July 20 2020
Market Research Future published a research report on “Digital Map Market Research Report-Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Global Digital Map Market Overview
The global digital map market is slated to register a significant market valuation at a striking CAGR over the review period.
Drivers and Restraints
The global market for digital maps is growing driven substantially by several factors such as the increasing adoption of smartphones, and the higher penetration of internet users globally.
The automotive industry has risen the demand for digital maps significantly, for navigation. The increasing adoption of self-driving and automated technology in the automotive sector is also increasingly contributing to market growth. Tracking of natural calamities, the calculation of the distance between places and monitoring of other environmental emergencies, are among the required features of digital mapping, which contribute to the growth of the Digital Map Market over the foreseeable future.
An upsurge in the use of geospatial information in a plethora of applications such as emergency management, urban planning, business planning, logistics and others have also paved the way for market expansion in the comping years.
Technological advancements taking place in digital mapping technology in terms of components and mapping software are estimated to propel the demand for digital maps. Furthermore, the growing application of digital maps across various industry verticals is touted to support the growth of the digital map market. On the contrary, higher investments in data collection is likely to restrain the growth of the market.
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Consumer reliance on digital mapping applications for locating places such as ATMs, restaurants, hospitals, and other places have increased significantly, is also likely to boost the growth of the global digital map market.
The global Digital Map Industry is segmented on the basis of type, application, functionality, technology, and vertical. Based on type, the digital map market is segmented into services and solutions. Based on functionality, the digital map market is segmented into scientific, GPS navigation, and computerized. By application, the Digital Map Industry is segmented into indoor and outdoor. By technology, the Digital Map Industry market has been segmented into GIS, digital orthophotography, and aerial photography. Based on vertical, the Digital Map Industry is segmented into automotive, defense & aerospace, and smartphone.
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), MapQuest (US), MapSherpa (Canada), Google (US), DigitalGlobe (US), Apple (US), Automotive Navigation Data (Netherlands), Esri (US), Nearmap (Australia), HERE (Netherlands), and ARC Aerial Imaging Limited (UK).
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Detailed Regional Analysis
The global digital map market is likely to face rapid augmentation, as per the report published by Market Research Future (MRFR). Based on geography, the digital map market is segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is anticipated to garner a significant market share for digital maps during the forecast period ending by 2023. Such growth can be accredited to a proliferated demand for digital maps across numerous end-user industries such as logistics, automotive, and defense. Further, technological advancements and the presence of many noteworthy players in the digital map market in the region are expected to promote substantial market growth during the assessment period.
Europe is anticipated to witness substantial growth in the foreseeable future. Asia Pacific is likely to exhibit immense growth opportunities due to a burgeoning automotive market in the region and rapid penetration of smartphones in the region. Rest of the World (RoW) is projected to witness a surge in the usage of digital mapping technologies in the upcoming years.
April 2020: Wiivv has started using digital mapping technology for their new project named ‘paaww custom pet insoles.’ Under this project, Wiivv is manufacturing insoles for dogs by digitally mapping 200 points on each of the dog’s four paws using a mobile application and then using that data to design an insole to fit the dog perfectly.
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Digital Map Market