NEWARK, Del, May 02, 2022 (GLOBE NEWSWIRE) -- The global digital map market is estimated at US$ 14 Billion in 2021 and is projected to reach US$ 16.2 Billion by 2022. The market is expected to reach US$ 61.2 Billion by 2032 while recording a CAGR of 14.2% during the forecast period from 2022 to 2032. There has been a lot of interest in the development of routable digital maps that compute from trajectory data in the last few years due to the ease and cost-effectiveness of gathering all the necessary information.
A new concept, Routable Digital Maps (RDM), has emerged with the development of Intelligent Transportation System (ITS) applications. Graphs such as these allow routing and other useful applications since they contain features such as speed limit, travel time, etc.
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These days, many individuals use real-time data mining tools (RDMs) as a method of avoiding traffic congestion by finding alternate routes to their destinations. All these factors has propelled market demand for digital maps in the market.
Key Takeaways:
● The global digital map market is currently valued at US$ 16.2 Billion, with a CAGR of 14.2% during the forecast period.
● Software Solutions digital map to expand at a CAGR of 14.5% during the forecast period
● In the U.S., the market is expected to reach US$ 26.5 Billion while growing at a CAGR of 14% during the forecast period.
● China's market is projected to grow at a higher rate of 15.4% CAGR during the forecast period.
● India recorded a CAGR of 15.7% CAGR during the forecast period.
● Japan is expected to reach a CAGR of 15% during the forecast period between 2022 and 2032.
“In the coming years of automation, growing demand for technologically advanced devices, robotics, and software, which take advantage of AI integration and IoT, will signal a new era for autonomous vehicles with high demand for digital maps in the market."
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Digital Map Market Landscapes
Key Players that have been profiled in the report are TomTom NV, HERE Technologies, Apple Inc., Alibaba Group, Navinfo Co., Ltd, INRIX Inc., Baidu, Inc., MapBox Inc., Environmental Systems Research Institute (ESRI), and Alphabet Inc. Through innovative products and technologies businesses will enable its customers to take full advantage of new technological advances.
● In March 2022, Atlatec, a company that specializes in digital mapping, has been acquired by Bosch to bolster its position in automated driving. With the pending acquisition, Tier 1 supplier will now be able to offer to its customers all the necessary components of automated driving, including actuators, sensors, and software from a single source. There was an agreement not to disclose the purchase price between the companies. Regulatory approval is necessary for the acquisition to be completed.
● Major cities will be able to explore 3D in Apple Maps by September 2021. With the release of iOS 15, Apple Maps has the most significant update with an attractive new city settings experience that includes rich details, driving directions with better navigation, immersive walking directions displayed in augmented reality, and so much more. In addition to London, Los Angeles, New York City, and the San Francisco Bay Area, the update, which extends the new Apple Map that they spent years developing from the ground up, is now available in 50 more cities.
Key Segments Covered
By Type:
- Software Solutions
- Web-based
- Desktop
- Mobile App
- Maps (data)
- Services
By Application:
- Indoor Navigation/Positioning
- Airports
- Retail Stores
- Health Care Facilities
- Other
- Educational Institutes
- Museums
- Other Commercial Buildings
- Outdoor Maps
- Automotive
- Mobile & Internet
- Government & Utilities
- Real Estate/Construction
- Others
- Energy & Mining
- Agriculture
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Table of Content
Chapter 1. Preface
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Objectives
1.4. Key Questions Answered
Chapter 2. Assumptions and Research Methodology
2.1. Report Assumptions
2.2. Acronyms Used
2.3. Research Methodology
Chapter 3. Executive Summary
3.1. Digital Map Market Snapshot
Chapter 4. Market Overview
4.1. Market Taxonomy
4.2. Product Overview
4.3. Global Digital Map Market– Macro Economic Factors Overview
4.4. Market Dynamics: Drivers and Restraints Snapshot Analysis
4.4.1. Drivers
4.4.2. Restraints
4.4.3. Opportunity
4.5. Opportunity Analysis
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