A Global Market Insights research report indicates that the mobile mapping market is set to grow from $14 billion to over $40 billion by 2024. Growth is thought to be 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.
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 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 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.
U.S. Mobile Mapping Market Revenue, By Component
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. 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. For greater illumination, preview the report.