The Digital Map Market was worth US$ 19.2 billion in 2021 and is projected to reach the valuation of US$ 37.5 billion by 2027 and is predicted to register a CAGR of 14.1% from 2022-to 2027.
A process of creating interactive maps on a digital platform is defined as a digital map, often known as digital cartography. It's an electronic map that works with the graphic elements that have been assigned to it in the form of electronic data. The process of digital mapping includes the collection and compilation of data, which results in virtual images. It uses predictive symbols and colours to precisely represent a specific geographic location, major roads, rivers, and notable landmarks such as airports, shopping malls, restaurants, tourist sites, and hospitals in and around any given place. It may also be used to calculate the distance between two points as well as the overall time it takes to go to a spot in real-time while taking into account traffic.
MARKET GROWTH
Geospatial information has grown in popularity in recent years as a result of its wide range of applications in a variety of industries and sectors. The market for digital maps has exploded as a result of this. The use of Digital Map technologies and services is projected to be driven by a number of factors, including increased investment in newer technologies, a changing landscape of consumer intelligence to drive the market, and the expansion of customer channels.
MARKET DRIVERS
Geospatial information has grown in popularity in recent years as a result of its wide range of applications in a variety of industries and sectors, including risk and emergency management, marketing, urban planning, infrastructure management, resource management (oil, gas, mining, and so on), business planning, logistics, and many others. The market for digital maps has exploded as a result of this.
The number of smartphone and internet users has risen dramatically as a result of continuing digital globalisation. Users can quickly obtain online maps and navigational information directly from their cell phones, thanks to internet services. Many mapping applications, such as Google Maps, Waze, In Route, Apple Maps, and others, have recently been released for smartphones. Consumers rely on these apps for directions and to locate restaurants, banks, ATMs, and gas stations, among other things. As a result, the market is being driven by the increasing use of smartphones and internet users. On the other hand, an increase in the use of free outsourced digital maps could be a potential market restraint.
MARKET RESTRAINTS
Most businesses that employ location-based solutions and analytics fail to fully exploit the promise of digital mapping technologies due to a lack of competence and highly skilled specialists that can cope with digital spatial data and the challenges that arise. The lack of adequate information and awareness has been a barrier to digital mapping solutions, contributing to the technology's delayed acceptance. As a result, improving consumer knowledge-sharing and understanding through various ways, such as corporate blogs, forums, industry conferences, and ROI analyses, might aid in the global adoption and expansion of the digital maps market.
Market Segmentation
The market has been divided into GIS, LiDAR, digital orthophotography, aerial photography, and others based on type. Because of the growing use of digital maps in urban development and city infrastructure planning, the GIS segment will dominate the market in 2021. Other applications of digital maps, such as disaster management, natural resource monitoring, and assessing the impact of environmental initiatives, have also aided in the expansion of the digital map market. Corporates have been able to successfully analyse market demographics and improve their business intelligence systems thanks to the integration of traditional business analytics with GIS.
The digital map market has been divided into categories based on end-use: automotive, Real estate, energy and utilities, construction and engineering, military and defence, Logistics, and government and public sector. Because of the constantly expanding demand for vehicle navigation and improvements in the field of linked vehicles, the automotive segment dominated the market. This can also be ascribed to automakers' increasing interest in introducing self-driving cars as the way of the future. Because of technical improvements in digital cartography and the integration of intelligent displays in passenger and commercial vehicles, the automotive segment is likely to grow at a significant CAGR over the forecast period.
Based on the application of mapping techniques in various end uses, the market has been split into indoor and outdoor applications. Due to the increasing implementation of outdoor maps in the automobile industry, the outdoor segment held the largest market share in 2021. The indoor usage category, on the other hand, is expected to rise at the fastest rate over the projected period. Increased demand from indoor location-based service providers is likely to drive this expansion. While indoor digital map usage is still in its early phases of research and adoption, it is expected to grow as the demand for navigation of large and complex structures grows.
The digital map industry has been divided into three segments based on services: consultancy, development, and management. Data management, tracking, and analysis are two subcategories of management services. Because of the constantly expanding demand for geospatial data collection, processing, and visualisation, management dominated the market in 2021. The management segment is likely to become the largest revenue-generating initiative, driven by demand for location-based services and solutions, and so will be the fastest-growing segment.
The automotive and mobile device end-use industries are the key drivers of digital map demand, and they have a significant impact on regional adoption. Furthermore, in this era of digital transformation, many sectors are turning to digital technology for end-to-end map solutions, including real-time updates, location data, technology cooperation, and analytics to improve geo-mapping outputs. As a result, in terms of revenue generated, North America dominated the global market. A significant number of industry companies based in the region, a robust automobile sector, and a recent increase in mergers and acquisitions all contribute to the region's dominance.
Due to the tremendous rise in demand for GIS systems, geospatial data, and related services, Asia Pacific is expected to emerge as the fastest expanding market over the projection period. Regional governments' increasing use of digital maps for rural and agricultural development, innovative city projects, and urban and transportation infrastructure development have emerged as crucial regional growth drivers. Furthermore, expanding infrastructure in nations like China and India has provided new business opportunities for suppliers, leading to market growth. Over the projection period, Asia Pacific is expected to grow at a remarkable CAGR of roughly 13.0%.
During the forecast period, the Latin America, Middle East, and Africa Digital Map Market would rise at a 15.9% CAGR (2022- 2027). In 2021, the Brazilian market will have the most significant market share in the LAMEA GPS Navigation Digital Map Market by Country, and it will continue to be a dominant market until 2023, increasing at a CAGR of 14.5 per cent.
Key Players
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