Geographic Information System (GIS) Market Will Reach $17.5 Billion by 2023 and Is Growing at a CAGR of 10.2% During 2018 – 2023
The global Geographic information system (GIS) market was valued at $9,835.5 million in 2017 and is forecasted to witness a CAGR of 10.2% during 2018–2023 and is expected to reach $17.5 billion by 2023. Increasing urbanization in addition to the surging adoption of GIS solutions in enterprise applications in developing countries is the key factor bolstering the demand for the system. The growth of the global GIS market can also be attributed to the implantation of LIDAR (light detection and ranging) technology and increasing availability of spatial data and cloud technology.
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On the basis of project size, the GIS market has been categorized into small (less than $250K), medium ($250K to $1 million), and large (more than $1 million). During the forecast period, the market is expected to register the fastest growth in medium-sized projects. This can be attributed to the increasing expenditure of the defense and healthcare sectors on GIS.
Based on application areas, government contributed the largest revenue to the GIS market in 2017. Community planning, urban and rural planning, and information extraction on natural calamities are some of major application areas of the GIS technology in the government sector. Although governments in developed countries are the major users of the technology, governments in developing countries too are heavily investing in digital and data-based GIS solutions for urban and rural planning, public health improvement, and optimal utilization of natural resources. This, in turn, is expected to increase the market penetration of the technology in the coming years.
During the forecast period, the GIS market is expected to witness the fastest growth in APAC, owing to the increasing use of this technology by governments, and for water and wastewater management, in the developing countries of the region, including India and China. Increasing urbanization, supported by growing investments in smart cities, is expected to bolster the demand for the technology in the region in the coming years. GIS has witnessed high penetration in enterprise applications in recent years. Although industries have a huge amount of data, they lack location-specific information. Modern GIS provide precise and meaningful business intelligence solutions for effective product management and accurate marketing information about clients. The modern GIS technology is steadily transforming the enterprise command technique, under multiple location scenarios.
Some of the major players operating in the global GIS market are Environmental Systems Research Institute Inc. (Esri), Pitney Bowes Inc., MacDonald, Dettwiler and Associates Ltd., SuperMap Software Co. Ltd., PASCO CORPORATION, Ubisense Group Plc., Bentley Systems Incorporated, Schneider Electric SE and Autodesk Inc.
