Digital Map Market to Attain USD 25.3 Billion, With an 13.70% CAGR by 2030 – Report by Market Analysis Future (MRFR)
New York, US, Could 13, 2023 (GLOBE NEWSWIRE) — In keeping with a complete analysis report by Market Analysis Future (MRFR), ”
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Digital Map Market
By Sort, By Performance, By Utility, By Expertise Forecast until 2030”, the market is predicted to thrive considerably through the evaluation period from 2022 to 2030 at a healthy CAGR of roughly 13.70% to realize a valuation of round USD 25.3 Billion by the tip of 2030.
Market Synopsis
The digital map market refers back to the international marketplace for digital mapping and navigation providers, which offer correct and up-to-date geographical data and visible representations of geographical knowledge. These maps will be accessed via numerous platforms, akin to smartphones, tablets, and GPS units, and can be utilized for numerous functions, akin to navigation, geolocation, and knowledge evaluation.
The digital map market is being pushed by a number of elements, together with the rising adoption of location-based providers (LBS), the growing use of Digital Maps within the automotive {industry}, and the rise of the Web of Issues (IoT) and good cities.
One of many key drivers of the digital map market is the rising adoption of location-based providers (LBS) by customers and companies. LBS offers real-time data and providers primarily based on the person’s location, akin to visitors updates, climate forecasts, and close by factors of curiosity. This has led to an elevated demand for correct and up-to-date digital maps, which offer the inspiration for LBS.
Market Aggressive Panorama:
The prosperous firms within the Digital Map {industry} embrace
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Digital Map Market Report Scope:
|
Report Metrics |
Particulars |
| Digital Map Market Dimension by 2030 | USD 25.3 Billion (2030) |
| Digital Map Market CAGR throughout 2022-2030 | 13.70% |
| Base Yr | 2021 |
| Forecast | 2022-2030 |
| Report Protection | Income Forecast, Aggressive Panorama, Progress Components, and Developments |
| Key Market Drivers | Enhance within the Use of Smartphones Enhance within the Use of Geospatial Info |
Market Segmentation
By Sort
The kinds available in the market embrace Providers, Options.
By Performance
By performance, the phase consists of Scientific, GPS Navigation, Computerized
By Utility
oor.
By Expertise
By technology, the phase consists of GIS, Digital Orthophotography, Aerial Pictures, Others
By Vertical
By software, the phase consists of Indoor, Outd
By vertical, the phase consists of Automotive, Protection & Aerospace, Smartphones, and Others.
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July 2022
Google introduced the launch of its Road View expertise in India, in partnership with Genesys Worldwide, a supplier of superior mapping options, and Tech Mahindra, a supplier of digital transformation and consulting providers. The three firms plan to develop the Road View expertise to over 50 cities in India by the tip of 2022.
Market USP Lined:
Market Drivers:
One driver of the digital map market is the growing use of digital maps within the automotive {industry}. Digital maps are important for navigation methods in autos, and the rising demand for linked automobiles and autonomous autos is anticipated to additional drive the expansion of the digital map market. The adoption of digital maps within the automotive {industry} is being pushed by a number of elements, together with the rising demand for navigation and security options, the growing use of linked automobiles, and the event of autonomous car technology. Digital maps present real-time visitors data, route steering, and different navigation options that improve driver security and comfort. Related automobiles and autonomous autos require extremely correct and up-to-date digital maps to operate successfully, which has led to an elevated demand for mapping and location-based providers within the automotive {industry}.
Market Restraints:
One of many largest challenges is the excessive price of making and sustaining digital maps. Mapping firms should make investments vital sources in amassing, processing, and updating geographic knowledge, which generally is a vital barrier to entry for brand new gamers available in the market. Moreover, the extremely aggressive nature of the market could make it troublesome for smaller firms to realize a foothold. The usage of location knowledge in digital maps has raised considerations about knowledge privateness and safety, significantly with the growing use of linked automobiles and different IoT units. Customers have gotten extra conscious of the dangers related to sharing their location knowledge and could also be hesitant to make use of digital mapping providers because of this.
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COVID 19 Evaluation
One of many detrimental impacts of the COVID-19 pandemic on the digital maps market has been the slowdown within the automotive {industry}. The pandemic has brought about disruptions in international provide chains and decreased client demand for brand new autos, which has led to a lower within the adoption of digital maps within the automotive {industry}. Nevertheless, the pandemic has additionally led to elevated demand for digital maps in different industries, akin to e-commerce and supply providers. As customers have shifted to on-line purchasing and contactless supply, the demand for correct and up-to-date digital maps has elevated to facilitate environment friendly and well timed deliveries. The pandemic has additionally led to an elevated demand for digital maps within the healthcare {industry}. Digital maps are getting used to trace the unfold of the virus and to develop methods for holding it. They’re additionally getting used to trace medical provides and gear and to optimize logistics and transportation.
Regional Insights
In North America, the digital maps market is anticipated to proceed to develop as a result of presence of main mapping firms and technology firms akin to Google, Apple, and HERE Applied sciences. The US is the biggest marketplace for digital maps in North America, with excessive ranges of adoption within the automotive {industry}, authorities companies, and companies. The expansion of e-commerce and supply providers has additionally led to elevated demand for digital maps in North America.
In Europe, the digital maps market is being pushed by the demand for geospatial knowledge for city planning, infrastructure growth, and environmental monitoring. The European Union’s INSPIRE Directive, which goals to ascertain a European Spatial Knowledge Infrastructure, can also be driving the expansion of the digital maps market in Europe. Main mapping firms akin to HERE Applied sciences, TomTom, and Navteq are headquartered in Europe, contributing to the expansion of the market.
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In Asia Pacific, the digital maps market is being pushed by the growing adoption of location-based providers in industries akin to e-commerce, logistics, and transportation. The expansion of the automotive {industry} and the growing demand for navigation methods and autonomous autos are additionally driving the expansion of the digital maps market in Asia Pacific. Main mapping firms akin to Alibaba Maps, Baidu Maps, and NavInfo are headquartered in Asia Pacific, contributing to the expansion of the market within the area.
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