Geographic Information System (GIS) Technology to Grow at at a CAGR of 9.6%

The geographic information system (GIS) market was valued at USD 5.33 Billion in 2016 and is expected to reach USD 10.12 Billion by 2023, growing at a CAGR of 9.6% between 2017 and 2023. Development of smart cities and urbanization, integration of geospatial technology with mainstream technologies for business intelligence, and growing adoption of GIS solutions in transportation are the key driving factors for the market.

Convergence and integration of geospatial technology with mainstream technologies such as analytical tools, database, & enterprise solutions (e.g., ERP and CRM) are considered one of the key drivers expanding the utility of geospatial analytics across various industries. Geospatial data collected from various sources are stored, processed, and analyzed to derive geographic information. The geospatial analyzed information is used for decision-making by various end users. The adoption of geospatial technology has further resulted in improved productivity and efficiency of enterprises across different sectors such as transportation, energy, mining, oil & gas, telecommunication, construction, agriculture, and business enterprises. For instance, real estate site selection, route selection, zoning, planning, conservation, and natural resource extraction involve the usage of geospatial analytics and geographic information system (GIS) solutions. Geospatial software and service providers can deploy more comprehensive solutions through technology convergence and integration with mainstream technologies.

APAC expected to grow at the highest rate between 2017 and 2023

APAC is expected to be the fastest-growing market for GIS during the forecast period. In this region, geospatial technologies are being utilized for rural and agricultural development over the last decade. In APAC, companies engaged in engineering and construction, mining and manufacturing, insurance, and agriculture are implementing geospatial technologies to identify potential markets and are using geospatial information to make strategic decisions. Surveying and mapping technologies are widely used in APAC. In addition, the development of smart cities in China, India, and other Southeast Asian countries has driven demand for 3D GIS in this region.

Major players involved in the software market include Autodesk, Inc. (US), Bentley System, Incorporated (US), Environmental Systems Research Institute, Inc. (Esri) (US), General Electric Co. (US), Hexagon AB (Sweden), Pitney Bowes Inc. (US), Topcon Corporation (Japan), and Trimble Inc. (US).

The hardware market was dominated by key players such as Hexagon AB (Sweden), Trimble Inc. (US), Topcon Corporation (Japan), Hi-Target Surveying Instrument Co., Ltd. (China), and Beijing Unistrong Science & Technology Co., Ltd. (China).

The other players in this market include Blue Marble Geographics (US), Caliper Corporation (US), Computer Aided Development Corporation Ltd. (Cadcorp) (UK), Geosoft Inc. (Canada), Handheld Group (Sweden), Harris Corporation (US), Hi-Target Surveying Instrument Co. Ltd. (China), MacDonald, Dettwiler and Associates Ltd. (Canada),  PASCO CORPORATION (Japan), and SuperMap Software Co., Ltd. (China).

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