Chicago, May 15, 2024 (GLOBE NEWSWIRE) -- The Digital Map Market is expected to grow from USD 28.3 billion in 2024 to USD 47.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.1%during the forecast period, according to new research report by MarketsandMarkets™
The demand for digital map solutions is increasing globally due to the higher demand for reduced maintenance costs, reduced repair downtime, improved asset utilization, and increased overall plant productivity.
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Digital Map Market Dynamics:
Drivers:
- Rise in smartphone and internet usage driving demand for digital maps
- Growth in usage of 3D platforms reshaping map visualization and accuracy
- GIS leverages AI & ML integration, enabling personalized services and complex spatial analysis tasks
- High emphasis on real-time guidance, route options, and nearby amenities via advanced navigation systems
Restraints:
- Risk of unauthorized access and data breaches
- Regulations and legal issues
Opportunities:
- Geospatial data analytics driving optimized resource allocation and sustainable development
- Increase in focus on SDKs and APIs, empowering indoor mapping solutions
- Integration of IoT and smart cities, allowing informed decision-making, predictive maintenance, and real-time monitoring
- Increase in implementation of 5G networks
List of Key Players in Digital Map Market:
- Google (US)
- Apple (US)
- TomTom (Netherlands)
- Esri (US)
- Here Technologies (Netherlands)
- Nearmap (Australia)
- Inrix (US)
- Lightbox (US)
- ServiceNow (US)
- Inpixon (US)
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Based on the offerings, the solution segment will gain the highest market share during the forecast period.
Solutions typically addressed within digital maps comprise mapping information, web mapping, and GPS-enabled services. Map building blocks, such as APIs and SDKs, as well as analytical tools and transport information, could be used to deploy mapping information and online cartography. Continuous advancements in GIS technology have expanded the capabilities of digital maps, enabling them to provide more detailed and accurate spatial data. Innovations such as real-time traffic updates, 3D mapping, and indoor mapping have enhanced the utility of digital maps across various industries.
Based on purpose, the real-time traffic maps segment will grow at the highest CAGR during the forecast period.
Real-time traffic maps display current traffic conditions and congestion levels on road networks in real time. They use data from various sources, including GPS-enabled vehicles, traffic sensors, and cameras, to provide up-to-date information about traffic flow and incidents. Real-time traffic navigation maps in digital mapping applications provide users with up-to-date information about traffic conditions, congestion, accidents, and road closures to help them navigate efficiently and avoid delays. Real-time traffic navigation maps visualize traffic conditions using color-coded overlays on the map. Different colors represent varying levels of traffic congestion, with green indicating free-flowing traffic, yellow indicating moderate congestion, and red indicating heavy congestion or standstill traffic. Other colors may denote road closures, construction zones, or incidents.
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Based on mapping type, outdoor mapping will hold the largest market size during the forecast period.
Geo-marketing and publicity, asset tracking, personal tracking, customer location tracking, fleet tracking, freight management, route optimization and planning, mapping discovery, infotainment, geographic event alerts, and defense management are significant applications covered by outdoor mapping. Outdoor mapping contributes most of the market share as multiple-use scenarios fit in the outdoor mapping domain. Outdoor mapping in digital maps refers to the representation and navigation of outdoor environments, such as parks, trails, wilderness areas, and natural landmarks, using digital mapping technologies. These maps provide detailed information about outdoor recreational opportunities, points of interest, terrain features, and navigation routes.
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