Global Geographic Information System (GIS) Software Market Overview

The Global Geographic Information System market was valued at USD 6.78 billion in 2021 and is expected to reach USD 15.95 billion by the year 2028, at a CAGR of 13%

Geographic Information System, popularly known as GIS is a framework meant for gathering and analysing geographic data. It analyses location-based data and integrates it into layers of information to generate 3D view and maps.

High number of organizations in virtually every field are making use of GIS Software to perform following actions

  • Identify Problems
  • Monitor Activities
  • Respond to Events
  • Perform Forecasting
  • Analyse Trends

Geographic Information System (GIS) Software Market

Scope of the GIS Software Market

Currently, Geographic Information Systems are among the most exciting and powerful framework in the world. With increasing number of users having access to mobile and internet, there has been constant research in the field of GIS to integrate high volume and velocity data into the framework and analyse the same. Enhancement in the field of cloud technology has also given boost to use of GIS Software and similar technologies. Demand of smart cities has also opened doors for GIS to integrate with IOT and sensors.

Impact of COVID-19 on GIS Software Market

GIS Software has played an important role in this pandemic situation. It has helped local government in rapid aggregation of data from multiple sources, tracking of confirmed cases, regional transmission prediction and outbreak of virus. Market for GIS is expected to grow rapidly after this pandemic as it has a data-driven system for rapid knowledge acquisition which will help in better social management.

Market Segmentation

Global GIS Software Market Research report comprises of Porter's five forces analysis to do the detail study about its each segmentation like Product segmentation, End user/application segment analysis and Major key players analysis mentioned as below;

Competitive Landscape and GIS Software Market Share Analysis

Competitive landscape of this GIS Software is characterized by emergence of:

  1. Demand for Smart Cities
  2. Increasing needs for facilities management
  3. Breakthrough in 5G Technology
  4. Driverless Cars
  5. Transport and Logistics

Players Covered in GIS Software market are :

  • Google
  • Esri
  • Pitney Bowes
  • Golden Software
  • Caliper
  • Autodesk
  • Salesforce Maps
  • GB Group
  • Oracle
  • Tyler Technologies
  • Zee Source
  • Mapbox
  • Blue Marble Geographics
  • General Electric
  • OSGeo and other major players.

Among other players domestic and global, GIS Software market share data is available for global, North America, Europe, Asia-Pacific, Middle East and Africa and South America separately. Our Analyst predict, North America to hold high share in the Geographical Information System Market forecast period.

Objective to buy this Report:

  • The depth industry analysis by SWOT Analysis, Porters Five Force Analysis and Cost Structure Analysis.
  • This report covers different regional and country level markets of GIS Software .
  • It describes the current situation, historical background, and future forecast of the GIS Software.
  • Comprehensive data showing GIS Software capacity, production, consumption, trading statistics, and pricing.
  • Market forecasts for the next five years are also available, including market size and price by top leading vendors.
  • Raw material supply and downstream consumer information is also included in this report.

Global Geographic Information System Software Market

Base Year:

2021

Forecast Period:

2022-2028

Historical Data:

2016 to 2020

Market Size in 2021:

USD 6.78 Bn.

Forecast Period 2022-28 CAGR:

13%

Market Size in 2028:

USD 15.95 Bn.

Segments Covered:

By Type
  • On-premise
  • Cloud-based

By Application
  • Individual
  • Enterprise
  • Others

By Region
  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:
  • Rising the Use of GIS For Facility Management

Key Market Restraints:
  • High GIS Software Cost

Key Opportunities:
  • Increase the Development of Smart Cities and Modern Urban Planning

Companies Covered in the report:
  • Google, Esri, Pitney Bowes, Golden Software, Caliper, and other major players.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type
 3.2 By Application

