Growth of GIS market in utility industry to grow at 12

Technavio has announced its latest market research report titled global GIS market in the utility industry 2019-2023. The report reveals a 12% Compound Annual Growth Rate (CAGR) surge in the GIS market by 2023, reported Technavio. 

Growth of GIS market in utility industry to grow at 12
Growth of GIS market in utility industry to grow at 12

Growth of GIS market in utility industry to grow at 12% CAGR by 2023: Technavio

Technavio has announced its latest market research report titled global GIS market in the utility industry 2019-2023. The report reveals a 12% Compound Annual Growth Rate (CAGR) surge in the GIS market by 2023, reported Technavio. 

The study provides a comprehensive analysis of the market, including its global and regional market share as well as market segmentation based on application (software, data, and services) and geography (APAC, North America, Europe, South America, and MEA) for the forecast period 2019-2023.

The integration of GIS in the BIM software enables organizations to standardize and organize 2D and 3D design data at the primary level. Manufacturers integrate BIM and GIS into 3D computer-aided design software for construction activities at the secondary level. Additionally, BIM data and workflows contain information regarding sensors and the placement of devices in IoT connected networks, which can help in better design and management.

GIS helps in building and modernizing grids and enhances the resiliency of the grid in the utility industry. It also enables virtualization of 2D and 3D data, real-world monitoring, and network functionality on any device such as desktops, web, and smartphones. The utility sector extensively relies on GIS as it provides better-informed decisions and functionality about managing grid data.