Global Mobile Mapping Market: Snapshot
The global mobile mapping market has exhibited steady growth in the last few years on the back of steady development of numerous end user industries. Rapid development of satellite mapping technology and its smooth integration into mobile phone design has also aided growth of the global mobile mapping market significantly. The global mobile mapping market is expected to exhibit a strong 13.7% CAGR over the 2017-2024 forecast period, according to Transparency Market Research. The mobile mapping market’s strong growth prospects are backed by rising use of advanced smartphones across the world and rising use of mobile mapping capabilities by app developers to enable app users to make the most of the app’s functionality. The global mobile mapping market is thus likely to exhibit a steady growth trajectory over the 2017-2024 forecast period.
According to Transparency Market Research, the global mobile mapping market is likely to reach a valuation of US$12.9 bn by the end of 2017 and further rise to US$24.4 bn by the end of 2024.
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Location based Services to Dominate Global Mobile Mapping Market
The global mobile mapping market is segmented by solution into location based services, indoor mapping, 3D mapping, support services, and other solutions. Of these, location based services are likely to dominate the global mobile mapping market over the 2017-2024 forecast period, exhibiting a strong 16.2% CAGR therein. The market for location based services has grown rapidly over recent years due to rapid development of mobile mapping applications in smartphones and is likely to remain the dominant contributor to the global mobile mapping market over the coming years. The location based services segment accounted for 37.2% of the global mobile mapping market in 2017, with a valuation of US$4.8 bn. By the end of the 2017-2024 forecast period, location based services are likely to account for 41.5% of the global mobile mapping market, with a valuation of US$10.1 bn.
North America to Remain Most Attractive Regional Market for Mobile Mapping
Geographically, North America is likely to remain the dominant market for mobile mapping in the coming years due to a number of factors. Widespread use of advanced smartphones and rapid uptake of mobile mapping technology by app developers in the region has helped drive the mobile mapping market in North America and is likely to remain a crucial driver for the market in the coming years. The North America mobile mapping market accounted for a valuation of US$3.6 bn in 2017 and is expected to rise to a valuation of US$7.9 bn by the end of 2024.
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Japan Likely to Account for More in Global Mobile Mapping Market than APEJ
The Japan mobile mapping market is likely to remain a crucial contributor for global mobile mapping market players in the coming years, as the region is expected to account for a solid 16.4% revenue share in the global mobile mapping market by the end of 2024. The Japan mobile mapping market is expected to gain 46 BPS over the 2017-2024 forecast period, in stark contrast to the Asia Pacific except Japan market, which is likely drop 20 BPS over the forecast period to end up with a revenue share of 14.5% in the global mobile mapping market.
Global Mobile Mapping Market: Competitive Dynamics
The report profiles leading companies in the global mobile mapping market to shed light on the dynamics of the market. Key companies in the global mobile mapping market include Google Inc., Apple Inc., Microsoft Corporation, Tomtom NV, Mitsubishi Electric Corporation, Garmin International, Telefonaktiebolaget LM Ericsson, OSI Geospatial Inc., Qualcomm Inc., and Leica Geosystems Inc.
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