The 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.
On the basis of application, the global GIS market is segmented into water & wastewater, government, aerospace & defense, oil & gas exploration, engineering & business services, oil & gas refining, healthcare, transportation & logistics, telecommunications, and others. Engineering and business services segment is expected to witness highest CAGR of 11.9% during the forecast period.
The initial high set up cost of GIS system and non-existence of authentic spatial data is the major factor hindering the growth of this market across the globe. Moreover, it has been observed that ample amount of capital is required for developing database and managing overall GIS system
Globally industry players are leveraging market growth through extensive application of GIS in various fields. Several key industry players are providing state-of-the-art software applications to its users that are further bolstering the growth of the GIS market.
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.
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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