PUBLISHER: Allied Market Research | PRODUCT CODE: 1344439
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344439
According to a new report published by Allied Market Research, titled, "Digital Map Market," The digital map market was valued at $21.8 billion in 2022, and is estimated to reach $89.1 billion by 2032, growing at a CAGR of 15.4% from 2023 to 2032.
Increase in use of geospatial information, thus drive the growth of the market. In addition, advancements in technologies such as artificial intelligence (AI) and machine learning (ML) and rise of Internet of Things (IoT) devices and sensors generating location-based data drives the growth of the growth of the market during the forecast period. Furthermore, growing adoption of mobile computing devices for navigation, wide adoption of 3D platforms, and advanced technologies for surveying and digital map-making are expected to propel the growth of the market during the forecast period. In addition, increasing demand for location-based services across various sectors such as transportation, logistics, and retail are utilizing digital maps to enhance their operations, improve customer experiences, and optimize resource allocation. This trend is driven by the growing prevalence of smartphones, GPS-enabled devices, and the need for real-time navigation and geospatial data.
However, data security and privacy concerns, and cost and accessibility constraints hamper the growth of the market. In addition, availability of free crowdsourcing digital maps and legal challenges also expected to restrict the growth of the digital map market. Despite the restraints, the digital mapping industry presents significant opportunities. The emergence of autonomous vehicles and smart cities creates a demand for highly detailed and accurate mapping data. Companies that can provide precise mapping solutions, including 3D and indoor mapping, stand to benefit from these opportunities. Furthermore, the expansion of e-commerce and the need for efficient last-mile delivery solutions provide avenues for digital mapping to optimize logistics and enhance supply chain management.Furthermore, the surge in adoption of real-time digital maps offers a strong opportunity for the digital map industry. Moreover, the rise of Internet of Things (IoT) devices and sensors is generating vast amounts of location-based data, further fueling the demand for advanced mapping technologies.
The digital map market is segmented into component, application, and region. By component, it is divided into solution and services. Based on application, this study includes indoor and outdoor applications. Indoor applications include airports, malls, and departmental stores, while outdoor applications include automotive navigation, mobile & the internet, public sector agencies, and enterprises. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the digital map market are Apple Inc., Google LLC, HERE, Alibaba Group Holding Limited, TomTom International BV, MiTAC International Corporation and ARC Aerial Imaging Limited, Esri, Nearmap Ltd., and MAPQUEST. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the digital map market globally.