LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global mobile map market to grow at a CAGR of over 17% during the forecast period, according to their latest market research report.
Development of indigenous mapping systems is one of the major trends being witnessed in the global mobile map market 2019-2023. The development of indigenous mapping systems is a significant trend among Brazil, Russia, India, and China (BRIC) nations, especially China and India. The development works regarding homegrown maps in China started before the 2000s. In India, this system is yet to gain traction although there are many efforts and initiatives being taken in this field. Moreover, digital technology has entered every aspect of the mapping process, such as map compilation and design, raw data collection, and final map production. The advanced mapping technology has also replaced conventional stereo plotters with digital imaging systems. This has resulted in the development of accurate 3D digital maps. Governments are also encouraging regional mobile map players to develop mobile map solutions that are country specific.
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According to Technavio analysts, one of the key factors contributing to the growth of the global mobile map market is the increasing adoption of technologically advanced mobile devices:
Global mobile map market: Increasing adoption of technologically advanced mobile devices
The number of mobile subscribers has increased rapidly across the globe, and end-users prefer technologically advanced mobile devices for both personal and professional use. Factors such as improved user-interface and the use of mobile devices, such as smartphones and tablets, with high processing speed, have increased the adoption of mobile maps across the globe. As a result, enterprises are prompted to provide their employees with handheld devices for business purposes. To support this, mobile device manufacturers are developing new devices that can integrate location-based applications (such as GPS-enabled smartphone applications). At present, individuals use mobile devices to obtain real-time information such as weather forecasts, directions to nearby locations, and traffic updates. All these GPS-based applications are built on digital maps to provide location information to end-users. Moreover, the number of connected devices across the world is expected to reach a figure of about 50 billion by 2019. With an exponential increase in the number of devices, monitoring, managing, and maintaining them has become very difficult. Therefore, the rising adoption of mobile devices is expected to further accelerate the growth of the global mobile map market during the forecast period.
According to a senior analyst at Technavio for research on machine to machine (m2m) and connected devices, “Use of mobile maps by automobile manufacturers is another factor that is expected to boost the growth of the overall market. Most automobile manufacturers have been incorporating location-enabled driver assistance devices in high-end vehicles. However, brands such as Audi, BMW, Fiat, Mazda, and Renault are collaborating with map providers mobile-map providers to incorporate factory fitted location-enabled driver assistance systems in all their vehicles. Thus, the market is expected to witness a positive outlook during the forecast period.”
Global mobile map market: Segmentation analysis
The global mobile map market research report provides market segmentation by application (outdoor mobile map and indoor mobile map), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 39% share, followed by the APAC and EMEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth.
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