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  3.5.1 Drivers
  3.5.2 Restraints
  3.5.3 Opportunities
  3.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 4: GIS Software Market by Type
 4.1 GIS Software Market Overview Snapshot and Growth Engine
 4.2 GIS Software Market Overview
 4.3 On-premise
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size (2016-2028F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 On-premise: Grographic Segmentation
 4.4 Cloud-based
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size (2016-2028F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Cloud-based: Grographic Segmentation

Chapter 5: GIS Software Market by Application
 5.1 GIS Software Market Overview Snapshot and Growth Engine
 5.2 GIS Software Market Overview
 5.3 Individual
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Individual: Grographic Segmentation
 5.4 Enterprise
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Enterprise: Grographic Segmentation
 5.5 Others
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Others: Grographic Segmentation

Chapter 6: Company Profiles and Competitive Analysis
 6.1 Competitive Landscape
  6.1.1 Competitive Positioning
  6.1.2 GIS Software Sales and Market Share By Players
  6.1.3 Industry BCG Matrix
  6.1.4 Ansoff Matrix
  6.1.5 GIS Software Industry Concentration Ratio (CR5 and HHI)
  6.1.6 Top 5 GIS Software Players Market Share
  6.1.7 Mergers and Acquisitions
  6.1.8 Business Strategies By Top Players
 6.2 NORTH AMERICA (U.S.
  6.2.1 Company Overview
  6.2.2 Key Executives
  6.2.3 Company Snapshot
  6.2.4 Operating Business Segments
  6.2.5 Product Portfolio
  6.2.6 Business Performance
  6.2.7 Key Strategic Moves and Recent Developments
  6.2.8 SWOT Analysis
 6.3 CANADA
 6.4 MEXICO)
 6.5 EUROPE (GERMANY
 6.6 U.K.
 6.7 FRANCE
 6.8 ITALY
 6.9 RUSSIA
 6.10 SPAIN ETC.)
 6.11 ASIA-PACIFIC (CHINA
 6.12 INDIA
 6.13 JAPAN
 6.14 SOUTHEAST ASIA ETC.)
 6.15 SOUTH AMERICA (BRAZIL
 6.16 ARGENTINA ETC.)
 6.17 MIDDLE EAST & AFRICA (SAUDI ARABIA
 6.18 SOUTH AFRICA ETC.)

Chapter 7: Global GIS Software Market Analysis, Insights and Forecast, 2016-2028
 7.1 Market Overview
 7.2 Historic and Forecasted Market Size By Type
  7.2.1 On-premise
  7.2.2 Cloud-based
 7.3 Historic and Forecasted Market Size By Application
  7.3.1 Individual
  7.3.2 Enterprise
  7.3.3 Others

Chapter 8: North America GIS Software Market Analysis, Insights and Forecast, 2016-2028
 8.1 Key Market Trends, Growth Factors and Opportunities
 8.2 Impact of Covid-19
 8.3 Key Players
 8.4 Key Market Trends, Growth Factors and Opportunities
 8.4 Historic and Forecasted Market Size By Type
  8.4.1 On-premise
  8.4.2 Cloud-based
 8.5 Historic and Forecasted Market Size By Application
  8.5.1 Individual
  8.5.2 Enterprise
  8.5.3 Others
 8.6 Historic and Forecast Market Size by Country
  8.6.1 U.S.
  8.6.2 Canada
  8.6.3 Mexico

Chapter 9: Europe GIS Software Market Analysis, Insights and Forecast, 2016-2028
 9.1 Key Market Trends, Growth Factors and Opportunities
 9.2 Impact of Covid-19
 9.3 Key Players
 9.4 Key Market Trends, Growth Factors and Opportunities
 9.4 Historic and Forecasted Market Size By Type
  9.4.1 On-premise
  9.4.2 Cloud-based
 9.5 Historic and Forecasted Market Size By Application
  9.5.1 Individual
  9.5.2 Enterprise
  9.5.3 Others
 9.6 Historic and Forecast Market Size by Country
  9.6.1 Germany
  9.6.2 U.K.
  9.6.3 France
  9.6.4 Italy
  9.6.5 Russia
  9.6.6 Spain

