NEW YORK, June 20, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Geographic Information System (GIS) Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Component (Software, Services and Hardware), by Project Size (Medium, Small and Large) and by Application Areas (Government, Water and Wastewater Management, Telecommunications, Engineering and Business Services, Aerospace & Defense, Oil and Gas Refineries, Oil and Gas Exploration, Transportation & Logistics, Healthcare and Others)” published by P&S Market Research, the global GIS market is projected to grow at a CAGR of 9.9%, during 2017 – 2023.

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The global GIS market is expected to increase from $8,985.5 million in 2016, to reach $17,510.9 million by 2023, growing at a CAGR of 10.1% during 2017 – 2023. Among the various application areas, government sector has been the largest contributor to the global GIS market, accounting for over 28% of the global revenue in 2016. Increasing urbanization, in addition to the surging adoption of enterprise GIS in developing countries is expected to bolster the demand for geographic information system during the forecast period.

During the recent years, demand for 3D based GIS has increased, owing to the development of smart cities in China, India, and other South East Asian countries, majorly for building surveillance application. According to Environmental Systems Research Institute (Esri), the adoption of 3D based urban mapping is witnessing rapid growth, owing to the adoption of 3D mapping in smart cities. The modern GIS maps are developed in a way that new data can be added, as becomes available, and hence the transition from 2D based maps to 3D maps is gaining pace. The real estate companies utilize 3D based information to leverage marketing opportunities, as providing line of sight visualization in any direction from any location in a building, which is further giving competitive advantage to the real estate developers.

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Based on our analysis, medium and small size projects (valued less than $1million) together accounted over 75% of the global GIS market in 2016. The market for medium size projects (ranging from $250,000 to $1 million) is expected to register the fastest growth during the forecast period.

The global GIS market is witnessing increasing investment by the governments for application in homeland security, and military and aerospace sector. Over the years, several GIS vendors have also come up with innovative products to suit the requirements of the governments in developing countries. Recently, the Government of India started Digital India initiative, where the government along with the private sector companies is expected to invest heavily in improving internet connectivity and location based services infrastructure across the country, during in the next five to six years. The country is also expected to develop a GIS based data for land records, land management and ownership details in the country. The Government of India has included “National GIS Vision” in its 12th five-year plan (2012 – 2017), under which the government is expected to explore the potential untapped opportunities for GIS implementation.

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

Some of the major companies operating in the global geographic information system (GIS) market include Environmental Systems Research Institute Inc. (Esri), Pitney Bowes Inc., MacDonald, Dettwiler and Associates Ltd., SuperMap Software Co. Ltd., PASCO CORPORATION, Ubisense Group Plc., Bentley Systems Incorporated, Schneider Electric SE, and Autodesk Inc.

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