geographical Information Systems Market Research Report.
