The global digital map market size is estimated to reach USD 16.15 billion by 2027, registering a CAGR of 13.0% from 2020 to 2027, according to a new study by Grand View Research, Inc. The market is expected to witness significant rise in demand from navigational application developers and Geographical Information System (GIS) providers, driven by a growing end-user base. The prolific rise in the number of smartphone and internet users has further augmented market growth. Moreover, growth in the number of connected and semi-autonomous cars and anticipated developments in self-driving and navigation technology, among others is expected to drive the demand for digital maps.
Digital
cartography has been gaining increasing attention in recent years owing to a
rapid growth in demand for geospatial information. Applications such as smart
parking, location, traffic and congestion intelligence, and logistics
management need routing and congestion updates in real time. As digital
cartography has been developing at a rapid rate, it can support these
applications with data feeds and information. In addition, the increasing
number of businesses that are using location-based services for marketing and
advertising is also estimated to accelerate the demand in the forthcoming
years.
Digital
mapping is also finding renewed demand in the government and public sector as
the demand for environmental and topographical information systems is on the
rise. Furthermore, the need to maintain an updated information system for law
enforcement officials, defense forces, and local governing bodies in light of
recent manmade and natural threats is anticipated to propel the demand for
maps. Smooth interaction between maps and information systems is one of the
most important criteria for product success in the market owing to which
vendors are expected to focus more on data integration over the forecast
period. As the digital map industry matures, key players are anticipated to
indulge in mergers and acquisitions in order to keep abreast of the market
developments and maintain a competitive edge in a rapidly evolving
technological landscape.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/digital-map-market
Further key
findings from the study suggest:
- Digital
orthophotography type is anticipated to emerge as the fastest-growing
segment over the forecast period owing to the growth of image-processing,
data analysis technology, and the increasing applications in multiple
end-use segments such as automotive and mobile devices
- Management
services segment is expected to witness significant growth over the
forecast period due to the growing demand for development, deployment, and
integration of advanced digital maps for business analysis and earth
mapping
- Automotive
end-use segment is expected to witness the highest growth over the
forecast period owing to the increasing collaborations and partnerships
between automotive manufacturers, in-dash navigation system providers, and
digital map data providers for integration of advanced real-time
navigation systems
- Revenue
generation models are estimated to differ considerably in the forthcoming
years with some vendors opting for revenue generation from data and
information sales, while others opting for location-based services. There
is also a high probability of vertical integration in the industry
- Developing
regions are expected to witness exploration activities, whereas developed
countries would witness a growth in demand for real-time data and
information. Asia Pacific is the fastest-growing regional segment due to
the growth in the number of smartphone users as well as the number of
vehicles. Recent technological developments and rising demand for
smartphones are the factors expected to have a profound effect on the
Personal Navigation Devices (PND) market
- The key
digital map market participants include, ESRI, Inc.; Google, Inc.;
DigitalGlobe, Inc.; Apple Inc.; HERE Holding Corporation; Getmapping PLC;
Micello, Inc.; and TomTom International B.V.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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