Digital Map Market worth $37.0 billion by 2026, growing at a CAGR of 14.1%: Report by MarketsandMarkets™
As per the report by MarketsandMarkets, the global Digital Map Market size is projected to reach USD 37.0 Billion in 2026, at a CAGR of 14.1% during the forecast period, 2021-2026
Chicago, Aug. 22, 2023 (GLOBE NEWSWIRE) -- *The **Digital Map Market** size to grow from USD 19.2 billion in 2021 to USD 37.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period, **according to a new report by MarketsandMarkets™.* Various factors such as increasing spending on adoption of newer technologies, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of Digital Map technologies and services.
*Browse in-depth TOC on "Digital Map Market"*
230 - Tables
48 - Figures
241 - Pages
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*Scope of the Report*
*Report Metric * *Details *
*Market size value in 2021* USD 19.2 Billion
*Revenue forecast by 2026* USD 37.0 Billion
*Growth Rate* CAGR of 14.1%
*Forecast units* USD Billion
*Key Market Drivers* · Rising adoption of mobile computing devices for navigation
· Significant growth in the use of geospatial information
*Key Market Opportunities* · Rising demand for real-time mapping of data
· Increasing implementation of 5G networks
*Segments covered* Component, Mapping Type, Application, and Industry Vertical and Region
*Geographies covered* North America, Europe, APAC, MEA, and Latin America
*Companies covered* Google (US), Apple(US), TomTom(Netherlands), Nearmap(Australia), ESRI(US), INRIX(US), HERE Technologies(Europe), MapQuest(US), LightBox(US), ServiceNow(US), Alibaba Group(China), Inpixon(US), META(US), Mapsted(Canada)
Digital maps primarily consolidate navigation, routing, and other allied capabilities and streamline geospatial services. End-users of digital maps include natural resource companies, logistics partners, governments, and homeland security. Today, most of the drivers use maps for navigation purposes, such as to position themselves, plan journeys, and decide the shortest possible routes. However, human driving is expected to be gradually replaced by in-vehicle automated systems, leading to greater demand for digital maps.
The maps designed for machines are highly accurate and realistic and provide an exact representation of roads. These maps are commonly referred to as High-Definition (HD) maps. The digital map market is expected to grow owing to several factors, such as the increasing availability of spatial data and analytical tools, growing focus on Business Intelligence (BI), intensifying market competition, and decreasing cost of solutions.
Additionally, technological advancements, such as the global deployments of 3G and 4G wireless services, have created ubiquitous connectivity. The enhancement of connectivity technologies, supplemented by the growing interest in personalizing services based on users’ location information, has boosted the growth of the digital map market. Moreover, the realization of cost benefits by deploying solutions for organizational assets covering both personnel and vehicle tracking and management is expected to drive the growth of the market.
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COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared the COVID-19 pandemic on March 11, 2020. As this virus is spreading rapidly at a global level, countries across the globe are trying to prevent further contagion by taking measures, such as social distancing, contact tracing, self-quarantining, surveillance, communication, and testing. So far, China, South Korea, Japan, and Singapore, have managed to flatten the curve, while the US, Italy, Spain, Germany, France, and Iran are imposing drastic measures to slow down the spread and control fatalities.
Government agencies have announced special financial aid packages toward developing preventive and curative drugs, the purchase of critical care medical devices, and the fast-track approval of diagnostic tests. Various organizations, such as the Bill and Melinda Gates Foundation and Welcome Trust, are also accelerating and strengthening efforts to fight the COVID-19 pandemic.
By component, the digital map market has been segmented into Solutions and Services. The CAGR of the service component is estimated to be the largest during the forecast period. The services provided could be either support and maintenance, and consulting or assimilation. Modern digital map technologies are most often used by the logistics and transportation industries to enhance their processes and reduce unavailability and develop more efficient delivery routes.
The digital map market has been segmented by mapping type into indoor mapping and outdoor mapping. The market for outdoor mapping is expected to register a higher CAGR during the forecast period. Outdoor mapping contributes to most of the market share as multiple use scenarios fits in the outdoor mapping domain.
The digital map market by application has been categorized into real-time location data management, Geocoding and geo-positioning, routing and navigation, asset tracking and other applications. The Geocoding and geo-positioning is expected to witness the highest growth rate, while the routing and navigation is expected to have the largest market size during the forecast period.
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The digital map market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, who are adopting the newer technologies to have a competitive advantage over the established players. China, Japan, and India have displayed ample growth opportunities in the digital map market.
*Top Trends in global **Digital Map Market*
· Location-Based Services (LBS) Expansion: Demand for precise and current digital maps was being driven by the increasing use of location-based services like navigation, ride-hailing, food delivery, and real-time traffic reports.
· Indoor Mapping and Navigation: For big interior locations like malls, airports, museums, and convention centres, there was an increased emphasis on offering inside mapping and navigation options in addition to outdoor navigation.
· Integration of Augmented Reality (AR): Digital maps were being updated with augmented reality technologies to give consumers better navigational experiences. Through their devices, people might view digital data placed on the real world thanks to AR overlays.
· Autonomous Vehicles and ADAS: High-definition, precise maps were becoming increasingly necessary to support safe and accurate navigation as autonomous vehicles and advanced driver assistance systems (ADAS) developed.
· 3D Mapping and Visualization: Users may visualise and navigate locations in three dimensions thanks to the growing field of three-dimensional mapping technology. This had uses in urban planning, architecture, video games, and other fields.
*Key Industry Development *
· Partnerships and Acquisitions: To improve their products, major competitors in the digital map business were joining forces and making acquisitions. For instance, to improve their separate mapping platforms, internet behemoths like Google and Apple were buying businesses with expertise in mapping, navigation, and geospatial data.
· Real-Time Traffic Data: Digital maps were increasingly incorporating real-time traffic statistics and congestion data to aid users in selecting the most direct routes and avoiding gridlock. For the navigation and transportation industries, this was particularly crucial.
· Indoor Mapping and Navigation: Technology for indoor mapping was developing quickly. For huge venues like malls, stadiums, and airports, businesses were developing precise indoor maps to aid users in navigating around the structures.
· Augmented Reality (AR) Integration: A new trend was the incorporation of augmented reality into digital maps. Users of navigation apps might view real-time navigational guidance and areas of interest through the camera view of their cellphone thanks to augmented reality overlays.
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