Mobile Mapping Market Size to Surpass US$ 100 Bn by 2032
As per the report by Global Market Insights, Inc. “Worldwide Mobile Mapping market was valued USD 20 billion in 2022 and will surpass a revenue collection of USD 100 billion by 2032 with an annual growth rate of 15% over 2023 to 2032.”
The mobile mapping market is set to witness robust growth between 2023 and 2032, primarily owing to the increasing demand for mobile mapping in telecommunication and transportation sectors, since expanding telecommunication infrastructure requires accurate land-based maps for the construction of cable networks. Besides, the rising usage of optic fibers to run smart cities will also fuel the market demand during the next decade.
In addition, key providers operating in the mobile mapping market are also engaging in expanding their portfolios and entering meaningful mergers and acquisitions to strengthen their overall position. Citing an instance, in May 2022, Leica Geosystems launched Leica Pegasus TRK, a new mobile mapping system. As per reports, the new solution relies on AI for its mobile mapping functions and uses expandible imagery systems and laser scanning for measuring, recording, and visualizing environments.
The mobile mapping industry has been segmented in terms of component, hardware, software, services, application, end-user, and region.
The services segment is set to account for more than 15% market share by 2032. The segmental growth can be accredited to the ongoing development of technologies such as laser scanners, cameras, IMUs, and GPS/GNSS. Besides, increasing awareness about the utility and benefits of mobile mapping technology in the BFSI and retail sectors will also drive the market demand.
The market is likely to be defined through the imaging devices segment, which will witness significant growth during 2023-2032. Imaging devices are increasingly adapted in various mobile mapping applications including construction, defense, disaster management, and others.
The GIS data collection segment is anticipated to register more than 15% CAGR between 2023-2032. GIS data is widely collected for defense-related mapping works. This implies that increasing defense budget by countries across the world would potentially bolster the demand for the mobile mapping. For instance, in the USA, the military budget was valued at whopping USD 800.67 billion in 2021, depicting a 2.86% hike from 2020.
The mobile mapping industry will hold more than 25% market share by 2032 end. The regional market growth will be driven by the introduction of favorable government policies by countries such as Italy, Germany, and the UK, aimed toward promoting the usage of georeferencing. Besides, the rising popularity of smartphones and increasing demand for self-driving cars will also spur the product demand. As per reports, smartphone penetration rate in the United Kingdom stands at 79.3%, followed by France and Germany with 78.8% penetration, respectively.
The Mobile Mapping market consists of Google LLC, Apple Inc., Microsoft Corporation, Alibaba Group, Baidu Inc.