Global Mobile Mapping Market Predicted to Display Stellar 16.2% CAGR between 2017 and 2022, Ubiquity of Smartphones Favors Growth
Albany, New York, July 08, 2019 (GLOBE NEWSWIRE) -- The global mobile mapping market is largely consolidated and competitive, reveals an upcoming Transparency Research Market (TMR) report. The leading companies that are currently operating in the global mobile mapping market include Garmin International, Alphabet., OSI Geospatial Inc., Microsoft, and Telefonaktiebolaget LM Ericsson. These companies are adopting strategies such as alliances and partnerships to enhance their share in the global market.
The global mobile mapping market is expected to expand at a staggering CAGR of 13.7% over the forecast period from 2017 to 2022. The estimated value of mobile mapping market was US$12.9 bn in 2017; the same is expected to reach a projected net worth US$24.4 bn by 2022. Rising mobile app users of IOS and Android are expected to drive the global mobile mapping market in future.
On the geographical front, North America is anticipated to monopolize the global mobile mapping market. The growth can be accounted to large pool of advanced smartphones users and technologically advanced mobile mapping based apps. Additionally, Asia Pacific is projected to emerge as another strong region due to increasing investment in mobile technologies by China. In terms of solutions, the global mobile mapping market is segmented into indoor mapping, 3D mapping, and support services. Out of these, indoor mapping is anticipated to lead the global mobile mapping market in the next few years.
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GPS Enabled Smartphones to Stimulate Growth in Global Mobile Mapping Market
In the last two decades the world has witnessed an increasing pace of advancement of satellite mapping technology. It can be easily embedded into a smart mobile phone, which in turn is projected to play a catalyst in the global mobile mapping market.
The availability of GPS (Global Positioning Systems) in all the smart phones helps in finding the location of the user with accuracy; this feature is projected to enhance the growth of the global mobile mapping market during the forecast period.
Furthermore, the mobile application developers are at a forefront to develop completely easy-to-navigate and user-friendly apps is expected to fuel the growth in the global mobile mapping market in the following years.
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Rising Demand for Mobile Mapping in Across Various Sectors to Expand Market
Previously, aerial photogrammetry methods were used to derive data, but, it was not only a time consuming process, also a costly affair. With the advent of mobile mapping technology the geo spatial data can be derived using various sources that are accurate. Thus, the global mobile mapping market is projected to witness a staggering growth in the upcoming years.
Moreover, there is an increasing demand for mobile mapping from various sectors such as telecommunications and transportation. Mobile mapping software is used for fleet management, maintaining cable network, asset management, and construction. Hence, this report forecasts the substantial growth of the global mobile mapping market.
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Now, with the availability of 4G network the data transfer is quick due to improvised data speed. Improvement in network connectivity is expected to lead the global mobile mapping market towards a robust expansion in the near future.
However, the glitch in data accuracy due to error in sensors may dampen the growth of the global mobile mapping market during the forecast period. Nonetheless, the good news is that sometimes users may misinterpret the data and this may not be necessarily due to error in the sensors, reveals the report.
Nonetheless, the cost effectiveness and increasing advancements in technology is expected to drive the global mobile mapping market to surge in the following years.
This review is based on the findings of a TMR report titled, “Mobile Mapping Market (Solution - Location based Services, Indoor Mapping, 3D Mapping, Support Services; End Use - Commercial, Individual; Industry - BFSI, Travel and Hospitality, Energy and Utility, Oil and Gas, Healthcare, Telecommunications, Government)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
The global mobile mapping market is segmented into:
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