Digital Map Market Expected to Expand at a CAGR of 12.5% Forecast (2017-2023)

According to a new report by Allied Market Research, titled, Digital Map Market by Usage, by functionality: Global Opportunity and Forecast, 2017-2023, the digital map market is projected to grow at a CAGR of 12.7% from 2017 to 2023. This is attributed to increase in the use of geospatial information and rise in use of smartphones.

The global digital map market is segmented on the basis of usage, functionality, and region. Usage covered in this study include indoor and outdoor applications. By indoor applications, the market is classified into airports, malls, and departmental stores. By outdoor applications, the market is divided into automotive navigation, mobile & the internet, public sector agencies, and enterprises. Based on the functionality, the market categorized into computerized, scientific, and GPS navigation.

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Increase in the use of geospatial information, growth in use of smartphones, and advancements in technology drive the growth of the global digital map market. However, availability of free crowdsourcing digital maps and legal challenges restrict the growth of the market.

The outdoor segment dominated the market in 2016. Digital map companies across the globe have focused on calculation, accurate & reliable navigation, ease of convenience by transfer information and valuable insights to the user. In addition, easy & efficient operations, cost reduction, better connection with the communities, transparent nature, gain in competitive edge, improved decision making are fueling the growth of digital maps in outdoor use. Real-time mapping of the physical world represents lucrative opportunity for the market.

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Usage wise the indoor segment is expected to grow at CAGR of around 15% followed by outdoor segment.
The global digital map market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as product development. Some of the key players operating in the digital map include Apple Inc., Google Inc, HERE, Micello, Inc., TomTom International BV, MiTAC International Corporation, ARC Aerial Imaging Limited, Esri, Nearmap Ltd., and MAPQUEST.

Key Findings of the Digital Map Market:
• The usage segment is expected to grow at the highest CAGR during the forecast period.
• The GPS type segment dominated the market in 2016.
• North America was the highest contributor in the overall digital map market size in 2016; however, in terms of growth, the market in Asia-Pacific is estimated to grow at the highest rate.

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