Fast-track urbanization and expeditious infrastructure development activities is paving the way for the expansion of mobile mapping market
Ocean View, DE -- (SBWIRE) -- 04/16/2020 -- Mobile mapping market trends will be simulated by increasing importance for geospatial technologies for visualizing and analyzing geospatial data has stimulated. The advent of new technologies such as Lidar, AI, and IoT has also significantly transformed mobile mapping technology over the last few years. With more innovations across this technology, it has become easier and effective to carry various tedious projects like urban development, rail-road creation, and power plant construction across inaccessible areas. Thus, the increasing use of this technology to survey numerous mobile platforms is poised to propel Mobile mapping market share.
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Key Companies: -
Apple Inc., Baidu Inc, Black & Veatch, Google, Leica Geosystems part of Hexagon, Microsoft, PhaseOne, Qualcomm, Topcon Positioning Systems, Inc., Trimble, Inc.
Mobile mapping hardware solutions are experiencing exponentially augmenting demand across numerous applications, which is likely to aid the market garner significant proceeds. Laser ranging and scanning devices, in particular, are witnessing heightened demand on account of their easy operability across demanding environments. Laser ranging and scanning devices hardware segment is anticipated to expand at a CAGR of above 15% over 2018-2024. Similarly, positioning devices have been gaining remarkable traction in the automotive sector for driving assistance and navigation purposes and are likely to contribute substantially to mobile mapping market.
Considering other components of mobile mapping market, software segment is estimated to demonstrate steady growth and expand at a CAGR of more than 15% during 2018-2024. The services segment is also poised to exhibit a CAGR of over 15% over the forecast timeframe owing to penetration of mobile mapping technology in numerous verticals.
North America dominated the global Mobile mapping market landscape in 2017 with over 40% of global share. Widespread penetration of technologies such as LiDAR, GNSS, and GPS across diverse industry verticals is majorly influencing mobile mapping business trends. In addition, the region houses some of the most eminent technology majors such as Microsoft, Apple, and Google, which justifies the region's technological supremacy with respect to the technology. Proliferation of low-cost sensors and GPS equipped mobile devices in the region is further intensifying mobile mapping market trends.
In terms of regional contribution, Europe is following North America's lead and had procured more than 25% of global share in 2017. Intensifying government investment towards the development of mobile mapping technology is influencing market growth positively. The same can be validated by the establishment of the Geospatial Data Commission by the UK government.
Elaborating further on the regional landscape, Asia pacific market is estimated to showcase rapid growth momentum in the ensuing years. Fast-track urbanization and expeditious infrastructure development activities is paving the way for the expansion of mobile mapping market.
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The advancement in consumer electronics and shifting trends toward the deployment of autonomous vehicles for the betterment of the environment will have a positive influence on the mobile mapping industry share. As of now, most of the automotive companies have been involved in the development of highly modernized infotainment systems for improving the driving experience that is likely to enhance the product demand. In accordance with the expanding end-use sectors, the strategies adopted by the key player will help them to strengthen their business position over the years ahead. Reportedly, driven by new product launches, mobile mapping market will generate a revenue more than USD 40 billion by the end of 2024.
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