Global Digital Map Market Overview
The global digital map market is slated to register a significant market valuation at a striking CAGR over the review period.
Drivers and Restraints
The global market for digital maps is growing driven substantially by several factors such as the increasing adoption of smartphones, and the higher penetration of internet users globally.
The automotive industry has risen the demand for digital maps significantly, for navigation. The increasing adoption of self-driving and automated technology in the automotive sector is also increasingly contributing to market growth. Tracking of natural calamities, the calculation of the distance between places and monitoring of other environmental emergencies, are among the required features of digital mapping, which contribute to the growth of the Digital Map Market over the foreseeable future.
An upsurge in the use of geospatial information in a plethora of applications such as emergency management, urban planning, business planning, logistics and others have also paved the way for market expansion in the comping years.
Technological advancements taking place in digital mapping technology in terms of components and mapping software are estimated to propel the demand for digital maps. Furthermore, the growing application of digital maps across various industry verticals is touted to support the growth of the digital map market. On the contrary, higher investments in data collection is likely to restrain the growth of the market.
Consumer reliance on digital mapping applications for locating places such as ATMs, restaurants, hospitals, and other places have increased significantly, is also likely to boost the growth of the global digital map market.
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Key Players:
Digital Map Products (US), TomTom (Netherlands), OpenStreetMap (UK), AutoNavi (China), and Digital Mapping Solutions (Australia), MapMan (UK), ARC Aerial Imaging Limited (UK), MapmyIndia (India), Microsoft (US), Living Map (UK), NavInfo (China), Mapbox (US), INRIX (US), MiTAC International Corporation(Taiwan), MapQuest (US), MapSherpa (Canada), Google (US), DigitalGlobe (US), Apple (US), Automotive Navigation Data (Netherlands), Esri (US), Nearmap (Australia), HERE (Netherlands), and ARC Aerial Imaging Limited (UK).
Market Segmentation
The global market digital maps is segmented based on type, functionality, application, technology, and vertical.
The market based on type is bifurcated into services and solutions. The segmentation of the market based on functionality is done into scientific, GPS navigation, and computerized. The application segment comprises of indoor and outdoor applications. The technologies deployed in the market are GIS, digital orthophotography, aerial photography, and others. The industry verticals that are adopting digital maps are automotive, aerospace and defense, smartphones, and others.
Detailed Regional Analysis
The market An increase region has been segmented into Europe, North America, Asia Pacific, and the rest of the world. The North American digital map market is expected to witness substantial growth over the review period and acquire a significant market share. The massive demand for digital maps across the end-user industry verticals such as logistics, automotive, defense, among others, for simplifying decision making has fuelled the growth of the market. This trend is slated to continue in the upcoming years. The technological advancements and merging of key market players in the region are expected to have a promising influence on the expansion of the market in the region.
Europe is also a vital growth pocket and is predicted to exhibit substantial growth in the upcoming years. The Asia Pacific resonates with steady opportunities for growth currently. The signifcant increase in the purchase of vehicles along with large-scale penetration of smartphones is poised to drive the proliferation of the market in the region. The Rest of the World is expected to witness an upsurge in the usage of the digital map over the next few years.
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Industry Update
April 2019: Wiivv has started using digital mapping technology for their new project named ‘paaww custom pet insoles.’ Under this project, Wiivv is manufacturing insoles for dogs by digitally mapping 200 points on each of the dog’s four paws using a mobile application and then using that data to design an insole to fit the dog perfectly.
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