Mobile Mapping Market to surpass USD 40 billion by 2024: Global Market Insights Inc. Mobile Mapping Market was estimated to be over USD 14 billion in 2017 and is set to be over USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc. The mobile mapping market is propelled by the increasing adoption of mobile devices such as smartphones and tablets across the globe. Smartphone users are extensively using mapping applications on their devices for navigation and driving assistance. Furthermore, they are also leveraging on the GIS and GPS applications to access geo-referenced data for searching nearby restaurants, cinema halls, and other landmarks. This is encouraging the technology companies to commence mapping across the globe to acquire accurate GIS data and provide an enhanced customer experience
The high initial investment is a major factor limiting the growth of the mobile mapping market. Currently, the market comprises a few major players with a long-standing expertise in location-based technologies. The high initial investments in developing mobile mapping systems and assembling major components have restricted the entry of new players in the market.
The mobile mapping technology is used for conducting road & rail surveys, collecting GIS data, and developing vehicle control & guidance systems and asset management systems. The road & rail survey market is expected to register a growth rate of over 17% during the forecast period. It is used to analyze the road & rail infrastructure and plan the engineering operations with minimum disruptions. The surveying authorities across the globe are using mobile mapping technology to create maps for the transportation department for road assessment purposes.
The agriculture sector is estimated to grow at a CAGR of 22% during the forecast timeline. The integration of the GPS and GNSS devices into the farming process to 1|Page