The best replacement for installshield is wix.

The best alternatives to installshield are rated as following:
★★★★★  wix
★★★★★  installanywhere
★★★★  wise
★★★★  msi
★★★  installaware
★★★  clickonce
★★★  adminstudio
★★★  windows installer
★★  visual studio installer
★★  nsis
★★  advanced installer
★  wise package studio
★  inno setup
  setup project
  wise installer
  setup factory

Your alternative for installshield is not listed? Suggest!
Speaking about installshield, one probably shouldn't forget about msi.

Other search terms related to installshield and their ratings are:
★★★★★ msi
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Google Trends

Scale is based on the average worldwide traffic of installshield in all years. Click on graph for more.
installshield
wix
installanywhere