Latin America Geographic Information System Market Forecast 2017-2025
The Latin America geographic information system (GIS) market is currently estimated to be around $1.06 billion in the year 2017 and is likely to reach $ 3.70 billion in the year 2025, with a CAGR of 16.92%. The base year is deliberated as 2016 and the forecast period is from2017-2025. The rising demand for spatial data in a number of industries and increased need of effective 3D GIS and land management are the major factors driving the growth in the geographic information systems (GIS) market.
The GIS market is segmented by product on the basis of software, data and service. It is also segmented by end users on the basis of government, natural resources, utilities, telecommunications, military, banking financial services and insurance (BFSI), transportation, retail and other end user applications. High costs associated with geographic information system GIS and strict rules and regulations are some of the restraints faced by the market. Utilization of GIS in disaster management, incorporation of GIS in video games and integration of GIS in business intelligence are some of the new trends that are coming up in the GIS market. The technological boundaries, easy availability of open source GIS Software and turnaround time are some of the challenges encountered by the GIS market.
The key players in the GIS market are, ESRI Inc, MDA Corporation, Hexagon AB, Autodesk, Pitney Bowes, and Bentley Systems.