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

Geographic information system (GIS) market size is expected to reach $17.5 billion by 2023, growing at a CAGR of 10.1% during 2017-2023. The growth of the geographic information system market can be attributed to the implantation of LIDAR technology and increasing availability of spatial data and cloud technology. In terms of application, the GIS technology can be categorized as government, water & wastewater management, Telecommunication, engineering & business services, aerospace & defense, oil & gas refineries, oil & gas exploration, transportation & logistics, healthcare and others. Other applications of GIS include crime mapping, property records, fire prevention and house renovation programs. The government sector accounted for majority share in the GIS market. Governments in the developing countries are making huge investments in digital infrastructure.

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 The 3D based virtual reality geographic information systems (VRGIS) have been getting popular in city planning and urban development in developing countries. The three-dimensional geographic information system facilitates an improved and detail insight into the complex database of GIS. Moreover, the advanced projection-based displays enable urban planners to design 3D based virtual models. Many 3D based GIS applications, such as storm water run-off studies and building surveillance, are experiencing high penetration in developed countries. According to Environmental Systems Research Institute Inc. (ESRI), 3D based urban mapping is witnessing rapid growth owing to the conversion of 2D to 3D mapping of smart cities. The modern GIS maps are constructed in a way that new data can be added as it becomes available, and hence the transition from 2D based map to 3D map is gaining pace. Apart from the urban planning, the 3D based geographic information system market is also witnessing fast growth in flood modeling, transportation, and census.

Asia-Pacific is expected to be the fastest growing geographic information system 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.

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Some of the major companies operating in the geographic information system 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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