Global GIS market is expected to reach $17.5 billion by 2023, according to P&S Intelligence.
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.
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.
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.