Digital Maps Market Projected To Reach USD 29.03 Billion By 2026, Growing At A CAGR Of 15.38% From 2019 To 2026 : Top Player Include Tomtom NV, HERE Technologies, Apple Inc., Navinfo Co., Ltd., INRIX Inc., Baidu, Inc. And Mapbox Inc.

Global Digital Maps Market Analysis

According to Verified Market Research, the Global Digital Maps Market was valued at USD 9.44 Billion in 2018 and is projected to reach USD 29.03 Billion by 2026, growing at a CAGR of 15.38% from 2019 to 2026.
Digital map, also known as digital cartography is defined as a process of making interactive maps on a digital platform. It is an electronic map that operates on the basis of the combined graphic elements assigned to it in the form of electronic information. Digital mapping involves collection and compilation of data that in turn produces virtual images. It accurately represents a particular geographic area, major roads, rivers and important landmarks such as airports, shopping complex, restaurants, tourist attractions and hospitals in and around any particular area by using predictive symbols and colors. It is also useful in calculating the distance from one place to another as well as calculating the overall time taken to travel to a location in real-time considering the traffic.

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Global Digital Maps Market Overview

In the recent years, geospatial information has experienced growth due to its broad range of applications in various sectors and businesses such as risk and emergency management, marketing, urban planning, infrastructure management, resource management (oil, gas, mining, etc.), business planning, logistics, and many others. This has fueled the growth of digital maps market.

With the ongoing digital globalization, there has been a prolific increase in the number of smartphone and internet users. With the help of internet services, users are able to easily access online mapping and navigational information directly from their smartphones. At present, many mapping applications has been launched in smartphones such as Google Maps, Waze, In Route, Apple Maps and many others. Consumers rely on these applications for locations and directions or for finding places such as restaurants, banks, ATMs, or gas stations. Thus, the growing usage of smartphones and internet users acts as a driver for the market. On the other hand, rise in usage of free outsourcing digital maps can act as a potential restraint for the overall market.

Global Digital Maps Market: Segmentation

The Digital Maps market is segmented on the basis of solution, end-use industry, and geography. On the basis of end-user industry, the market is bifurcated into Energy and Utilities, Automotive, Retail and Real Estate, Construction and Engineering, Logistics, Travel, and Transportation, Government and Defense and Others.

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Global Digital Maps Market By End Use Industry

The market for logistics, travel, and transportation is expected to grow at a highest CAGR over the forecast period. Logistics sector is largely influenced by the need to deliver the products on time which reduces losses by timely delivery and safety of products from varying environment. Use of digital map in this sector facilitates the companies with the real time information of vehicles, shortest routes, road conditions, restrictions, and tolls. The digital map caters to the requirements of fleet management, and transportation which helps to solve the problem related to ageing drivers, complex regulations, and changing technologies.

Global Digital Maps Market By Geography

On the basis of regional analysis, the global digital maps market is classified into North America, Europe, Asia Pacific and Rest of the world. The digital maps market in the Asia Pacific region is projected to grow at the highest CAGR over the forecast period owing to increase in use of smartphones.
The major players in the market are TomTom NV, HERE Technologies, Apple Inc., Navinfo Co., Ltd., INRIX Inc., Baidu, Inc. and MapBox Inc.

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