3D mapping and 3D modeling Market- Insights
In a report released by Market Research Future (MRFR), the global 3D mapping and 3D modeling market is projected to grow in the coming year at a striking pace. The projected CAGR for the global market during the forecast period between 2017 and 2023 is 26%. The market is further expected to reach a valuation of USD 6 Billion by the end of the forecast period.
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Over the years, 3D technologies have been adopted by various major and leading revenue generating industries like construction, healthcare, automotive, etc. The growth of these industries is expected to have a positive reflection over the global market in the coming years. The growing developments made in 3D technology alongside the expanding deployment of scanners, 3D sensors and various other relevant devices are most likely to boost the global 3D mapping and 3D modeling market during the assessment period. The surging adoption rate of digital twin techniques is anticipated to augment the market towards a positive growth direction.
However, the high initial investment costs associated with the technology is expected to cause hindrance to the overall growth of the 3D mapping and 3D modeling market.
The global 3D mapping & 3D modeling market includes a number of key players. This includes names such as Intermap Technologies (U.S.), Apple, Inc. (U.S.), Cybercity 3D, Inc. (U.S), Trimble Inc., (U.S.), Google, Inc. (U.S.), Aerolion (U.S.), Esri (U.S), Saab Automobile AB (Sweden), Topcon Corporation (Japan), The Blender Foundation (the Netherlands), Airbus Defence and Space SAS (France), Mitsubishi Motors Corporation (Japan), Autodesk, Inc. (U.S), Udemy Inc. (U.S.), Applied EarthWorks, Inc. (U.S.), Pixologic, Inc. (U.S.), among others.
May 2019, researchers from the Changchun Institute of Optics have independently developed an advanced camera for capturing 3D photographs for geographical mapping. The camera is slated to be ready for commercial use.
The global 3D mapping & 3D modeling market segmentation is done in terms of the following key components.
By application, the market segments into 3D texture mapping, 3D laser mapping, 3D mobile mapping3D video mapping, mapping and navigation, 3D projection mapping, and others.
By verticals, the market comprises aviation and space, defense and public safety, construction, transport and logistics, retail, healthcare, media & entertainment, and others.
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The global 3D mapping & 3D modeling market is regionally distributed across the following geographical areas: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The North American region leads the global 3D mapping & 3D modeling market and is projected to grow during the forecast period with the highest share percentage. This is due to the region’s penchant for novel technologies. The region adopted 3D technology at a its foundling stage, because of which is seeing continuous growth and expansion. The continuous mergers and collaborations between key players in this region is expected to push the market growth of 3D mapping & 3D modeling in North America.
Elsewhere, in Europe, the market is slated to grow during the forecast period at a rapid pace. The region holds a key presence in the global landscape and its market share is expected to increase in the coming years. The penetration of smart gadgets and devices as well as the world wide web is most likely to aid the market growth in the near future. The presence of countries like Germany and the UK is expected to be one of the key contributing factors driving the growth of the regional 3D mapping and 3D modeling market.
Lastly, the Asia Pacific region is projected to grow during the forecast period with the highest growth percentage. Some of the major developing economies in this region, like China, India, and South Korea, are expected to significantly accelerate the development of the market in this region in the forthcoming years.
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