'Global 3D mapping and modeling market to reach $26.84 billion by 2032: CAGR of 16.7 .'

December 12, 2023 New York, USA (GLOBE NEWSWIRE) - The global 3D mapping and modeling market is expected to witness significant growth, surpassing the USD 5.73 billion mark in 2022 and reach USD 26.84 billion by 2032. This corresponds to a compound annual growth rate of CAGR of 16.7% during the forecast period.

3D mapping offers a virtual, computer-generated representation of an area using photogrammetry for horizontal accuracy and laser scanning for vertical accuracy, increasing the accuracy of mapping products. In turn, 3D modeling creates a digital representation of a three-dimensional object using special software, facilitating visualization and elimination''design challenges. The growing popularity of tools such as 3D scanners and sensors, coupled with integration into devices such as smartphones and GPS, has prompted industry giants such as Google to create innovative and improved technologies. Increasing demand for 3D mapping and modeling is driven by its increasing use in mobile gaming, entertainment industry, and sectors such as automotive, healthcare, and defense. Adoption of artificial intelligence in 3D mapping, owing to its efficiency, is expected to further drive the growth of 3D technology in future years.

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Market Price Analysis''3D mapping and modeling shows that pricing depends on the sophistication of the technology. More advanced and accurate real-time solutions typically cost more due to specialized technology and software support costs. While increasing demand across sectors can lead to competitive pricing, customized solutions tend to have a higher price tag. The rise of online price comparison has made pricing transparency an integral part of business, prompting many companies to transparently display the cost of goods. Industries such as real estate and architecture are looking for affordable and quality solutions, further shaping the pricing dynamics in the market.

Distributive Market Analysis''3D mapping and modeling shows that distribution channels play a critical role in making 3D mapping and modeling technologies available to end users. Traditionally, manufacturers have sold their products directly, providing immediate feedback, customization, and thorough training. Large software vendors associated with industries such as architecture and design have incorporated 3D tools into their offerings. With the rise of cloud computing, many such tools have migrated to SaaS services available on platforms such as AWS and Google Cloud. In addition, the rise of e-commerce allows companies to serve a wide audience through digital downloads and online access.''Hence, the method of distribution can affect both pricing and profitability; direct sales may command premium prices, while online platforms may create a more competitive environment.

The supply-side analysis shows that the software segment holds the largest market share from 2023 to 2032. 3D mapping and modeling software has gained wide business applications by providing platforms for creating, modifying, and generating spatial models and maps across many industries.

Sectoral Analysis''accelerating the growth of the industry. In addition, leading players in the 3D mapping and modeling market in North America include Maxar Technologies, Airbus SE, Autodesk, Inc. and Bentley Systems, Inc. among others. The automotive industry in North America is also using 3D modeling for prototyping and design, which is contributing to the high demand for these technologies in the region. All these will fuel the growth of the regional market during the forecast period.

The 3D mapping and modeling market in Asia Pacific is witnessing the fastest growth from 2023 to 2032. Rapid development and modernization in countries such as China and India is driving the demand for 3D mapping and modeling market products across various industries. In addition, 3D mapping is used for''fully immersive experiences and product creation in gaming, entertainment, and automotive industries. In addition, government initiatives such as smart city projects and digital infrastructure development are driving the market growth. In China, 3D mapping and modeling is widely used for various reasons including engineering, architecture, and city planning. For instance, Shanghai uses 3D mapping to plan future constructions. In addition, Beijing Institute of Technology is a world leader in 3D mapping and modeling.

Analysis of the competitive landscape shows that the global 3D mapping and modeling market involves major players such as Apple, Onionlab, Mapbox, Saab AB, Airbus, Intermap Technologies, The Foundry Visionmongers, PTC,''Mathworks, Ansys, Google, Trimble, Bentley Systems, Dassault Systemes, Hexagon, Esri, Golden Software, Maxon, Topcon, Adobe In., Pix4D SA, Pixologic, Inc., Autodesk, Inc., etc.

In June 2023, Intel Labs introduced a unique Latent Diffusion Model for 3D (LDM3D) using generative artificial intelligence to create realistic 3D visuals in collaboration with Blockade Labs. The LDM3D model is the industry's first model that creates a depth map using the diffusion process to create 3D images with vivid and immersive 360-degree views. The LDM3D model was trained on an Intel AI supercomputer using Intel Xeon processors and Intel Habana Gaudi AI gas pedals. The model and the technology created with it combines the generated color image and depth information to create'