Geographic Information System (GIS) Market Size, Share, Growth, Demand and Development Forecast to 2024

The global geographic information system (GIS) market is expected to grow at a CAGR of 10.7% during the forecast period with its market size predicted to reach USD 12.7 billion by 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 this task in an effective manner.

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The increasing demand for location-based services such as control of a valve and real-time status is driving the growth of the GIS market across the globe. The increasing application of GIS in construction sector is driving the growth of the market.

On the basis of application, the 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 the highest CAGR of 11.9% during the forecast period. Due to rapid growth in urbanization, it is expected to further enhance the developmental activities in the construction and infrastructure sector. The massive usage of GIS technique in the analysis of urban planning such as use-value of the land is further enhancing the growth of the market.

GIS technologies in this region are extensively being employed for rural and agricultural progression. Furthermore, implementation of GIS system in various countries such as India and China are expected to further fuel the growth of the Asia-Pacific market during the forecast period.

Globally industry players are leveraging market growth through extensive application of GIS in various fields including aerospace and defence, oil and gas exploration and refining, and transportation or logistics. Some of the major players operating in the global GIS market include Environmental Systems Research Institute Inc. (Esri), MacDonald and 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.

Source: VynZ Research