The process of creating and displaying geographic information in a digital format. Use of computer technology to collect, store, manipulate and analyze.
PORTLAND, PORTLAND, OR, UNITED STATE, November 16, 2023 /EINPresswire.com/ — Growth in 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. However, availability of free crowdsourcing digital maps and legal challenges restrict the growth. Furthermore, the surge in adoption of real-time digital maps offers a strong opportunity for the digital map industry. In addition, integration of advanced technologies into digital mapping, such as artificial intelligence (AI) and machine learning (ML) are also expected to provide lucrative opportunities for market growth during the forecast period.
According to the report, the Digital map industry generated $21.8 billion in 2022, and is anticipated to generate $89.1 billion by 2032, witnessing a CAGR of 15.4% from 2023 to 2032.
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➢ The COVID-19 pandemic has had a significant impact on the digital map industry, as it has accelerated the adoption and demand for digital mapping services. With the restrictions on travel and social distancing measures, people are relying more on digital maps for navigation and exploring their surroundings.
➢ The digital maps have become crucial tools for businesses and organizations to manage their operations and adapt to the new normal.
➢ In addition, the industry is shifting towards remote work and virtual events. Digital maps play a crucial role in enabling virtual tours, conferences, and exhibitions, allowing individuals to discover new locations and engage with others without being physically present. In addition, digital maps can help businesses and organizations to optimize their logistics and supply chain management, as they adapt to the changing demands and disruptions caused by the pandemic.
The global data analytics outsourcing market is analyzed across types, applications, industry verticals, and regions. Based on type, the predictive segment accounted for nearly half of the total market share in 2020 and is expected to rule the roost by the end of 2028. The prescriptive segment, on the other hand, would cite the fastest CAGR of 37.2% throughout the forecast period.
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Based on component, the solution segment held the highest market share in 2022, accounting for more than three-fourths of the digital map market revenue and is estimated to maintain its leadership status throughout the forecast period. Digital map solutions have a transformative impact on businesses and organizations by providing location intelligence, optimizing operations, and facilitating informed decision-making. However, the services segment is projected to manifest the highest CAGR of 17.3% from 2023 to 2032, service play a vital role in the digital map market, as service focus on meeting client requirements, including reduced cost and enhanced software performance.
Based on application, the outdoor application segment accounted for the largest share in 2022, contributing for nearly three-fourths of the digital map market revenue. The outdoor digital map solutions offer a wide range of applications for navigation and location-based services in outdoor environments. These solutions provide detailed and up-to-date maps that help users navigate roads, find points of interest, and access real-time information. However, indoor application segment is expected to portray the largest CAGR of 14.0% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The indoor digital map application enhances user experiences, improve navigation, and optimize operations within indoor spaces.
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Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly one-thirds of the digital map market revenue. The region has a strong presence of major technology companies, such as Google, Apple, and Microsoft, which have heavily invested in digital mapping platforms and services. Thus, anticipated to propel the growth of the market. However, the Asia-Pacific is expected to witness the fastest CAGR of 19.1% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to increase in penetration of advanced technology and smartphones & mobile devices.
Key players in the industry:
➢ Alibaba Group Holding Limited
➢ Apple Inc.
➢ Google LLC.
➢ Tomtom International BV
➢ Mitac International Corporation
➢ ARC Aerial Imaging Limited
➢ Nearmap Ltd.
The report provides a detailed analysis of these key players of the digital map market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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