Mobile mapping market size to be worth over $40bn by 2024

Mobile mapping market size to be worth over $40bn by 2024

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India: Mobile Mapping Market size 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 software market is anticipated to grow at a CAGR of 15% over the projected timespan. The growing demand for geo-referenced data acquisition and data analysis software among the organizations is driving the mobile mapping market growth. The software assists organizations in simplifying the data extraction process by combining the vital details. It retrieves geographic and spatial data captured by the positioning devices to develop maps and other graphic displays. This data is also used by enterprises to build effective decision support systems, which will drive the market demand.

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 acquire geospatial data is the primary factor driving the mobile mapping market share. Furthermore, the ability of the mobile mapping technology to monitor the crop yield and land variability also augments the demand for the technology among the farmers.