Digital Map Market To Be Driven By Increasing Adoption Among Different Verticals In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Digital Map Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives in-depth analysis of the global digital map market, assessing the market based on its segments like type, functionality, application, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028):
• Forecast CAGR (2023-2028): 13.9%
The digital map development process necessitates a considerable investment in sensors, data collection equipment, and data gathering mode, all of which can limit the number of participants who can participate in the design stage. However, it is expected that a significant number of software providers will support industry growth in the coming years, focusing on specific industries and employing novel ways to expand on current data sets. Over the projected period, the industry is expected to grow because of the continuous transition from personal navigation devices to smartphones and consumer-centric applications.
Industry Definition and Major Segments
A digital map, often known as cartography, is an electronic map whose operation is based on a collection of graphic elements that are supplied to it in the form of electronic data. It is based on the data that has been obtained naturally and converted into digital cartographic data. The process of collecting and compiling data to create a virtual image is known as digital mapping.
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The industry can be broadly categorised on the basis of type into:
• Software Solutions
• Mobile App
• Maps (Data)
The industry can be divided based on functionality as:
• GPS Navigation
The industry is segmented based on applications into:
• Indoor Applications
• Outdoor Applications
The industry can be classified based on end-use as:
• Government and Utilities
• Construction and Engineering
• Logistics, Travel, and Transportation
• Military and Defence
• Retail and Real Estate
Based on region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
An increasing end-user base is likely to create a large increase in demand from navigational application developers and Geographical Information System (GIS) providers. The rapid increase in the number of smartphone and internet users has boosted market growth even more. Furthermore, demand for digital maps is predicted to rise as the number of linked and semi-autonomous automobiles grows, along with anticipated advancements in self-driving and navigation technologies.
Because of the fast development in demand for geospatial data, digital cartography has gotten a lot of attention in recent years. Smart parking, location, traffic and congestion intelligence, and logistics management applications all require real-time routing and congestion updates. Because digital cartography is rapidly evolving, it may provide data feeds and information to various applications. Furthermore, the growing number of enterprises that use location-based services for marketing and advertising is expected to drive up demand in the coming years. As the demand for environmental and topographical information systems grows, digital mapping is seeing increased interest in the government and public sector.
Furthermore, in light of recent manufactured and natural dangers, the requirement to maintain an updated information system for law enforcement personnel, defence forces, and local governing bodies is expected to drive demand for maps. One of the most essential requirements for product success in the market is smooth interaction between maps and information systems, therefore suppliers are predicted to focus more on data integration throughout the forecast period. As the digital map business evolves, leading firms are expected to engage in mergers and acquisitions to stay on top of market innovations and maintain a competitive edge in an ever-changing technical landscape.
Key Market Players
The major players in the market are Environmental Systems Research Institute (ESRI), Inc., Google LLC, TomTom N.V. (AMS: TOM2), Mapbox Inc., DigitalGlobe, Inc., Apple Inc., HERE Global B.V., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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