Chapter 10: Asia-Pacific GIS Software Market Analysis, Insights and Forecast, 2016-2028
 10.1 Key Market Trends, Growth Factors and Opportunities
 10.2 Impact of Covid-19
 10.3 Key Players
 10.4 Key Market Trends, Growth Factors and Opportunities
 10.4 Historic and Forecasted Market Size By Type
  10.4.1 On-premise
  10.4.2 Cloud-based
 10.5 Historic and Forecasted Market Size By Application
  10.5.1 Individual
  10.5.2 Enterprise
  10.5.3 Others
 10.6 Historic and Forecast Market Size by Country
  10.6.1 China
  10.6.2 India
  10.6.3 Japan
  10.6.4 Southeast Asia

Chapter 11: South America GIS Software Market Analysis, Insights and Forecast, 2016-2028
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Type
  11.4.1 On-premise
  11.4.2 Cloud-based
 11.5 Historic and Forecasted Market Size By Application
  11.5.1 Individual
  11.5.2 Enterprise
  11.5.3 Others
 11.6 Historic and Forecast Market Size by Country
  11.6.1 Brazil
  11.6.2 Argentina

Chapter 12: Middle East & Africa GIS Software Market Analysis, Insights and Forecast, 2016-2028
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Type
  12.4.1 On-premise
  12.4.2 Cloud-based
 12.5 Historic and Forecasted Market Size By Application
  12.5.1 Individual
  12.5.2 Enterprise
  12.5.3 Others
 12.6 Historic and Forecast Market Size by Country
  12.6.1 Saudi Arabia
  12.6.2 South Africa

Chapter 13 Investment Analysis

Chapter 14 Analyst Viewpoint and Conclusion

Global Geographic Information System Software Market

Base Year:

2021

Forecast Period:

2022-2028

Historical Data:

2016 to 2020

Market Size in 2021:

USD 6.78 Bn.

Forecast Period 2022-28 CAGR:

13%

Market Size in 2028:

USD 15.95 Bn.

Segments Covered:

By Type
  • On-premise
  • Cloud-based

By Application
  • Individual
  • Enterprise
  • Others

By Region
  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:
  • Rising the Use of GIS For Facility Management

Key Market Restraints:
  • High GIS Software Cost

Key Opportunities:
  • Increase the Development of Smart Cities and Modern Urban Planning

Companies Covered in the report:
  • Google, Esri, Pitney Bowes, Golden Software, Caliper, and other major players.

