The Global GIS market in the Banking and Financial Services industry (BFSI) to grow at a CAGR of 4.95 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need for efficient decision-making systems. The Global GIS market in BFSI has also been witnessing an increasing focus on providing application-specific GIS solutions. However, the lack of awareness of GIS technology could pose a challenge to the growth of this market.
One of the main trends witnessed in the Global GIS market in BFSI is increasing focus on providing application-specific GIS solutions. GIS market vendors are providing customized GIS solutions to meet specific industry requirements/applications as several end-users prefer customized GIS solutions to retain their competitiveness in the market. Customized GIS solutions are cost effective and this acts as a driving factor for its increased adoption over regular GIS solutions. Customization also helps increase the process efficiency of the industry by providing critical information on network and asset health, and provides visibility of the industry's workflow and processes.
One of the main factor driving the market is the need for efficient decision-making systems. GIS technology is widely used by several companies in BFSI for efficient decision-making purposes as many of the decisions made by these sectors takes geographical perspective into account. Several companies in BFSI use GIS technology for making various critical decisions on various parameters such as the service location and site evaluation for new branch or an ATM, understanding loan lending landscape based on customers presence, and identifying under banked or unbanked geographies.
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