Global 3D Mapping and 3D Modelling Market - Segmented by Type (3D Mapping, 3D Modelling), Application (Projection Mapping, Texture Rendering, Maps and Navigation), End-User (Entertainment and Media, Automotive, Healthcare, Building and Construction, Defense, Transportation), and Region - Growth, Trends, and Forecast (2018 - 2023)
The 3D mapping and 3D modelling market is expected to register a CAGR of 20.94%, during the forecast period 2018 - 2023. The scope of the market is limited to the 3D mapping and 3D navigational software solutions and services offered by the various vendors in the market.
3D mapping & modeling technologies are one of the fastest ways to build 3D environments in the highly demanding market. 3D mapping solutions quickly creates 3D maps of the surroundings with utmost clarity and accuracy, ready to plug into professional visualization operations. Major investments ongoing for 3D maps applications to be integrated with smartphones, market players, such as Samsung, Nokia, and other OEMs are entering this market. This growth is expected to be witnessed across various industries, owing to the multiple advantages this software offers. However, high initial costs is challenging the market growth.
United States to Hold a Lion’s Share of the Market
United States boasts of a strong automotive sector buoyed by the presence of major players and technologically advanced capabilities. The huge volume of adoption of connected vehicles in the United States clearly outlines a growing trend of connected cars, which proportionately pushes the need for better and enhanced navigation capabilities, thereby, driving the market growth. In addition, the USDOT is funding the growth of connected cars by forming a unique partnership between public bodies and multiple OEMs and carmakers to deploy and test the performance of a broad array of connected vehicle applications, associated infrastructure. The construction sector is expected to fortify to a much stronger extent, with new regulations, and initiatives. The Trump administration has proposed a plan to spend over USD 1 trillion in construction sector, in 2018, led mostly by private businesses. This will open up a wide variety of opportunities for 3D mapping and modeling equipment, owing to the extensive use in the construction sector, and the US laws mandating the use of such technology for construction purposes.
Automotive Industry to Witness the Second Fastest Growth during the Forecast Period
The market for 3D mapping and modelling has been buoyed by the adoption of this technology by various taxi and ridesharing service companies. For instance, Uber, in Feb 2017, announced that it would begin generating its own 3D maps of Singapore, showcasing the ride-hail company’s increased investment in mapping, the goals of which appear to be twofold: lay the groundwork for Uber’s fleet of self-driving cars and outpace Google. Driverless cars have many different kinds of sensors – including cameras, lidar, and radar – but they are not yet capable of fully understanding what they see. For example, before an autonomous car approaches a junction, it needs to know exactly where the traffic light will be. Because of this, driverless/ connected cars need highly detailed 3D maps of the roads they are to navigate, which is expected to boost the 3D mapping adoption. For instance Tesla, a company, focusing on driverless/connected cars, and having a few models offering driverless capabilities, has started pushing new modules from MapBox, an open source mapping platform for custom designed maps, and Valhalla, an open source routing engine for navigation, for increased safety, which is boosting the overall market growth.
Key Developments in the Market