Global Digital Map market is anticipated to reach over USD 9,269.5 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the study, the burgeoning applications of digital maps across a plethora of industries such as defense, media & entertainment, and automotive has positively impacted market development over the years. Using geospatial information in applications like resource management, urban planning, logistics, risk & emergency management, and infrastructure management has boosted the demand for digital maps globally. In addition to this, technological innovations in the market encompassing enhancement of mapping software and components further amplify the deployment of digital maps.
Key findings of the digital map market report are listed below:
- Depending on the usage, the outdoor market segment led the global market, with respect to revenue in the year 2017.
- In terms of regional contribution, North America is predicted to be the biggest contributor to the overall market earnings over the predicted timeline.
As per the study, the surging investments by vendors in technological enhancements, in consort with amplifying applications of digital maps would augment market growth over the projected timeline. However, huge investments in data collection is projected to hinder market growth over the projected period. Surging demand from developing nations, and growing implementation by small & medium scale businesses are the prominent factors anticipated to offer plenty of growth opportunities over the ensuing years.
The report cites that digital maps are being increasingly used for several applications like real estate, transportation, agriculture & forestry, defense & intelligence, government, civil engineering & construction, and others. Diverse applications of digital maps comprise traffic management, infrastructure planning, topographic mapping, and others. Defense and military sectors use these maps for geospatial mapping. Moreover, the burgeoning security concerns have encouraged the defense market to become a leading consumer for mapping services and geospatial intelligence across the globe.
Speaking of regional hierarchy, North America amassed the highest proceeds in the worldwide market in the year 2017 and is projected to dominate the industry over the estimated duration. This growth can be attributed to the surging demand from the government and defense sectors. Regional players are launching cost-efficient digital mapping solutions with superior performance to address the growing consumer demand. Several key contenders have adopted expansion and partnership strategies to enhance their share in the regional digital map market. The Asia-Pacific market is projected to witness the highest CAGR over the projected timeframe, cites the report.
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The assorted applications of digital maps include government, automotive, defense, enterprise solutions, mobile devices, and others. The automotive segment garnered the highest market share in the year 2017. The leading applications of digital maps in the automobile industry include self-driving cars, fleet management system, logistics control solutions, and advanced driver assistance systems.
The leading organizations charted in the digital map market report include Collins Bartholomew, AutoNavi Holdings Ltd., Intermap Technologies Corporation, MapData Services, TomTom International BV, Micello, Inc., Getmapping PLC., Environmental Systems Research Institute (ESRI), Inc., HERE Holding Corporation, Google, Inc., Apple, Inc., and DigitalGlobe, Inc. among others. These organizations count on business tactics such as product innovation, collaboration, merger & acquisition, and geographical expansion to augment their customer base and market reach.
In essence, the report on the digital map market includes a comprehensive examination of this business vertical with reference to factors such as the driving forces and challenges influencing the commercialization scope of this business sphere. Details about key applications and application market share has also been enumerated in the report.