Digital Map Market Size is Expected to Reach USD 51.67 Billion by 2028 at a CAGR of 15.3% – Reports and Data
Increasing use of digital maps in automotives is a significant factor driving digital map market revenue growth
Market Size – USD 16.26 Billion in 2020, Market Growth – at a CAGR of 15.3%, Market Trends – Continuous advancements in technology
The global digital map market size is expected to reach USD 51.67 Billion in 2028 and register a revenue CAGR of 15.3% over the forecast period, according to latest report by Reports and Data. Rapid revenue growth of the global digital maps market can be attributed to growing proliferation of smartphones and increasing use of digital maps for navigation purposes.
A digital map is an electronic representation of a traditional paper-based map, with similar types of information comprising points of interest, roads, conurbations, and boundaries. However, unlike conventional maps, digital maps enable users to do a host of things with the map, including insertion of additional information such as a path, lane, new road, and use the map to calculate distances.
Advancements in digital mapping technology is expected to drive market revenue growth during the forecast period. Geographic Information Systems (GIS), LIDAR (Light Detection and Ranging), and Interferometric Synthetic Aperture Radar (InSAR) can be used to incorporate and process spatial data for applications, ranging from simple mapping to supporting resource exploration; from environmental supervision and management to planning and administration of transportation and telecommunications systems, urban development, utility infrastructures, and land use. Innovative digital map technologies can be effectively used to handle present-day intricate urban problems about optimum utilization of available resources and infrastructure management.
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Companies profiled in the global market report include TomTom International BV, Apple Inc., Collins Bartholomew, Maxar Technologies, ESRI, Google LLC, Nearmap, MapData Services, HERE, and IndoorAtlas.
Some Key Highlights from the Report
- By application, the tracking and telematics segment accounted for significantly large revenue share in 2020. Digital maps are widely used in vehicle tracking, oil & gas fleet management to enhance security and safety of workers, and manage construction fleets with GPS tracking to capture work hours precisely and automatically. Using GPS tracking, fleet owners can continuously monitor operations and movements of the fleet, such as speeding and various other poor driving behaviors including harsh acceleration, which can result in decrease in fuel efficiency and, thereby increase cost. Additionally, a GPS tracking system can alert fleet owners about any unauthorized use of vehicles via calendar templates and time-of-use restrictions.
- By technology, the LiDAR segment accounted for significantly large revenue share in 2020. LiDAR (Light Detection and Ranging) is a remote sensing technology that uses light as a pulsed laser to map structures comprising vegetation height, density, and other features across a region. These light pulses, combined with other data recorded by the airborne system, generate accurate, 3D information related to shape of the Earth and its surface characteristics.
- By end-use, the retail segment revenue is expected to grow at a rapid rate over the forecast period. A digital map helps shopping malls and large retail outlets to deploy their location/venue maps across devices, such as mobile applications, large digital directory displays, or a responsive web browser. Additionally, a digital map of shopping mall aids shoppers to effortlessly understand the retail place layout. An interactive map allows shoppers/customers to zoom, rotate, and pan to view all stores and the products and services available in the shopping mall. Further, shopping malls can improve customer experience by exhibiting relevant events, deals, or promotions that are happening around the venue.
- The North America digital map market accounted for largest revenue share in 2020, owing to growing use of geo-spatial information by end-use industries, such as automotive, retail, and utilities, and increasing investments for advancements in mapping technology. In addition, presence of major players such as Apple Inc. and ESRI in North America is supporting revenue growth.
- In May 2019, LightBox Holdings, L.P, which is New York-based company, involved in providing real estate companies with better efficiency, transparency, and insight, made an announcement about acquisition of Digital Map Products (DMP), a firm providing location intelligence and mapping solutions.
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For this report, Reports and Data has segmented the global digital map market based on component, technology, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Deployment & Integration
Technology Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Tracking & Telematics
- Real Time Location Data Management
- Risk Assessment & Disaster Management
- Geocoding & Geo-positioning
- Route Planning & Optimization
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Energy & Utilities
- Mobile Devices
- Military & Defense
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Key Questions Answered In The Report
- What is the expected CAGR in terms of revenue for the global digital map market over the forecast period (2021-2028)?
- What was the global digital map market valued at in 2020?
- Which factors are expected to drive the adoption of digital maps?
- Which was the leading segment in the digital map market on the basis of end-use in 2020?
- What are some restraints for growth of the global digital map market?
- Who are the top players or companies in the digital map market or industry?
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- Chapter 1. Market Synopsis
- Chapter 2. Executive Summary
- Chapter 3. Indicative Metrics
- Chapter 4. Digital Map Market Segmentation & Impact Analysis
- Chapter 5. Digital Map Market By Component Insights & Trends
- Chapter 6. Digital Map Market By Technology Insights & Trends
- Chapter 7. Digital Map Market By Application Insights & Trends
- Chapter 8. Digital Map Market By End Use Insights & Trends
- Chapter 9. Digital Map Market Regional Outlook
- Chapter 10. Competitive Landscape
- Chapter 11. Company Profiles
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