High-Precision 3D Map Market By Type (Crowdsourcing Model, Centralized Mode), By Application (Automated Driving, Smart Cities, Real Estate Industry, Others), By Regional (North America, Europe, Asia Pacific, South America, Middle East and Africa) Forcast 2021-2031 

The rising demand for automated driving and the growing number of IOT in smart cities are the main factors propelling the growth of the worldwide high-precision 3D map market. The demand for 3D mapping is anticipated to increase as automated cars require extremely accurate and comprehensive maps to safely travel through roads. Additionally, as smart cities proliferate, there is a growing need for precise mapping solutions to track traffic, evaluate road conditions, and improve public transportation software, making these maps crucial elements in such programmes. Additionally, the growing adoption of 3D mapping for producing projects like layout designs in the real estate industry may also considerably contribute to the expansion of this market over the coming years.

Due to the rising need for automated driving and the growth of smart cities, there's a demand for the high-precision 3D map industry. For automated vehicles to operate safely in congested traffic settings, very precise maps are necessary. High-precision 3D maps are therefore necessary for automated driving. Akin to this, smart cities depend on data points gathered from various sensors, digital camera, and other connected devices, necessitating a precise 3D map model that can be used to understand the data points. This consistency is provided by high-precision 3D maps, which also help these urban technologies run more effectively. Furthermore, the real estate sector has started using highly accurate 3D maps to create virtual tours of property locations and provide in-depth details about various elements like structure, landscape, and the surrounding area. This has also enhanced the need for highly accurate 3D maps in this sector. Therefore, during the anticipated timeframe, these variables are anticipated to fuel growth in the economy.

High-precision 3D mapping is a mapping technique that builds a precise three-dimensional model of the earth's surface using data from a variety of sources, including satellite photography and LiDAR (Light Detection and Ranging). Self-driving cars, augmented reality programmes, virtual tours, smart cities, and other applications make heavy use of this technology. It gives accurate, real-time location data that enhances driving navigational precision.

The market for high-precision 3D maps is anticipated to rise from USD 5.7 billion in 2021 to USD 15.8 billion by 2031, expanding at a CAGR of 32.8% during the forecast period of 2021–2031.

The two main drivers anticipated propelling the growth of this market are the increased demand for automated driving and the expansion of smart cities. In the upcoming years, it is also projected that the growing use of 3D maps in the real estate sector will aid in the market's expansion.

The high cost of the technology and the requirement for significant investments to create 3D maps can be significant obstacles for this market. Furthermore, privacy issues related to data collection could prevent these maps from being widely used. Furthermore, the absence of uniform laws and policies across nations may make it more difficult for this market to expand. Lastly, the development of 3D mapping technologies that have the potential to disrupt the market for high-precision 3D maps can be hampered by technological developments like artificial intelligence (AI) and machine learning. Nevertheless, over the anticipated period, different government efforts aimed at smart city projects are anticipated to create new opportunities for the market for high-precision 3D maps. The market participants will therefore need to concentrate on developing breakthrough technologies and releasing cost-effective solutions to take advantage of these opportunities and overcome any hurdles. They might benefit from this if they want to beat out their competitors in the market. Collaborative efforts with key players or industry leaders may also open up new markets for the participants. In the upcoming years, it is projected that these factors will fuel the market's expansion.

COVID-19 Impact and Market Status

The COVID-19 pandemic outbreak has impacted numerous activities across numerous industries. However, because it is crucial to the development of automated driving and smart cities, the high-precision 3D mapping industry is anticipated to remain steady during this time and to rise rapidly after the pandemic. The market is also anticipated to gain from the rise in 3D map demand in the real estate sector as a result of stay-at-home orders. Consequently, a strong rise is anticipated in this market throughout the projection period of 2021–2031.

Segment Analysis

The Crowdsourcing Model Type emerged as the Most Lucrative Segment

The market is split into crowdsourced models and centralised modes according to kind. The market is predicted to be dominated by crowdsourcing methods because of their accessibility and low price. The rise in participants in crowdsourcing initiatives that provide data for 3D mapping is another factor fueling the expansion of this industry.

The Most Prominent Application is the Automated Driving Segment

The real estate sector, smart cities, automated driving, and other applications make up the market's application-based division. Because autonomous vehicles and drones heavily rely on automated driving, it is projected that this industry will be the most lucrative. Due to the growing demand for 3D maps and geospatial data in developing nations, smart cities are predicted to hold the second-largest share of this market.

The North American Region to render Ample Financing Opportunities

Considering each region separately, North America is anticipated to be the most alluring due to its technological advancements and growing government initiatives for smart cities. Due to the presence of major players like TomTom NV in the region, Europe is predicted to account for a sizeable portion of this market. Due to the rising demand for 3D mapping technology in nations like China, Japan, and India, the Asia Pacific region is anticipated to experience consistent growth.

In this market, some of the major players include Telenav, Inc., Google Inc., HERE Technologies, Apple Inc., TomTom International BV, Hexagon AB, Autodesk, and ESRI. To expand their market share in the worldwide high-precision 3D map market, these businesses are concentrating on strategic partnerships with various technology manufacturers.

Recent Developments in the High-Precision 3D Map Market

• The introduction of TomTom's high-precision 3D map solution for autonomous vehicles was announced in May 2021 by the renowned provider of location data and maps. The solution assists in giving autonomous driving systems a current 3D map with accurate and trustworthy navigational data.
• HERE Technologies and Google Cloud worked together in April 2021 to create a cloud-native, highly accurate 3D map platform. Customers will be able to access HERE's 3D mapping information and services on Google
• Cloud thanks to this agreement, including real-time updates for automated driving systems.
• TomTom released its Map Input Center (TMIC) in March of 2021, giving consumers a simple way to submit any modifications or problems they may find in the maps. For a precise and dependable navigational experience, while driving, this offers a real-time map upgrade.

High-Precision 3D Map Market  Scope

Key Segments of the Global High-Precision 3D Map Market

By Type Overview (USD Billion)

• Crowdsourcing Model
• Centralized Mode

By Application Overview (USD Billion)

• Automated Driving
• Smart Cities
• Real Estate Industry
• Others

By Regional Overview (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and Africa