Geographic Information Systems (GIS) Market Size, Industry Share, Approaches and Forecast 2024
Global geographic information system (GIS) market was valued at USD 6.3 billion in 2017 and is further expected to become USD 12.7 billion by 2024. This market is further expected to witness CAGR of 10.7% during the forecast period 2018 – 2024. The increasing popularity of this market is attributed towards extensive utilization of GIS by several business organizations to develop maps that help in efficiently performing analysis, solving complex problems, sharing information and communicating across the globe. This system is further enabling the organization to perform task in an effective manner.
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The increasing amalgamation of GIS system with traditional technology has upgraded the business intelligence systems of the organization. Furthermore, the combination of IoT devices and GIS system helps the users in accessing accurate data along with using geospatial data analysis. Moreover, the increasing demand for location based services such as control of a valve and real-time status are driving the growth of GIS market across the globe. Additionally, the increasing usage of GIS systems in construction sector is expected to further exaggerate the growth of this market during the forecast period.
Geographically, Asia-Pacific is expected to witness fastest growth of 11.9% during the forecast period. The growth of this market in this region is attributed towards increasing implementation of geospatial system by business organization in several sectors such as agriculture, mining and manufacturing, construction and insurance sectors that are enabling them to undertake informed decisions and identify potential strengths of their organization.
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Moreover, it has been observed that geospatial technologies are extensively being used for agricultural and rural development in this region. Furthermore, excessive usage of mapping and surveying technologies are driving the growth of GIS market in this region. Moreover, implementation of GIS system in various countries such as India and China are expected to further drive the growth of this market during the forecast period.
Some of the major players operating in the global GIS industry include Environmental Systems Research Institute Inc. (Esri), Macdonald & Company, Pitney Bowes Inc., Dettwiler and Associates Ltd., PASCO CORPORATION, SuperMap Software Co. Ltd., Ubisense Group Plc., Bentley Systems Incorporated, Schneider Electric SE and Autodesk Inc
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