The 3D Mapping and 3D Modelling Market is expected to grow at USD ~6 billion by 2023 at a CAGR of ~26% during the forecast period 2017-2023. The emergence of artificial intelligence and ML technologies is becoming a major trend amongst the market players and hence, is providing excellent opportunities for the 3D Mapping and 3D Modelling Market during the period.
The 3D Mapping and 3D Modelling Market trends are witnessing the advent of display devices that are 3D enabled and have an excellent role to play and help in better navigation. Also, the technological advancements in the name of 3D sensors and scanners are not only increasing the availability of massive 3D content but also the demand to enhance the viewing and user experience will further help in global market expansion. 3D maps help in providing a realistic view of the overall location and are witnessing a major demand and implementation by the local planners and authorities. Knowledge visualization and science mapping are what will drive the 3D Mapping and 3D Modelling Market to grow as per the expected figures by the end of the forecast period.
COVID 19 Analysis
All the elements of the technology sector are experiencing the impact of the COVID 19 pandemic. As per the trends and stats, global ICT spending experienced a decline by 4-5% during the pandemic year of 2020. The hardware business is one such industry vertical that is likely to have the most impact in comparison to others belonging to the IT industry. Due to the lockdown, there is a slow growth of the hardware supply as the manufacturing capacity has been hampered. Even though the pandemic has been prevailing for a short time, there has been a drastic change in the consumer preference and demand pattern. The business that helps in providing services related to the software tools dealing and expertise is also experiencing a slowdown since the pandemic has struck and majorly affected the global market operations. The economies and societies are facing functional issues on a large scale and this is hampering their ability to meet customer demands. This is also targeting the credibility of the market players across the globe.
However, the key market players are on the way to cover the losses and generate better demand and sale prospects during the ongoing forecast period of 2017-2023. The companies are targeting the audience for wide adoption of various kinds of collaborative applications, security solutions, use of artificial intelligence, alongside analytics during the forecast period that ends in 2023.
Market Dynamics
Drivers
In the historic years, when the technology availability was less, capturing 3D images and data was a very difficult task as there was the unavailability of proper tools, systems, and technology. An increase in 3D technology viewing will help the rising popularity of 3D content generation has positive attributes for the global 3D Mapping and 3D Modelling Market. This generation has led to a wide discovery of 3D mapping technologies and with its support, the 3D content in the surrounding places can be well mapped. Also, technology is digging its way and reaching mobile devices like tablets and smartphones. However, in the earlier times, mapping was limited and could be used for a 2D plane that is atlas maps and online 2D maps only. 3D scanners and sensors alongside the other acquisition devices, are boosting the capturing ability of 3D data and further, help in the wide use of 3D laser scanning technology to ensure accuracy in a short period.
Restraints
There have been a lot of technological advancements in the recent scenario. However, to make HD quality of 3D content available to the user, there is a wide need to enhance the user experience. If the companies aim for this, there are additional expenditures and costs required that will help in capturing data from the acquisition devices by making use of devices like lasers and scanners. Also, this acts as an addition to the overall technology. Further, On Services conducted a survey that predicts that the average projection of the mapping services costs likely around USD 10,000 per minute for a video portraying 3D video content. Also, there are costs related to the video development time as well. Also, there are additional expenditures related to using projectors, media servers, and hard drivers. The increasing cost might present various restraints to the 3D Mapping and 3D Modelling Market on the oath of its global growth.
Technology Analysis
Artificial intelligence has a great potential to help in the enhancement and growth of the 3D Mapping and 3D Modelling Market for the ongoing forecast period of 2023. The associated technologies help in defining the workflow related to data acquisition that has an important role to play in generating the 3D maps. The rise of the technologies related to the use of artificial intelligence is likely to help and boost the accuracy of these maps. Also, the use of artificial intelligence is known to help and solve issues related to operational downtime while generating the maps from the point cloud data. The 3D models are also helping in enhancing the user engagement experience when it comes to better urban planning and also appraises the potential environment that has an impact on newly undertaken construction processes and projects.
Segment Overview
Based on the demand and use of the devices and services amongst the target audience, the 3D Mapping and 3D Modelling Market has been divided based on the following:
Regional Analysis
The 3D mapping and 3D modeling market size is expanding and is currently functional in 5 major regions. As per the 3D Mapping and 3D Modelling Market trends, the APAC region is expected to enjoy the highest growth during the forecast period that ends in 2023. The North American market is expected to hold the largest market share during the period. The APAC region is rendering software tools that help in increasing the demand for imaging sensors, modeling, and visualization.
Competitive Landscape
The prominent players of the 3D Mapping and 3D Modelling Market are as follows:
Recent Developments
Intended Audience
Report Overview
The 3D mapping and 3D modeling market report helps in providing the market trends and insights that will help in predicting the CAGR growth rate and the market valuation. These valuations help in taking better investment decisions for the 3D Mapping and 3D Modelling Market during the period and further, discuss the functioning of the market segments across various locations. The 3D Mapping and 3D Modelling Market report also discusses the role of the key market players to judge the competitiveness in the market by analyzing the recent developments undertaken during the forecast period of 2017-2023.
Frequently Asked Questions (FAQ) :
Global 3D mapping and 3D modelling market is projected to grow at approximately 26% CAGR during the assessment period (2017 -2023).
The valuation of the global 3D mapping and 3D modelling market is estimated to increase to approximately USD 6 BN by the end of 2023.
The adoption of advanced technologies and high speed internet connectivity, are major tailwinds pushing the growth of the global 3D mapping and 3D modelling market.
Saab Automobile AB (Sweden), Apple, Inc. (U.S.), Airbus Defence and Space SAS (France), Autodesk, Inc. (U.S), Google, Inc. (U.S.), Trimble Inc., (U.S.), Topcon Corporation (Japan), Intermap Technologies (U.S.), Cybercity 3D, Inc. (U.S), Applied EarthWorks, Inc. (U.S.), Esri (U.S), Aerolion (U.S.), Udemy Inc. (U.S.), Mitsubishi Motors Corporation (Japan), the Blender Foundation (the Netherlands), and Pixologic, Inc. (U.S.), are some of the top players operating in the global 3D mapping and 3D modelling market.
North America is expected to hold the highest market share in the global 3D mapping and 3D modelling market.
3D mapping and 3D modelling is the overall process that includes an object’s 3D technology visualisation in the world.