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. GIS SOFTWARE MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. GIS SOFTWARE MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. GIS SOFTWARE MARKET COMPETITIVE RIVALRY
TABLE 005. GIS SOFTWARE MARKET THREAT OF NEW ENTRANTS
TABLE 006. GIS SOFTWARE MARKET THREAT OF SUBSTITUTES
TABLE 007. GIS SOFTWARE MARKET BY TYPE
TABLE 008. ON-PREMISE MARKET OVERVIEW (2016-2028)
TABLE 009. CLOUD-BASED MARKET OVERVIEW (2016-2028)
TABLE 010. GIS SOFTWARE MARKET BY APPLICATION
TABLE 011. INDIVIDUAL MARKET OVERVIEW (2016-2028)
TABLE 012. ENTERPRISE MARKET OVERVIEW (2016-2028)
TABLE 013. OTHERS MARKET OVERVIEW (2016-2028)
TABLE 014. NORTH AMERICA GIS SOFTWARE MARKET, BY TYPE (2016-2028)
TABLE 015. NORTH AMERICA GIS SOFTWARE MARKET, BY APPLICATION (2016-2028)
TABLE 016. N GIS SOFTWARE MARKET, BY COUNTRY (2016-2028)
TABLE 017. EUROPE GIS SOFTWARE MARKET, BY TYPE (2016-2028)
TABLE 018. EUROPE GIS SOFTWARE MARKET, BY APPLICATION (2016-2028)
TABLE 019. GIS SOFTWARE MARKET, BY COUNTRY (2016-2028)
TABLE 020. ASIA PACIFIC GIS SOFTWARE MARKET, BY TYPE (2016-2028)
TABLE 021. ASIA PACIFIC GIS SOFTWARE MARKET, BY APPLICATION (2016-2028)
TABLE 022. GIS SOFTWARE MARKET, BY COUNTRY (2016-2028)
TABLE 023. MIDDLE EAST & AFRICA GIS SOFTWARE MARKET, BY TYPE (2016-2028)
TABLE 024. MIDDLE EAST & AFRICA GIS SOFTWARE MARKET, BY APPLICATION (2016-2028)
TABLE 025. GIS SOFTWARE MARKET, BY COUNTRY (2016-2028)
TABLE 026. SOUTH AMERICA GIS SOFTWARE MARKET, BY TYPE (2016-2028)
TABLE 027. SOUTH AMERICA GIS SOFTWARE MARKET, BY APPLICATION (2016-2028)
TABLE 028. GIS SOFTWARE MARKET, BY COUNTRY (2016-2028)
TABLE 029. NORTH AMERICA (U.S.: SNAPSHOT
TABLE 030. NORTH AMERICA (U.S.: BUSINESS PERFORMANCE
TABLE 031. NORTH AMERICA (U.S.: PRODUCT PORTFOLIO
TABLE 032. NORTH AMERICA (U.S.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 032. CANADA: SNAPSHOT
TABLE 033. CANADA: BUSINESS PERFORMANCE
TABLE 034. CANADA: PRODUCT PORTFOLIO
TABLE 035. CANADA: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 035. MEXICO): SNAPSHOT
TABLE 036. MEXICO): BUSINESS PERFORMANCE
TABLE 037. MEXICO): PRODUCT PORTFOLIO
TABLE 038. MEXICO): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 038. EUROPE (GERMANY: SNAPSHOT
TABLE 039. EUROPE (GERMANY: BUSINESS PERFORMANCE
TABLE 040. EUROPE (GERMANY: PRODUCT PORTFOLIO
TABLE 041. EUROPE (GERMANY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 041. U.K.: SNAPSHOT
TABLE 042. U.K.: BUSINESS PERFORMANCE
TABLE 043. U.K.: PRODUCT PORTFOLIO
TABLE 044. U.K.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 044. FRANCE: SNAPSHOT
TABLE 045. FRANCE: BUSINESS PERFORMANCE
TABLE 046. FRANCE: PRODUCT PORTFOLIO
TABLE 047. FRANCE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 047. ITALY: SNAPSHOT
TABLE 048. ITALY: BUSINESS PERFORMANCE
TABLE 049. ITALY: PRODUCT PORTFOLIO
TABLE 050. ITALY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 050. RUSSIA: SNAPSHOT
TABLE 051. RUSSIA: BUSINESS PERFORMANCE
TABLE 052. RUSSIA: PRODUCT PORTFOLIO
TABLE 053. RUSSIA: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 053. SPAIN ETC.): SNAPSHOT
TABLE 054. SPAIN ETC.): BUSINESS PERFORMANCE
TABLE 055. SPAIN ETC.): PRODUCT PORTFOLIO
TABLE 056. SPAIN ETC.): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 056. ASIA-PACIFIC (CHINA: SNAPSHOT
TABLE 057. ASIA-PACIFIC (CHINA: BUSINESS PERFORMANCE
TABLE 058. ASIA-PACIFIC (CHINA: PRODUCT PORTFOLIO
TABLE 059. ASIA-PACIFIC (CHINA: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 059. INDIA: SNAPSHOT
TABLE 060. INDIA: BUSINESS PERFORMANCE
