PUBLISHER: The Business Research Company | PRODUCT CODE: 1392616
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392616
“Digital Map Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital map market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital map? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The digital map market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A digital map refers to a map stored in an electronic format that accurately depicts certain locations. Digital maps need lots of data and various systems, such as remote sensing, geographic information systems (GIS), and satellite imagery. These maps also help identify the routes of an area, landmarks, and locations.
The main types of digital map markets are services and solutions. The various functionalities are scientific, GPS navigation, and computerized. The various services are consulting development and management. The various industries are automotive, engineering and construction, logistics and transportation, energy and utilities, and telecommunication. The various applications are in real-time location data management, geocoding and geo-positioning, routing and navigation, asset tracking, and reverse geocoding.
The digital map market research report is one of a series of new reports from The Business Research Company that provides digital map market statistics, including digital map industry global market size, regional shares, competitors with a digital map market share, detailed digital map market segments, market trends and opportunities, and any further data you may need to thrive in the digital map industry. This digital map market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The digital map market size has grown rapidly in recent years. It will grow from $16. 54 billion in 2023 to $18. 77 billion in 2024 at a compound annual growth rate (CAGR) of 13. 5%. The growth in the historic period can be attributed to growing demand for location-based services, rise in navigation and gis applications, infrastructure development projects, expansion of mobile and internet technologies.
The digital map market size is expected to see rapid growth in the next few years. It will grow to $31. 79 billion in 2028 at a compound annual growth rate (CAGR) of 14. 1%. The growth in the forecast period can be attributed to increased use of drones for mapping and surveying, expansion of smart cities initiatives, growing demand for indoor mapping solutions, increasing urbanisation. Major trends in the forecast period include real-time mapping and dynamic updates, emphasis on 3d and high-resolution mapping, integration of ai and machine learning for map analysis, collaboration between mapping companies and autonomous vehicle manufacturers, environmental monitoring and climate change mapping applications.
An increase in the number of location-based services for marketing and advertising is expected to propel the growth of the digital map market going forward. Location-based marketing (LBM) is a direct marketing tactic that notifies the owner of a mobile device about a deal from a nearby company by using the device's location. A digital map helps to get the exact location and nearest route to the delivery agent. For instance, according to The Next Web (TNW), a Netherlands-based company that focuses on new technology and startups, in 2021, spending on location-targeted advertisements will have increased to $33. 3 billion, which is 45% of all mobile advertising expenditures. According to Factual, a US-based location data company, 80% of customers use their desired location-based alerts, demonstrating that they are responsive to location-based advertisements. Therefore, an increase in the number of location-based services for marketing and advertising is driving the growth of the digital map market.
The rise in smartphone adoption is expected to propel the growth of the digital map market going forward. Smartphones are handheld electronic devices with a touchscreen display, a built-in operating system, and different software applications. Digital maps on smartphones allow users to access location-based services, directions, and geographic information directly on their handheld devices. For instance, in February 2023, according to Uswitch Limited, a UK-based price comparison and switching service company, there were 71. 8 million mobile connections in the UK, a 3. 8% (or around 2. 6 million) increase over 2021. Moreover, 95% of the 68. 3 million UK population, which is 65 million individuals, are expected to own a smartphone by 2025. Therefore, a rise in adoption of smartphone will drive the growth of the digital map market.
Technological advancement is a key trend gaining popularity in the digital map market. Major companies in the digital map market are developing advanced technologies such as artificial intelligence and the use of aerial image data to sustain their position in the market. For instance, in May 2022, Google Maps, a US-based technology company, launched a new web mapping platform. This application's new features include artificial intelligence and the use of aerial image data to allow users to experience a digital model of the streets, roads, and landmarks that helps them find a landmark, restaurant, or venue that feels and looks as if they are already in the place before they can even get there. This application is useful for travelers and people who want to check out a new place before visiting it.
Major companies in the market are focused on developing innovative products and services, such as Indoor Map as a Service, to enhance their product offerings and gain a wider customer base. Indoor Map as a Service is a comprehensive solution offering indoor mapping data, routing, and positioning integrated with HERE's base map, facilitating various indoor applications. For instance, in January 2022, HERE Technologies, a Netherlands-based location data and technology company, unveiled its Indoor Map as a Service, providing comprehensive indoor mapping solutions for businesses. The service offers indoor map data, routing, and positioning, all conveniently accessible through the HERE SDK, seamlessly integrated with the company's base map. This user-friendly solution supports various applications, including wayfinding, indoor asset tracking, and space optimization, enhancing operational efficiency. HERE swiftly generates enterprise-grade indoor maps within a few days, accepting building information in diverse formats such as PDF, CAD, and 3D lidar point clouds. Once HERE Indoor Maps are created, they can be updated either by HERE or directly by building owners using an online self-service content management tool. These maps can be employed within the HERE SDK for integration with HERE Routing, providing complete wayfinding solutions that connect both outdoor and indoor environments.
In August 2021, ServiceNow, Inc., a US-based software company, acquired Mapwize for an undisclosed amount. With this acquisition, ServiceNow intends to improve the employee experience by integrating indoor mapping and wayfinding solutions, catering to the needs of remote and hybrid work environments. Mapwize is a France-based mapping company specializing in digital indoor maps.
Major companies operating in the in the digital map market report are Google LLC, Apple Inc., TomTom International BV, Environmental Systems Research Institute Inc., INRIX Inc., HERE Global B. V., Mapbox Inc., Waze Mobile, Microsoft Corporation, NavInfo Co. Ltd., Baidu Inc., MapQuest Inc., Naver Corporation, Telenav Inc., Zenrin Co. Ltd., AutoNavi Software Co. Ltd., Info Systems Pvt. Ltd., Esri, Sygic a. s., OpenStreetMap Foundation, Mappy SA, Navmii Holdings plc, GeoIQ Inc., Geoapify Inc., Mapfit Inc., Geo-Innovation LLC, Mireo d. d., Kapsch TrafficCom AG, Mapwize SAS, Avenza Systems Inc., MapTiler AG
North America was the largest region in the digital map market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital map market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the digital map market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The digital map market consists of revenues earned by entities by providing various categories of digital maps such as category, heat, cluster, bubble, and quantity maps to show political boundaries, landforms, water bodies, and the positions of cities. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.