The Digital Map by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/digital-map-global-market-report
According to The Business Research Company’s Digital Map , 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.
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The digital map market covered in this report is segmented –
1) By Type: Services, Solutions.
2) By Functionality: Scientific, GPS Navigation, Computerized.
3) By Service: Consulting, Development, Management.
4) By Industry: Automotive, Engineering And Construction, Logistics And Transportation, Energy And Utilities, Telecommunication.
5) By Application: Real-Time Location Data Management, Geocoding And Geo-positioning, Routing And Navigation, Asset Tracking, Reverse Geocoding
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.
The digital map market report table of contents includes:
1. Executive Summary
2. Digital Map Market Characteristics
3. Digital Map Market Trends And Strategies
4. Digital Map Market – Macro Economic Scenario
5. Global Digital Map Market Size and Growth
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26. South America Digital Map Market
27. Brazil Digital Map Market
28. Middle East Digital Map Market
29. Africa Digital Map Market
30. Digital Map Market Competitive Landscape And Company Profiles
Top Major Players:
- Google LLC
- Apple Inc
- TomTom International BV
- Environmental Systems Research Institute Inc
- INRIX Inc
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