TABLE 061. INDIA: PRODUCT PORTFOLIO
TABLE 062. INDIA: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 062. JAPAN: SNAPSHOT
TABLE 063. JAPAN: BUSINESS PERFORMANCE
TABLE 064. JAPAN: PRODUCT PORTFOLIO
TABLE 065. JAPAN: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 065. SOUTHEAST ASIA ETC.): SNAPSHOT
TABLE 066. SOUTHEAST ASIA ETC.): BUSINESS PERFORMANCE
TABLE 067. SOUTHEAST ASIA ETC.): PRODUCT PORTFOLIO
TABLE 068. SOUTHEAST ASIA ETC.): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 068. SOUTH AMERICA (BRAZIL: SNAPSHOT
TABLE 069. SOUTH AMERICA (BRAZIL: BUSINESS PERFORMANCE
TABLE 070. SOUTH AMERICA (BRAZIL: PRODUCT PORTFOLIO
TABLE 071. SOUTH AMERICA (BRAZIL: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 071. ARGENTINA ETC.): SNAPSHOT
TABLE 072. ARGENTINA ETC.): BUSINESS PERFORMANCE
TABLE 073. ARGENTINA ETC.): PRODUCT PORTFOLIO
TABLE 074. ARGENTINA ETC.): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 074. MIDDLE EAST & AFRICA (SAUDI ARABIA: SNAPSHOT
TABLE 075. MIDDLE EAST & AFRICA (SAUDI ARABIA: BUSINESS PERFORMANCE
TABLE 076. MIDDLE EAST & AFRICA (SAUDI ARABIA: PRODUCT PORTFOLIO
TABLE 077. MIDDLE EAST & AFRICA (SAUDI ARABIA: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 077. SOUTH AFRICA ETC.): SNAPSHOT
TABLE 078. SOUTH AFRICA ETC.): BUSINESS PERFORMANCE
TABLE 079. SOUTH AFRICA ETC.): PRODUCT PORTFOLIO
TABLE 080. SOUTH AFRICA ETC.): KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. GIS SOFTWARE MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. GIS SOFTWARE MARKET OVERVIEW BY TYPE
FIGURE 012. ON-PREMISE MARKET OVERVIEW (2016-2028)
FIGURE 013. CLOUD-BASED MARKET OVERVIEW (2016-2028)
FIGURE 014. GIS SOFTWARE MARKET OVERVIEW BY APPLICATION
FIGURE 015. INDIVIDUAL MARKET OVERVIEW (2016-2028)
FIGURE 016. ENTERPRISE MARKET OVERVIEW (2016-2028)
FIGURE 017. OTHERS MARKET OVERVIEW (2016-2028)
FIGURE 018. NORTH AMERICA GIS SOFTWARE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 019. EUROPE GIS SOFTWARE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 020. ASIA PACIFIC GIS SOFTWARE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 021. MIDDLE EAST & AFRICA GIS SOFTWARE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 022. SOUTH AMERICA GIS SOFTWARE MARKET OVERVIEW BY COUNTRY (2016-2028)

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Frequently Asked Questions :

What would be the forecast period in the Geographic Information System Software Market research report?

The forecast period in the Geographic Information System Market research report is 2022-2028.

Who are the key players in Geographic Information System Software Market?

Google, Esri, Pitney Bowes, Golden Software, Caliper, and other major players.

What are the segments of the Geographic Information System Software Market?

The Geographic Information System Market is segmented into Type, Application, and region. By Type, the market is categorized into On-premise, Cloud-based. By Application, the market is categorized into Individual, Enterprise, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Geographic Information System Software Market?

Geographic Information System, popularly known as GIS is a framework meant for gathering and analyzing geographic data. It analyses location-based data and integrates it into layers of information to generate 3D views and maps.

How big is the Geographic Information System Software Market?

The Global Geographic Information System market was valued at USD 6.78 billion in 2021 and is expected to reach USD 15.95 billion by the year 2028, at a CAGR of 13%.