GIS Market – Popular Trends & Technological advancements to Watch Out for Near Future 2023

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Global GIS Market is expected to increase from $8,985.5 million in 2016, to reach $17,510.9 million by 2023, growing at a CAGR of 10.1% during 2017 – 2023. Among the various application areas, government sector has been the largest contributor to the global GIS market, accounting for over 28% of the global revenue in 2016. Increasing urbanization, in addition to the surging adoption of enterprise GIS in developing countries is expected to bolster the demand for geographic information system during the forecast period.

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During the recent years, demand for 3D based GIS has increased, owing to the development of smart cities in China, India, and other South East Asian countries, majorly for building surveillance application. According to Environmental Systems Research Institute (Esri), the adoption of 3D based urban mapping is witnessing rapid growth, owing to the adoption of 3D mapping in smart cities. The modern GIS maps are developed in a way that new data can be added, as becomes available, and hence the transition from 2D based maps to 3D maps is gaining pace. The real estate companies utilize 3D based information to leverage marketing opportunities, as providing line of sight visualization in any direction from any location in a building, which is further giving competitive advantage to the real estate developers.

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Asia-Pacific is expected to be the fastest growing GIS market during the forecast period, owing to the increasing penetration of GIS solutions in sectors such as utility, government, and water and waste water, in developing countries of the region, including India and China. The upsurge in urbanization along with investment in smart cities in the region is expected to bolster the demand for GIS solutions in the coming years.

Some of the major companies operating in the global GIS market include 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.

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