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.
Growing Use of Smartphones
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.
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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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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.