Digital Map Market: Lucrative Opportunities across Globe
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The digital map market is anticipated to witness significant demand from geographical information system (GIS) providers and navigational application developers. The abundant rise in the number of smartphone and internet users has further increased market growth at the global level. Recent years have seen a rise in demand for digital maps owing to the rapid growth in demand for geospatial information. Growth in the number of connected and semi-autonomous cars, estimated developments in self-driving and navigation technology, and surge in the overall number of cars in developing countries are also expected to drive the growth of digital maps. Thus, growth of geomarketing and renewed interest of automakers in connected and self-driven cars utilizing digital maps are factors which are expected to drive the market during the forecast period.
However, lack of in-house expertise and stringent government regulations are expected to restrain the market growth during the forecast period.
The digital map market can be segmented on the basis of technology, service, usage, application, and geography. The market on the basis of technology can be segmented into GIS, LiDAR, digital orthophotography, aerial photography and others. Based on the application of mapping techniques in various end-uses or usage, the market can be segmented into indoor and outdoor. Indoor usage includes airports, departmental stores, malls and others. Outdoor usage includes automotive navigation, public places and others. In terms of application, the market is segmented into automotive, military & defense and others. On the basis of service, the market is segmented into consulting, development, and management. Geographical segmentation of the digital map market includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.
Key players operating in the digital map market include Alibaba, AutoNavi Holding Ltd., Google Inc., Micello Inc., NavInfo Co. Ltd., ArcGIS Online, OpenStreetMap, Yahoo Maps, Zenrin, WoNoBo, Bing Maps, MapSherpa, GeoMapserver, MapQuest, NearMap, Inrix, Mapion, Mappy, Roadtrippers, WikiMapia, MapmyIndia, ViaMichelin, Tom Tom NV, Magellan Navigation, Bhuvan, and Baidu Maps. All the major companies are adopting various strategies such as production innovation and partnerships to gain competitive advantage in the market.
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