Press release
Increase in the usage of 3D platforms & advanced technologies for surveying and making digital maps drive the growth of the global digital map market
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.
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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. Based on the functionality, the market categorized into computerized, scientific, and GPS navigation.
The outdoor segment dominated the market in 2016. Digital map companies across the globe have focused on calculation, accurate & reliable navigation, and 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.
Digital Map Market Key Segments:
By Usage
• Indoor Applications
o Airports
o Malls
o Departmental Stores
• Outdoor Applications
o Automotive Navigation
o Mobile & The Internet
o Public Sector Agencies
o Enterprises
By Functionality
• Computerized
• Scientific
• GPS Navigation
Key Benefits:
• The study provides an in-depth analysis of the digital map market, with current and future trends to elucidate the imminent investment pockets.
• Information regarding key drivers, restraints, and opportunities coupled with their impact analysis is provided.
• Porter’s Five Forces analysis illustrates the potency of buyers and suppliers participating in the market.
• The quantitative analysis of the market from 2016 to 2023 is provided to elaborate the digital map market potential.
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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.
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