NEW YORK, Dec. 6, 2022 /PRNewswire/ —
Major players in the digital map market are Google LLC, Apple Inc, TomTom International BV, Environmental Systems Research Institute (ESRI), INRIX Inc, HERE Global BV, MapBox Inc, Lightbox, MapmyIndia, Microsoft Corporation, Maxar Technologies Inc, Digital Map Products Inc, Amap, Digital Mapping Solution and Navinfo Co Ltd.
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The global digital map market is expected to grow from $13.08 billion in 2021 to $15.00 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The digital map market is expected to reach $26.55 billion in 2026 at a compound annual growth rate (CAGR) of 15.3%.
The digital map market consists of sales of digital map solutions by entities (organizations, sole traders, and partnerships) that are used to show political boundaries, landforms, water bodies, and the positions of cities.A digital map refers to a map stored in an electronic format that accurately depicts certain locations.
Digital maps need lots of data, and various systems, such as remote sensing, Geographic information system, and satellite imagery. These maps also help to identify the routes of an area, landmarks, and location.
The main types of digital map markets are services and solutions.The various functionalities are scientific, GPS navigation, and computerized.
The various services are consulting development and management.The various Industries are automotive, engineering and construction, logistics and transportation, energy and utilities, and telecommunication.
The various applications are in real-time location data management, geocoding and geo-positioning, routing and navigation, asset tracking, and reverse geocoding.
North America was the largest region in the digital map market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the digital map market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in the number of location-based services for marketing and advertising is expected to propel the growth of the digital map market going forward.Location-based marketing (LBM) is a direct marketing tactic that notifies the owner of a mobile device about a deal from a nearby company by using the deviceâ€™s location.
A digital map helps to get the exact location and nearest route to the delivery agent. For instance, according to The Next Web (TNW), a Netherlands-based company that focuses on new technology and startups, in 2021, spending on location-targeted advertisements has increased to 33.3 billion, which is 45% of all mobile advertising expenditures. According to Factual, a US-based location data company, 80% of customers use desired location-based alerts, demonstrating that they are responsive to location-based advertisements. Therefore, an increase in the number of location-based services for marketing and advertising is driving the growth of the digital map market.
Technological Advancement is a key trend gaining popularity in the digital map market.Major companies in the digital map market are developing advanced technologies such as artificial intelligence, and the use of aerial image data to sustain their position in the market.
For instance, in May 2022 Google Maps, a US-based technology company launched a new web mapping platform.This applicationâ€™s new features artificial intelligence and uses aerial image data to allow users to experience a digital model of the streets, roads, and landmarks that help to find a landmark, restaurant, or venue that feels and looks as if they are already in the place before they can even get there.
This application is useful for travelers and people who want to check a new place before visiting it.
In May 2019, Lightbox Holdings LP, a US-based leading real estate information and technology platform company, acquired Digital Map Products for an undisclosed amount.As a part of the acquisition of Lightbox will increase its capacity to provide its clients with transparency, efficiency, and analytics with the technology of Digital Map Products.
Digital Map Products Inc. is a US-based Real estate tool and a geographic information system mapping platform.
The countries covered in the digital map market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The digital map market research report is one of a series of new reports that provides digital map market statistics, including digital map industry global market size, regional shares, competitors with a digital map market share, detailed digital map market segments, market trends and opportunities, and any further data you may need to thrive in the digital map industry. This digital map market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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