Pune, India, July 22, 2019 (GLOBE NEWSWIRE) -- As per Market Research Future’s (MRFR) analysis, the global mobile mapping market is projected to thrive at 13.42% CAGR from 2018 to 2023 (forecast period) owing to the high need for geospatial data. Advances in georeferencing technologies can catapult the market growth exponentially. Its valuation is touted at USD 37.42 billion by 2023.
Key Players
The well-known companies contributing to the global mobile mapping market are Apple Inc. (USA), Telefonaktiebolaget LM Ericsson (Sweden), Trimble Inc. (USA), Microsoft Corporation (USA), NAVVIS (Germany), Hexagon AB (Sweden), NGC Aerospace Ltd (Canada), TOPCON CORPORATION (Japan), The Sanborn Map Company Inc (USA), IGI mbH (Germany), Gexcel (Italy), Mitsubishi Electric Corporation (Japan), TomTom International BV (The Netherlands), Hyper Tech (Israel), PASCO CORPORATION (Japan), Huron Geomatics Inc. (Canada), Google (USA), 3D Laser Mapping (UK), and FARO Technologies Inc. (USA).
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Market Drivers and Challenges
Mobile mapping is increasingly used by individuals and enterprises to gain access to location-based services. Enterprises employ the data for offering suggestions to customers in relation to the place. This can include restaurants, movie shows, and hotels. Development of targeted Ads in a smartphone-based world for attaining customers is expected to bode well for the market. The use of specific algorithms for placing suggestions of enterprises can drive the global mobile mapping market.
In addition, the Lidar technology integrated with positional equipment can be used for the development of astute three-dimensional digital elevation models (DEMs) or digital terrain models that are suitable for satellite imagery as used by Google Earth. Increased connectivity made possible by communication networking technologies is a plus for the market. The constant evolution of smartphones and their purchase on an annual basis will be a prime factor in driving market growth.
Furthermore, the mobile mapping market is driven by acquisitions, collaborations, and agreements. The increasing use of visual effects in television and movies has increased the scope of mobile mapping. For instance, the hardware and software by Teledyne Technologies assisted the creators of the hit TV show, Game of Thrones, in creating the ideal settings for the environment by using LiDAR technology.
Market Segmentation
The Mobile Mapping Market is segmented on the basis of component, solution, application, and end-user.
Component-based segments in the market are hardware, software, and services. The software segment has gained major traction in the past couple of years, with the growing demand for geo-referenced data acquisition and data analysis software among several organizations. The software helps with the simplification of the data extraction process by combining the vital details, thus augmenting its demand among various organizations.
Solutions include indoor mapping, 3D mapping, asset management, and location-based. The indoor mapping segment is expected to gain prominence due to the emergence of huge malls and shopping complexes.
By application, the market comprises aerial surveys, bridge planning, land surveys, and others.
The end-users in the global mobile mapping market are IT & telecom, media & entertainment, aviation & aerospace, marine transport, healthcare, mining, real estate & construction, energy & power, manufacturing, agriculture, and others. The media & entertainment segment can be the biggest benefactor of the market due to advances in 3D mapping. The increased use of 3D modeling in movies and architectural models is likely to boost segment growth. Furthermore, the construction segment can also widen the prospects of the market due to advances in 3D modeling methods. This would help architects and developers in gaining cost estimates and take proactive measures.
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Regional Analysis
Regions discussed in the global mobile mapping market report are Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
On a global platform, North America is expected to be the region with the highest market potential owing to huge ownership of smartphones with global positioning systems. The U.S., in particular, is expected to contribute to market revenue due to the booming logistics sector which relies on maps with real-time locations. Furthermore, the application of mobile mapping in land surveys to assist in surveillance missions is likely to boost the regional mobile mapping market growth.
Asia Pacific is observed to be surging at the highest CAGR during the review period, with various local players introducing low-cost solutions with high performance that meet with the growing consumer demand. Moreover, numerous key players are adopting partnership and expansion strategies in order to expand their market share in the region.
Europe, on the other hand, can experience substantial growth due to countries such as the U.K., Germany, and France. The focus on urban mapping and asset management are key sectors which can induce demand for mobile mapping.
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