In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Mobile mapping is the process of gathering geospatial data using various components such as photographic, laser and image scanning device such as LiDAR or other remote sensing systems. Mobile mapping system (MMS) can be different types which include land-based MMS, indoor based MMS and marine based MMS. These systems are primarily used for road & street mapping, urban planning, emergency response planning, onshore and offshore mapping and for structuring of digital maps. Government initiative of developing smart cities and continuous of map is projected to boost the market growth during the forecast period.
Geospatial information can be gathered through mapping sensors and its application could be find in marine vessels, cars and airplanes. These systems employ GNSS (Global Navigation Satellite System) tech I addition with INS (Inertial Navigation Systems) for precise and fast computation of nonstop velocity, 3D position and attitude (pitch, yaw, and roll) of a plane. Traditional mapping devices are expensive due to the application of sensor and scanning devices. The advent of mobile devices equipped with remote sensing and positioning capabilities allow the users to utilize the mapping applications for navigational purposes. Over the past decade, there has been a significant increase in the number of mobile phone users using navigational applications to get instant driving directions. This in turn has positively impacted the market growth over the forecast period. However, various users also utilize the mapping services for non-driving directions such as walking, public transportation, and cycling. This has further encouraged the mapping companies to acquire geo data maps for various location-based services across the globe to enhance the customer experience. Growing demand for mobile mapping software and solutions is estimated to propel the growth of the market during the forecast period (2019-2027).
The mobile mapping market is anticipated to record a CAGR of around 14.46% over the forecast period. The market is segmented by hardware into imaging device, laser ranging device & scanning device, positioning device; by software into mapping data extraction, data processing; by service into consulting, integration & maintenance, managed service. Further, the market can be segmented by application into road & railway survey, GIS data collection, vehicle control & guidance, asset management; by end-user into agriculture, BFSI, government & public sector, real estate, retail, mining, telecommunication, transport & logistics. Imaging device segment is expected to acquire the largest market share owing to the technological advancements in the image recognition technology used in mobile mapping across various sectors such as construction, transportation sectors and disaster management.
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Over the past two decades, the demand for geo-spatial data has surged exponentially acting as a key factor behind the growth of mobile mapping market. While geo-spatial data can be obtained via several sources, data which is more accurate and has higher density. These systems integrate into remote sensing technologies that also allows mapping from the moving vehicle. Additionally, this will allow user to obtain the 3D coordinates of their desired location which is estimated to foster the growth of the market.
As smartphones are becoming ubiquitous and sophisticated, mobile phone manufacturers are increasingly equipping them with global positioning system (GPS) capabilities. The smartphones are considered the most widespread platform equipped with low-cost GPS receiver and motion sensors offering the location of the user within few meters of accuracy. Further, increasing number of web developers is anticipated to boost the market growth over the forecast period.
The growing concern regarding the data accuracy of the technology have restricted the mobile mapping market growth. In GIS technology, the primary basis of classification and abstraction is based on the real world phenomenon. The users often misclassify the information and results in reducing the accuracy of mobile mapping solutions. This is one of the reasons restraining the market growth. However, smartphone-based telematics services are anticipated to gain popularity due to their relatively lower cost. Further, smaller roads and absence of road connectivity are amidst the key factors which is restraining the growth of mobile mapping market across the globe.
Our-in depth analysis of the mobile mapping market includes the following segments:
On the basis of regional analysis, the mobile mapping market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America market is anticipated to hold the largest share in the mobile mapping market owing to implementing mobile mapping software and solutions for various industry verticals such as government, banking & financial services, manufacturing, real estate, telecommunication, and transportation. With emerging technologies in the telecommunication, North America region is expected to capture significant revenue share by 2027.
The mobile mapping market is further classified on the basis of region as follows: