Digital Map Market Trends | Leading Players and Future Prospects till 2028

According to Precision Business Insights (PBI), the latest report, the digital map market is expected to be worth USD Million in 2022, growing at a 14.3% CAGR from 2022 to 2028. The global digital map market is segmented into the following types: By Component (Services and Solutions), Mapping Type (3D and 4D Metaverse, Indoor Mapping and Outdoor Mapping), Application (Asset Tracking, Geocoding and Geo-positioning, Real-Time Location Data Management, Reverse Geocoding, Routing and Navigation and Other Applications), End User (Agriculture, Oil and Gas, and Other Natural Resources, Government and Homeland Security, Infrastructure Development and Construction, Logistics, Travel, and Transportation and Other Verticals) and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key players' profiles in the digital map market report are TomTom, OpenStreetMap, NavInfo, MiTAC International Corporation, Microsoft, MapmyIndia, MapMan, Mapbox, Living Map, INRIX, Digital Mapping Solutions, Digital Map Products, AutoNavi and ARC Aerial Imaging Limited. The primary driver of the expansion of the global digital map market is increasing use of portable computers for navigation.

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Outdoor Mapping Segment to Dominate the Digital Map Market:
Outdoor Mapping segment is expected to account for a larger revenue share in the global digital map market, with a value share worldwide. One of the most often uses for digital maps is outdoor mapping. The market need for outdoor maps would also be influenced by the market demand for weather reports, agriculture reports, and mining reports for public and private businesses. Through integrated systems like ridesharing, traffic updates, route updates, and weather forecasts, smart city efforts encourage the widespread adoption of digital maps.

Asia Pacific Digital Map Market:
The Asia Pacific market is expected to increase in the global digital map market over the forecast period. It is projected to grow at a CAGR of X% in the coming years. A growing number of foreign companies and domestic start-ups are stepping up to the plate and entering the Asia-Pacific market with fresh digital map products and services. Smart city initiatives are expanding throughout Asia-Pacific, which generates a lot of location data that needs to be managed effectively. Digital mapping businesses leveraging big data and artificial intelligence technologies will give mapping technology limitless capacity to solve these issues.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global digital map market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In January 2020, Bose Corporation and HERE Technologies worked together to support the deployment of augmented reality (AR) location-based services and applications. The partnership will make it possible for HERE developers to use the Bose AR platform and spatial audio capabilities, which will ultimately improve the product's capabilities and broaden its client base.

Detailed Segmentation
Based on the component, the market is segmented into the following:
• Services
• Solutions
• GIS Services

Based on the mapping type, the market is segmented into the following:
• 3D and 4D Metaverse
• Indoor Mapping
• Outdoor Mapping

Based on the application, the market is segmented into the following:
• Asset Tracking
• Geocoding and Geo-positioning
• Real-Time Location Data Management
• Reverse Geocoding
• Routing and Navigation
• Other Applications

Based on the set-up systems, the market is segmented into the following:
• Multi-Room Systems
• Compact/ Single-Room Systems

Based on the end user, the market is segmented into the following:
• Agriculture, Oil and Gas, and Other Natural Resources
• Government and Homeland Security
• Infrastructure Development and Construction
• Logistics, Travel, and Transportation
• Other Verticals

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This release was published on openPR.