Fort Collins, Colorado, May 06, 2024 (GLOBE NEWSWIRE) --
The rise in digitization across automotive and logistics industries drives the industry growth.
The digital map market is poised for expansion, driven by several factors including the effective utilization of technologies such as the growing demand for real-time mapping services, increasing smartphone and internet usage, and the integration of this technology in automobile and logistics services.
The growing number of smartphone users and internet users worldwide is a significant contributor to the increasing adoption of navigation and digital map technology. Approximately two-thirds of the global population own smartphones, with a particularly active user base among younger demographics. The availability of digital maps on smartphones has spurred demand for navigation systems, making it more convenient for users to locate different destinations and navigate via mapped routes.
Information provided by platforms such as Google Maps, Apple Maps, Foursquare, and other applications is sourced through Geographic Information Systems (GIS) and Global Positioning System (GPS) technologies. To meet the demand for real-time and updated information, digital map service providers continually enhance the quality of data offered through their maps. In recent years, map creators have leveraged technologies like 3D modeling and digital elevation models to provide customers with a three-dimensional view of points of interest, including intricate details such as lanes and landmarks in cities.
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Segmentation Overview:
The digital map market has been segmented into type, usage, application, end-user, and region.
- Based on end-user, the digital map market segmentation includes automotive, military & defense, mobile devices, enterprise solutions, logistics, travel & transportation, infrastructure development & construction, and others. Automotive use holds a substantial share of the digital map market's end-user segment. Many companies are currently providing built-in digital mapping and GPS services in cars, and bike and moped manufacturers are also adopting this trend.
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Digital Map Market Report Highlights:
- The digital map market growth is anticipated at a CAGR of 14.9% by 2032.
- The digital map market size is anticipated to expand due to factors such as effective use of technologies like growing demand for real-time mapping services, rising smartphone and internet usage, and an increase in integration of this technology in automobile and logistics services.
- North America holds a major share of the digital map market, with the United States holding a significant share in this region. This is due to the higher adoption of this technology in this region by various industries and the fact that most cars in the country are equipped with tracking and navigation systems.
- Some prominent players in the digital map market report include Tom Tom International BV, MapQuest, Nearmap, ARC Aerial Imaging Limited, HERE Technologies, Esri, Inrix, MiTAC Holdings Corp., Intermap Technologies Corporation, and Getmapping Limited.
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