According to a recent study from market research firm Global Market Insights, the mobile mapping market is set to grow from its current market value of more than $20 billion to over $65 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
The mobile mapping market is poised for robust growth in the forthcoming years owing to enhanced internet connectivity as well as rising use of georeferencing data for transportation, construction, and retail purposes. Mobile mapping is referred as the collection of geospatial data by utilizing mapping sensors mounted on moving platforms like airplanes, marine vessels, and cars. They can provide fast, effective and full data collection.
Mobile mapping market is bifurcated in terms of component, application, end-use, and regional landscape.
Based on component, the mobile mapping market is classified into hardware, software, and services. The hardware segment is categorized into positioning devices, laser ranging & scanning devices, and imaging devices. Imaging devices are likely to witness a CAGR of above 15% over the projected time period owing to the high adoption of imaging devices to capture the georeferenced data. Further, laser ranging & scanning devices will witness a CAGR of over 18% over the forecast analysis period owing to the growing demand for the LiDAR technology sensors.
The software segment is classified into data processing and mapping data extraction. Among these, the data processing segment is likely to witness CAGR of nearly 22% over the forthcoming timeframe owing to rising use of data analysis software among several organizations.
The services segment is further classified into managed service, integration and maintenance, and consulting. The consulting segment held over 15% market share in 2019 due the increasing demand for the third-party services providers to acquire geospatial data. Integration & maintenance segment exceeded 65% market share in 2019 due to increased demand for integration of advanced mobile mapping solutions.
With respect to application, the mobile mapping market is categorized into asset management, vehicle control & guidance, GIS data collection, and road & railway surveys. Among these, the asset management segment will foresee a CAGR of above 20% over the forecast time period due to increasing inspection of the infrastructure such as tunnel, bridges, and dams.
In terms of end-use, the overall market is segmented into transport & logistics, telecommunication, mining, retail, real estate, government & public sector, BFSI, and agriculture. The BFSI end-use segment will witness a CAGR of over 20% over the estimation time period due to use of GIS maps to understand the concentration of high-value individuals. Retail segment held more than 10% market share in 2019 as GIS helps retailers to find the right site for their next store.
The mining segment is likely to witness a CAGR of over 15% over the projected time period as mobile laser scanning offers instant as well as accurate inventory measurements. Telecommunication end-use segment will foresee a CAGR of around 20% over the forthcoming timeframe due to the adoption of GIS-based mapping applications to facilitate outage response and service provisioning.
Transport & logistics segment accounted for more than 40% share in 2019 due to large-scale adoption of mobile mapping technology for asset and fleet management applications.
From a regional frame of reference, Latin America mobile mapping market will witness a CAGR of 18% over the forecast timeframe. The growth is attributed to use of the georeferencing data for transportation, construction, and retail purposes.
The Middle East & Africa market represented a market share of more than 8%i n 2019 due increasing demand for geospatial data among the African countries.