P&S predicts growth in GIS market by 2020

P&S predicts growth in GIS market by 2020

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US: Market research firm, P&S market research has predicted a growth in GIS market from $7,612.9 million in 2014 to $14,623.8 million by 2020 at a CAGR of 11.4%. The report suggests, among the various industry verticals, the Government sector accounted for about 28.3% share of the global GIS market in 2014.

The increasing urbanization, in addition to the growth of enterprise GIS in developing countries, is expected to boost the demand of geographic information system during the forecast period. During the recent years, the demand for 3D based GIS has increased, owing to the development of smart cities in China, India, and other South East Asian countries. The use of 3D GIS is witnessing rapid growth in building surveillance application.

Asia-Pacific is expected to be the fastest growing GIS market during the forecast period, owing to the increasing penetration of GIS solution in utility sector, government sector, and water and waste water sector in developing countries, including India and China. The upsurge in urbanization along with purposed investment in smart cities in the region is expected to boost the demand of GIS in the coming years

According to ESRI, the adoption of 3D based urban mapping is witnessing a rapid growth, owing to the conversion 2D to 3D mapping of smart cities. The modern GIS maps are constructed in a way that new data can be added, as it becomes available and hence the transition from 2D based map to 3D map is gaining pace. The real estate company utilizes the 3D based information to leverage marketing opportunity. Providing line of sight visualization in any direction from any location in a building, offers competitive advantage to the real estate developers.

Source: PRNewswire