Press release
Digital Map Market Projected to Hit USD 4679 million at a 16 % CAGR by 2023
In the technology-driven era, the global Digital Map Market has been valued at $ 4679 million, and it is expected to witness massive growth at a CAGR of 16 % between 2017 to 2023. In digitalized times, the popularity of digital maps has increased significantly among people all across the globe.
Digital maps are used not only in electronic devices but also in automobiles and vehicles. Currently, digital maps are being integrated into automobile technologies which have transformed navigation and autonomous driving technologies. Furthermore, digital maps also play an instrumental role in monitoring natural disasters like floods, landslides, etc. Digital maps have become part and parcel of people's lives in unique ways. Many organizations across diverse industries and sectors are integrating digital maps to enhance their offerings
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Digital maps fundamentally involve compiled data that has been formatted into a virtual image that can be seen on a computer system, a smartphone or any electronic device connected to the internet. Digital maps help users to know the accurate location of an area. Due to the rapid advancement of technology and innovation, the global Digital Map Market has been witnessing consistent growth.
Competitive Landscape:
A wide range of activities, including data collecting, data analysis, creating and producing digital maps, are carried out by the main businesses, which serve diverse end-users throughout the supply chain. Among the most important tactics used by vendors are collaborations with other companies, development of new products, expenditures in increasing capabilities, acquisitions and mergers, collaborations and partnerships, plus Investment in r&d, to name a few examples. Because of technological advances, businesses have developed digital services and mobile apps for maps, which offer users comprehensive information and genuine upgrades in a convenient manner.
Key Players
Digital Map Products (US)
TomTom (Netherlands)
OpenStreetMap (UK)
AutoNavi (China)
and Digital Mapping Solutions (Australia)
MapMan (UK)
ARC Aerial Imaging Limited (UK)
MapmyIndia (India)
Microsoft (US)
Living Map (UK)
NavInfo (China)
Mapbox (US)
INRIX (US)
MiTAC International Corporation(Taiwan)
Major regions of operation
The Digital Map Market has a strong presence in different parts of the world. Some of the main regions where the market has a solid presence include Europe, North America, Asia Pacific and the Rest of the world.
The North American segment has been dominating in the global market setting. It is expected to lead during the forecasted period and contribute to the market's solid performance.
Key drivers of the Digital Map Market
One of the chief factors contributing to the exceptional performance of the global Digital Map Market is the surge in internet users globally. Furthermore, the increasing dependence on digital devices has increased people's dependence on digital maps. Currently, digital maps are being used for basic purposes such as locating popular spots like restaurants, knowing bus timing, etc. In the future, the industry is expected to experience further growth owing to the rapid advancement of technology.
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Major market challenges
Although the global Digital Map Market has grown exponentially, it faces many challenges. One of the major challenges is cybersecurity concerns relating to users' data security and privacy. While creating digital maps, companies must prioritize customers' safety and security. The inability to comply with appropriate legal requirements and industry standards can expose digital maps to high risk from cybercriminals.
Key Market Drivers
Tracking of natural calamities, monitoring of other environmental emergencies and the calculation of the distance between places are among the desirable features of digital mapping which contribute to the growth of the digital map market.
Opportunities:
Market growth has also been facilitated by the increased use of geospatial information in a wide range of applications including emergency preparedness, city design, corporate strategy, transportation, or other related fields, among others. The need for digital maps is anticipated to increase as a result of technological advances in digital map technologies, both in terms of structure and mapping software. Additionally, the increasing use of digital maps all over a wide range of business verticals is anticipated to create opportunities for the major key players in the global digital map market.
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Chief segments of the global Digital Map Market
The global Digital Map Market can be segmented based on type, functionality, application, technology and verticals.
Type:
The main market segments, based on type, are:
Services and
Solutions
Functionality:
Based on functionality, the key market segments include:
Scientific
GPS Navigation and
Computerized
Application:
The chief market segments, based on application, include:
Indoor settings
Outdoor settings
Technology:
The main segments of the global Digital Map Market, based on technology, are:
GIS
Aerial Photography and
Digital Orthophotography
Verticals:
Based on verticals, the Digital Map Market segments are:
Smartphones
Automotive and
Defense and Aerospace
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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