New York, US, May 13, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Digital Map Market By Type, By Functionality, By Application, By Technology Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 13.70% to attain a valuation of around USD 25.3 Billion by the end of 2030.
Market Synopsis
The digital map market refers to the global market for digital mapping and navigation services, which provide accurate and up-to-date geographical information and visual representations of geographical data. These maps can be accessed through various platforms, such as smartphones, tablets, and GPS devices, and can be used for various purposes, such as navigation, geolocation, and data analysis.
The digital map market is being driven by several factors, including the growing adoption of location-based services (LBS), the increasing use of digital maps in the automotive industry, and the rise of the Internet of Things (IoT) and smart cities.
One of the key drivers of the digital map market is the growing adoption of location-based services (LBS) by consumers and businesses. LBS provides real-time information and services based on the user's location, such as traffic updates, weather forecasts, and nearby points of interest. This has led to an increased demand for accurate and up-to-date digital maps, which provide the foundation for LBS.
Market Competitive Landscape:
The affluent companies in the Digital Map industry include
- Google (Alphabet Inc.)
- HERE Technologies
- NavInfo
- Mapbox
- INRIX
- MiTAC International Corporation
- TomTom
- OpenStreetMap
- AutoNavi
- Digital Map Products
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Digital Map Market Report Scope:
| Report Metrics | Details |
| Digital Map Market Size by 2030 | USD 25.3 Billion (2030) |
| Digital Map Market CAGR during 2022-2030 | 13.70% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Increase in the Use of Smartphones Increase in the Use of Geospatial Information |
Market Segmentation
By Type
The types in the market include Services, Solutions.
By Functionality
By functionality, the segment includes Scientific, GPS Navigation, Computerized
By Applicationoor.
By Technology
By technology, the segment includes GIS, Digital Orthophotography, Aerial Photography, Others
By Vertical
By application, the segment includes Indoor, Outd
By vertical, the segment includes Automotive, Defense & Aerospace, Smartphones, and Others.
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July 2022
Google announced the launch of its Street View experience in India, in partnership with Genesys International, a provider of advanced mapping solutions, and Tech Mahindra, a provider of digital transformation and consulting services. The three companies plan to expand the Street View experience to over 50 cities in India by the end of 2022.
Market USP Covered:
Market Drivers:
One driver of the digital map market is the increasing use of digital maps in the automotive industry. Digital maps are essential for navigation systems in vehicles, and the growing demand for connected cars and autonomous vehicles is expected to further drive the growth of the digital map market. The adoption of digital maps in the automotive industry is being driven by several factors, including the growing demand for navigation and safety features, the increasing use of connected cars, and the development of autonomous vehicle technology. Digital maps provide real-time traffic information, route guidance, and other navigation features that enhance driver safety and convenience. Connected cars and autonomous vehicles require highly accurate and up-to-date digital maps to function effectively, which has led to an increased demand for mapping and location-based services in the automotive industry.
Market Restraints:
One of the biggest challenges is the high cost of creating and maintaining digital maps. Mapping companies must invest significant resources in collecting, processing, and updating geographic data, which can be a significant barrier to entry for new players in the market. Additionally, the highly competitive nature of the market can make it difficult for smaller companies to gain a foothold. The use of location data in digital maps has raised concerns about data privacy and security, particularly with the increasing use of connected cars and other IoT devices. Consumers are becoming more aware of the risks associated with sharing their location data and may be hesitant to use digital mapping services as a result.
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COVID 19 Analysis
One of the negative impacts of the COVID-19 pandemic on the digital maps market has been the slowdown in the automotive industry. The pandemic has caused disruptions in global supply chains and decreased consumer demand for new vehicles, which has led to a decrease in the adoption of digital maps in the automotive industry. However, the pandemic has also led to increased demand for digital maps in other industries, such as e-commerce and delivery services. As consumers have shifted to online shopping and contactless delivery, the demand for accurate and up-to-date digital maps has increased to facilitate efficient and timely deliveries. The pandemic has also led to an increased demand for digital maps in the healthcare industry. Digital maps are being used to track the spread of the virus and to develop strategies for containing it. They are also being used to track medical supplies and equipment and to optimize logistics and transportation.
Regional Insights
In North America, the digital maps market is expected to continue to grow due to the presence of major mapping companies and technology companies such as Google, Apple, and HERE Technologies. The US is the largest market for digital maps in North America, with high levels of adoption in the automotive industry, government agencies, and businesses. The growth of e-commerce and delivery services has also led to increased demand for digital maps in North America.
In Europe, the digital maps market is being driven by the demand for geospatial data for urban planning, infrastructure development, and environmental monitoring. The European Union's INSPIRE Directive, which aims to establish a European Spatial Data Infrastructure, is also driving the growth of the digital maps market in Europe. Major mapping companies such as HERE Technologies, TomTom, and Navteq are headquartered in Europe, contributing to the growth of the market.
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In Asia Pacific, the digital maps market is being driven by the increasing adoption of location-based services in industries such as e-commerce, logistics, and transportation. The growth of the automotive industry and the increasing demand for navigation systems and autonomous vehicles are also driving the growth of the digital maps market in Asia Pacific. Major mapping companies such as Alibaba Maps, Baidu Maps, and NavInfo are headquartered in Asia Pacific, contributing to the growth of the market in the region.
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