Fragmented competitive landscape in the global mobile mapping market makes it highly lucrative for growth. Report published by Transparency Market Research states that the revenue generation in this market is expected to touch ~ US$ 24.4 billion by the end of 2024. The global mobile mapping market has an incremental opportunity of nearly US$ 11.5 billion between 2017 and 2022. With this large sum of money to be generated in this market is a creating huge growth opportunity for the players operating in this market during this period. Moreover, the growth rate for the global mobile mapping market is expected to be 13.7%, which is a growth factor beneficial for the market.
Witnessing the growth rate and high opportunities available, market players are putting extra efforts in enhancing mobile mapping services. Leading players are engaged in establish strategic alliance and are also adopting advanced business development strategies mainly to strengthen their position in the market. Players’ special focus is on product innovation and launches along with mergers and acquisitions. For example, Heron indoor mobile mapping system was introduced in 2018. It has a 360-degree panoramic camera and is fully high-definition that will help to collect, digitally document, and georeferenced large amount of data sets and information within indoor environments.
Some of the prominent players in the global mobile mapping market analyzed in this report include Apple Inc., Google Inc., Tomtom NV, Microsoft Corporation, Mitsubishi Electric Corporation, Telefonaktiebolaget LM Ericsson, and Garmin International.
Japan to Standout in the Mobile Mapping Market, Likely to Hold 16.4% Revenue Share
Asia Pacific held marginal share in the global mobile mapping market, as analyzed in the last few years. Though penetration of mobile phones and increased acceptance for advanced technologies has increased in the regions at a rapid rate. As compared to Asia Pacific, North America holds leading share in the market, but developments taking place in Asia Pacific are contributing in increasing its position in the global mobile mapping market. Japan individually is considered the crucial contributor in the global mobile mapping market. This country is projected to holds approximately 16.4% revenue share in the global market by the end of the forecast period. Whereas, Asia Pacific held 14.5% in the market that is fairly low when compared to Japan.
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Transportation and Telecommunication – Two Industries with High Demand for Mobile Mapping
Demand for mobile mapping has increased for terrestrial mapping in transportation and telecommunication. Mobile mapping acts as a solution, as it enhance customer experience by providing them with real-time information of vehicles. Besides, other areas where the demand for mobile mapping has increased include fleet management, asset management, maintenance of cable network, and construction. Aerial photogrammetry methods were widely used earlier to acquire data, but it was time consuming as well as costly. Thus, in place of aerial photogrammetry organizations shifted their focus on mobile mapping to acquire geospatial data. With this shift, they had the advantage on cost and time as compared to other methods. This factor has significantly benefitted the growth in the global mobile mapping market.
Additionally, increased mobile connectivity and high adoption rate of mobile maps contributed in augmenting growth in the global mobile mapping market. Technology advancements taking place that helped in growing from 3G technology to 5G has provided faster and improved data transfer speeds. This factor is also adding in the growth of this market.