Albany, NY -- (SBWIRE) -- 11/14/2017 -- The global Mobile Mapping Market is likely to be driven at a solid 13.7% CAGR over the 2017-2022 forecast period on the back of rising use of mobile mapping in smartphones and the subsequent incorporation of mobile mapping technology in the operating dynamics of a wide range of end user industries. The global mobile mapping market has benefited from the strong preference from smartphone consumers for technological advancements enabling more refined and diverse use of smartphones and the consequent rise in adoption of mobile mapping by app developers in several sectors. The widespread use of mobile mapping in developed regions is likely to remain a key driver for the global mobile mapping market in the coming years.
According to Transparency Market Research, the global mobile mapping market is likely to be valued at US$12.9 bn by the end of 2017. Exhibiting a strong 13.7% CAGR, the mobile mapping market is expected to rise to US$24.4 bn by the end of 2022.
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Here are the key insights into the growth prospects of the global mobile mapping market:
Rising sophistication of mobile mapping technology has enabled widespread adoption of the mobile mapping market and is likely to be the crucial driver for the global mobile mapping market over the 2017-2022 forecast period. Steady flow of investment for research and product development efforts in the mobile mapping sector has been a vital driver for the global mobile mapping market. Growing interest of tech companies and smartphone giants in mobile mapping applications is thus likely to be a major driver for the global mobile mapping market over the coming years.
The strong presence of several tech giants is likely to enable steady dominance of North America in the global mobile mapping market over the 2017-2022 forecast period. The North America mobile mapping market has also benefited from the widespread adoption of advanced mobile mapping services, which has led to rising demand for a variety of mobile mapping applications. Developments in the healthcare sector and telecommunication sector based on offering the consumer the nearest point of service based on their location have enabled steady growth of the mobile mapping market in North America. The North America market for mobile mapping is likely to be valued at US$3.6 bn by the end of 2017 and further rise to US$7.9 bn by 2022.
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Europe is also likely to remain a dominant contributor to the global mobile mapping market, with the regional market expected to be valued at US$6.2 bn by the end of the 2017-2022 forecast period, accounting for more than a quarter of the global mobile mapping market.
Growth of the transportation and logistics sector is also likely to be a vital driver for the global mobile mapping market over the 2017-2022 forecast period. Mobile mapping offers significant benefits in the transportation and logistics sector, where it can be used to track products in live time, minimizing the chances of the product being mislaid. The automotive industry's steady push toward technologically refined cars is also likely to help the global mobile mapping market, as rising incorporation of smartphone connectivity in automotive design has enabled growing demand from the mobile mapping market.
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Global Mobile Mapping Market: Competitive Dynamics
The report profiles leading companies in the global mobile mapping market to shed light on the dynamics of the market. Key companies in the global mobile mapping market include Google Inc., Apple Inc., Microsoft Corporation, Tomtom NV, Mitsubishi Electric Corporation, Garmin International, Telefonaktiebolaget LM Ericsson, OSI Geospatial Inc., Qualcomm Inc., and Leica Geosystems Inc.