MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Digital Map Market.
Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the Global Digital Map Market 2030 is projected to grow from USD 16.22 Billion in 2022 to USD 25.3 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.70% during the forecast period (2022 - 2030).
Drivers and Restraints
The strengthening rise in the number of smartphones and high internet penetration rate across the globe has helped the gain traction in the global digital map industry. Customer dependency on digital mapping applications such as Google Maps has increased dramatically to locate places such as restaurants, ATMs, hospitals, and other locations, fueling the growth of the global digital map industry.
Increasing the use of geospatial information in a plethora of applications such as emergency management, urban planning, business planning, logistics, and others has also paved the way for the expansion of markets. Tracking natural disasters, tracking other environmental hazards, and measuring the distance between locations are among the attractive features of digital mapping that contribute to the growth of the market for digital maps. Increasing the use of geospatial information in a plethora of applications such as emergency management, urban planning, business planning, logistics and others has also paved the way for expansion of markets. Tracking natural disasters, tracking other environmental hazards and measuring the distance between locations are among the attractive features of digital mapping that contribute to the growth of the market for digital maps.
Segmental Analysis
By type, the global digital map is bifurcated into services and solutions.
By functionality, the market is segmented into GPS navigation, Scientific, and computerized.
By application, the market has been bifurcated into an outdoor and indoor.
By technology, the market has been segmented into GIS, aerial photography, digital orthophotography, and others.
By vertical, the digital map market has been segmented into automotive, smartphones, defense & aerospace, and others. The automotive industry has been a leader in the incorporation of digital maps into its existing technology. Digital maps have gained distinction in navigation and self-driving car technology, which facilitate real-time mapping. Other areas of automotive applications include fleet management, Advanced Driver Assistance Systems (ADAS), and logistics control system.
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world. North America is a strong Digital Map regional market. The enormous demand for digital maps across the vertical industry of end-users such as automotive, logistics, security, etc. to facilitate decision taking has catalyzed market development. Projected to continue this pattern in the coming years. Technological developments and consolidation of key players in the region are expected to have a positive effect on the region's business expansion.
Europe is also a major growth pocket and is forecast to show significant growth in the years ahead. Asia Pacific currently echoes strong growth opportunities. The exponential increase in vehicle buying coupled with large-scale cell phone penetration is expected to drive market proliferation in the country. The Rest of the World is expected to see an upsurge in digital map use in the coming years.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are TomTom (Netherlands), Digital Map Products (US), OpenStreetMap (UK), MapMan (UK), AutoNavi (China), and Digital Mapping Solutions (Australia), ARC Aerial Imaging Limited (UK), NavInfo (China), MapmyIndia (India), Microsoft (US), Living Map (UK), INRIX (US), MiTAC International Corporation(Taiwan), MapQuest (US), MapSherpa (Canada), Mapbox (US), Google (US), DigitalGlobe (US), Apple (US), Automotive Navigation Data (Netherlands), Nearmap (Australia), Esri (US), HERE (Netherlands), and ARC Aerial Imaging Limited (UK).