Mobile Mapping Market to Surpass $40bn by 2024: Global Market Insights, Inc.

The research report "Mobile Mapping Market Size, By Component (Hardware [Imaging Device, Laser Ranging Device & Scanning Device, Positioning Device], Software [Mapping Data Extraction, Data Processing], Service [Consulting, Integration & Maintenance, Managed Service]), By Application (Road & Railway Survey, GIS Data Collection, Vehicle Control & Guidance, Asset Management), By End-User (Agriculture, BFSI, Government & Public Sector, Real Estate, Retail, Mining, Telecommunication, Transport & Logistics), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Australia & NZ, China, India, Japan, South Korea, Brazil, Mexico, Argentina, GCC, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024" by Global Market Insights, Inc. says Mobile Mapping Market is anticipated to exceed USD 40 billion by 2024.

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The mobile mapping market is propelled by the increasing adoption of mobile devices such as smartphones and tablets across the globe. Smartphone users are extensively using mapping applications on their devices for navigation and driving assistance. Furthermore, they are also leveraging on the GIS and GPS applications to access geo-referenced data for searching nearby restaurants, cinema halls, and other landmarks. This is encouraging the technology companies to commence mapping across the globe to acquire accurate GIS data and provide an enhanced customer experience.

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The high initial investment is a major factor limiting the growth of the mobile mapping market. Currently, the market comprises a few major players with a long-standing expertise in location-based technologies. The high initial investments in developing mobile mapping systems and assembling major components have restricted the entry of new players in the market.

The software market is anticipated to grow at a CAGR of 15% over the projected timespan. The growing demand for geo-referenced data acquisition and data analysis software among the organizations is driving the mobile mapping market growth. The software assists organizations in simplifying the data extraction process by combining the vital details. It retrieves geographic and spatial data captured by the positioning devices to develop maps and other graphic displays. This data is also used by enterprises to build effective decision support systems, which will drive the market demand.

The mobile mapping technology is used for conducting road & rail surveys, collecting GIS data, and developing vehicle control & guidance systems and asset management systems. The road & rail survey market is expected to register a growth rate of over 17% during the forecast period. It is used to analyze the road & rail infrastructure and plan the engineering operations with minimum disruptions. The surveying authorities across the globe are using mobile mapping technology to create maps for the transportation department for road assessment purposes.

The agriculture sector is estimated to grow at a CAGR of 22% during the forecast timeline. The integration of the GPS and GNSS devices into the farming process to acquire geospatial data is the primary factor driving the mobile mapping market share. Furthermore, the ability of the mobile mapping technology to monitor the crop yield and land variability also augments the demand for the technology among the farmers.

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The European region accounted for over 25% global mobile mapping market in 2017. The increasing investments by the government agencies have accelerated the adoption of mobile mapping technology in the region. For instance, in 2017, the UK government established the Geospatial Data Commission to frame a strategy for using the public sector location data to support the country's growth. The Asia Pacific region will grow at a rapid pace over the forecast timespan. The rapid urbanization of the region and the growing number of infrastructural projects have fostered the growth of the mobile mapping market in the region. Moreover, the widespread adoption of smartphones has also driven the market size.

The prominent players operating in the mobile mapping market are Phoenix LiDAR, Sharp Corporation, Teledyne Optech, TomTom International, Topcon Positioning Systems, MapJack, Mapquest, Navteq, NCTech, Microsoft, Mitsubishi, NovAtel, Phaseone industrial, Hexagon, EveryScape, Foursquare Labs, and XIMEA. The major companies in the market are collaborating with other expert companies in the market to develop new product offerings and conduct strategic acquisitions to gain a competitive advantage over its competitors. For instance, in 2017, Garmin acquired Navionics, a provider of electronic navigational charts to the marine industry. This acquisition is aimed at combining the data from Navionics charts and Garmin's blue charts to develop improved navigational services to its customers. Similarly, in 2017, Hexagon entered into an OEM partnership with Smart Guided Systems to develop new precision technologies for commercial applications.

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About Global Market Insights 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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