Increasing urbanization, supported by growing investments in smart cities, is expected to bolster the demand for the technology in the region in the coming years.

New York, NY -- (SBWire) -- 04/29/2019 --Around the world, governments are increasingly investing in geographical information systems (GIS). Further, the growing adoption of GIS for enterprise applications, implementation of light detection and ranging (LIDAR) technology, and increasing availability of cloud technology and spatial data are aiding the domain growth. In a study, P&S Intelligence calculated the 2017 value of the market to be around $9.83 billion and its CAGR during the forecast period (2018–2023) to be 10.2%. The study also predicted that by 2023, the geographical information system (GIS) market will generate a revenue of $17.5 billion.

GIS is a system, which helps programmers and designers visualize, analyze and interpret spatial and geographical data. On segmenting by component, the geographical information system market has been segregated into hardware, data, and software, among which the data category held the largest share (approximately 60.0%). This is because GIS is heavily utilized in the telecom, network, and mapping sectors. Further, it is witnessing an increased demand from the defense, transportation, and government sectors.

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A citable example for the above-mentioned statement would be the Digital India initiative. Under this, the Government of India, in conjunction with private firms, is expected to invest heavily in improving location-based services infrastructure and internet connectivity in the country. GIS-based data in India is expected to be developed for land management, ownership details, and land records. Similarly, the Environmental Protection Agency, Department of the Interior, Department of Agriculture, and Census Bureau of the U.S. Federal Government use such systems. Further, the geographical information system market has also found support in Dubai and China.

Apart from government investment and support, the growth of enterprise applications has also been driving the domain. Companies have been observed to have rich data, but considerably less location-based information. Modern GIS technology is providing such organizations with meaningful and precise business intelligence to help with effectively managing their product. Another reason for the GIS market advance is that companies are investing heavily in GIS implementation for accessing geographical applications and data. Enterprise GIS solutions help with improved decision making, data organization, resource sharing and inter-departmental communication.

Further, the easy availability of spatial data due to the integration of building information management and GIS in virtual reality-based 3D mapping, and that of sensor-based technology in mobile devices is resulting in growing GIS adoption. The engineering sector heavily uses geospatial data, which is why in the forecast period, it is expected to have the highest geographical information system market CAGR. Software as a service-based cloud computing and increase in the number of mobile device users are also aiding the market growth. The expected revenue contribution CAGR of the telecommunications industry (around 10%) during the forecast period substantiates this finding.

The domain progress is also being aided by the implementation of LIDAR, which improves the accuracy of the measurement done with laser light. This is why LIDAR is gradually replacing the photogrammetry technique, especially in airborne laser mapping applications. As LIDAR-derived products can be integrated into GIS easily, the adoption of technology is expected to bode well for the geographical information system market.

Thus, it is clear that private and public investments, and advancements in technology will help the market prosper.