Digital Map Market to Gain Traction Over the Next Couple of Years

Market Research Future Published a Upcoming Research Report on Digital Map Market Research Report.Digital Map market industry is projected to grow from USD 16.22 Billion in 2022 to USD 60.15 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 17.41% during the forecast period (2022 - 2030).

As per Market Research future (MRFR)’s latest analysis, the global digital map market is expected to scale new heights in the forthcoming years. Digital mapping technology is extensively used by the key players of the automotive industry for semi-autonomous and self-driven vehicles. Additionally, the rising demand for geospatial services is another major factor responsible for driving the growth of the market. The trend is estimated to perpetuate in the upcoming years.

Digital map offers a broad spectrum of services such as fleet management, traffic updates, intersecting lanes, landmarks, etc. which facilitates the hassle-free deliverance of logistics services. It is forecasted to augment the digital map market over the next couple of years. Furthermore, digital maps also help the disaster management authorities in tracking and identifying natural calamities such as hurricanes, earthquakes, etc. This has exponentially catalyzed the demand for digital maps across the developed and developing country-level markets.

The increasing number of business enterprises that leverages location-based services is projected to pave the way for the rapid adoption of digital mapping technology in the foreseeable future. Meanwhile, the integration of digital maps into smartphones is likely to influence the growth of the market positively over the next few years. According to a survey, almost half of the world’s population uses smartphones. Thus, the widespread penetration of smartphones and internet services is likely to expedite the proliferation of the digital map market.

The competitive landscape of the market resonates strong growth opportunities for the vendors. Endeavors are directed towards technological innovations for bringing user-friendly services which are prognosticated to accelerate the momentum of the growth of the market.

Global Market for Digital Map – Segmental Analysis:

MRFR’s report offers a detailed segmental analysis of the market based on type, functionality, application, technology, and vertical. By type, the global digital map is segmented into services and solutions. By functionality, the market is segmented into Scientific, GPS navigation, and computerized. By application, the market has been segmented into outdoor and indoor. By technology, the market has been segmented into GIS, digital orthophotography, aerial photography, and others. By vertical, the market has been segmented into automotive, defense & aerospace, smartphones, and others.

Regional Outlook:

The digital map market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is a promising regional market for the digital map. The huge demand for digital maps across the end-user industry verticals such as automotive, logistics, defense, etc. for facilitating decision making has catalyzed the growth of the market. This trend is projected to continue in the upcoming years. The technological advancements and consolidation of key players in the region are likely to have a favorable influence on the expansion of the market in the region.

Europe is also an important growth pocket and is prognosticated to exhibit substantial growth in the upcoming years. Asia Pacific resonates strong opportunities for growth presently. The exponential increase in the purchase of vehicles coupled with large-scale penetration of mobile phones is expected to drive the proliferation of the market in the region. The Rest of the World is expected to witness an upsurge in the usage of the digital map over the next few years.

Global Market for Digital Map – Competitive Dashboard:

Some of the key players operating in the digital map market are Apple (US), Google (US), TomTom (Netherlands), Mapbox (US), DigitalGlobe (US), Digital Map Products (US), ARC Aerial Imaging Limited (UK), HERE (Netherlands), MapmyIndia (India), Microsoft (US), NavInfo (China), Esri (US), Nearmap (Australia), MiTAC International Corporation(Taiwan), MapQuest (US), ARC Aerial Imaging Limited (UK), AutoNavi (China), INRIX (US), MapSherpa (Canada), OpenStreetMap (UK), Automotive Navigation Data (Netherlands), MapMan (UK), Living Map (UK), and Digital Mapping Solutions (Australia).