Mobile Mapping Market : Experts Anticipate Market Boom in 2026
New York, NY 11 June 2020:Global Mobile Mapping Market is anticipated to reach US$ 55.8 billion by 2026, according to a new research published by Polaris Market Research. In 2017, the travel and logistics segment dominated the global mobile mapping industry, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The penetration of mobile devices, and growing applications of mobile mapping in sectors such as automotive, transportation, telecommunication, mining, BFSI, and defense among others have boosted the growth of the overall industry. The increasing demand for location-based services, improved network connectivity, and improvement of components and mapping software support the market growth. Use of geospatial information in applications such as infrastructure management, risk and emergency management, urban planning, resource management, and logistics has increased the demand of mobile mapping solutions over the years. Increasing investments by vendors in technological advancements coupled with increasing applications in city planning and development of smart cities would support the growth of this market during the forecast period. Growing demand from emerging economies, and advancements in mapping analytics are factors expected to provide numerous growth opportunities to the mobile mapping industry in the coming years.
The adoption of mobile mapping is rising at a significant rate worldwide. Mobile mapping is increasingly being used for various applications such as BFSI, government, defense & intelligence, agriculture & forestry, telecommunication, transportation, real estate, and others. Varied applications of this technology include topographic mapping, infrastructure planning, traffic management, GIS data collection, asset management, land survey, imaging services, emergency response planning, and others and others. Defense and military sectors utilize mobile mapping on a large basis primarily for geospatial mapping. The increasing concern for security has led the defense sector to become a prominent buyer for geospatial intelligence and mapping services all over the world.
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North America generated the highest revenue in 2017 and is expected to lead throughout the forecast period. The increasing applications in the transportation and logistics sectors have increased the demand of mobile mapping in the region. Growing use in defense, and government sectors further boosts the market growth. Local players are introducing low cost solutions with high performance to cater to the growing consumer demand. Numerous key players have adopted partnership and expansion strategies to increase their market share in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
The well-known companies profiled in the mobile mapping market report include Microsoft Corporation, Foursquare Labs, Inc., Tomtom NV, Mapquest, Inc., Trimble Navigation Ltd., Apple Inc., Google Inc., Leica Geosystems Inc., Garmin International, and EveryScape, Inc. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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