Geographic Information System (GIS) Market Size

Geographic Information System Market Size

GIS market size was estimated at over USD 4 billion in 2017, growing at a CAGR of over 12% between 2018 to 2024.

A geographic information system (gis) represents a computer framework for capturing, storing and analyzing geographic and spatial data. GIS can be used for mapping, telematics and other applications. GIS market share will expand with a robust demand from telecom sector. 
 

The GIS market is projected to exhibit a lucrative growth between 2018 and 2024 due to the increasing demand of location-based analytics among the businesses to improve operational efficiency and enhance the decision-making process. The growing need to integrate conventional data with the spatial data to obtain valuable insights from location-based information will offer new growth avenues for the geographic information system market over the forecast timeline. The penetration of the IoT platforms in business operations has fueled the generation of real-time location data for offering highly relevant and location-specific service to the customers. Another factor contributing to the market growth is the government-led initiatives towards the growth and development of the smart cities which will lead to an increase in demand for GIS technology for enabling a highly connected urban infrastructure. For instance, in January 2017, the central government in India announced its plans to utilize geospatial technologies for smart cities project. To realize its vision to build 100 smart cities across the country, the Indian government is aiming to use geospatial technology which enables effective and integrated planning through the use of real-time location data analytics.