Digital Map Market

Digital Map Market Insights

"The global digital map market is estimated to grow from USD 20.07 billion in 2023 and is likely to grow at a CAGR of 15.9% during 2023-2028 to reach USD 41.97 billion by 2028."

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Introduction

A digital map is a computerized representation of geographical information, often created using geographic information systems (GIS) software. It typically includes various data layers such as roads, buildings, bodies of water, terrain, and points of interest. Digital maps can be accessed and manipulated using various electronic devices such as smartphones, computers, and GPS devices.

They are commonly used for navigation, urban planning, resource management, and scientific research. Digital maps are constantly evolving and being updated with new data and information, making them a valuable tool for many industries and individuals.

Market Dynamics

The digital map market is driven by a host of factors, some of which are noted below:

• A significant rise in the number of smartphone and internet users is coupled with growing usage of 3D platforms & advanced technologies for making and surveying.
• The growing demand for geospatial information in recent years is driving the development of digital mapping technology.
• Applications such as location data management, geocoding & geopositioning, routing & navigation, and asset tracking require real-time updates of routes and congestion.
• Significant technological advances in digital mapping support these applications with data and information flows.
• The growing number of businesses using location services for marketing and promotional purposes will spur demand growth in the years to come.

COVID-19 Impact

The COVID-19 pandemic has positively impacted the digital map industry. Growing demand for up-to-date digital mapping data during the pandemic is expected to change industry trends. The adoption of digital map technology has been significantly useful in tracking vaccination rates and contact tracing, thus boosting the market growth, amid the pandemic.

Restraint: Inadequate Expertise

Organizations struggling with digital mapping technologies face slow adoption due to an inadequacy of expertise and knowledge. Increased knowledge-sharing through various channels could boost the digital map market adoption and growth.

Opportunity: Increasing demand for real-time mapping of data

Real-time maps enable companies to analyze and display streaming data, enabling faster decision-making and faster response. They also facilitate developers development of comprehensive mapping APIs and SDKs for tracking assets and vehicles. Real-time crime centers improve response, public safety, and daily tasks.

Challenge: Users privacy and security issues

Mobile device users rely on GPS and location mapping, allowing hackers to access accounts and download confidential information. Effective privacy measures are needed to limit GPS data distribution and protect user privacy. It was a serious privacy flaw that Apple fixed promptly.

Digital Map Market Segments' Analysis

By Type

"GIS (Geographic Information System) segment accounted for the largest market share."

The market has been classified into GIS, LiDAR, digital orthophotography, aerial photography, and others. In 2022, GIS (Geographic Information System) dominated the digital map market with a share of more than 35% and is expected to propel market growth at a significant rate during the review period. This was due to the increasing use of GIS in urban development and city infrastructure planning, disaster management, monitoring of natural resources, and assessing the impact of environmental initiatives. The integration of traditional business analytics with GIS has also enabled businesses to effectively evaluate market demographics and develop their business intelligence systems.

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Service Trends

"The development segment accounted for the largest market share."

The market has been classified into Consulting, Development & Management. The development segment dominated the market registering the highest market share of more than 65% in 2022 & It is anticipated that the segment will experience significant growth during the forecast period. The increasing demand for digital maps from businesses to conduct business analysis and generate market-specific insights is expected to drive the demand for development services worldwide. In addition to development services, industry service providers also offer a range of other services, such as data processing, system infrastructure development, integration and licensing, end-use applications, and web services. Several digital mapping service providers are also focusing on integrating digital maps into their customers' systems to create interactive and easily accessible digital maps.

Application Trends

"The routing and navigation segment accounted for the largest market share."

The market has been classified into real-time location data management, geocoding & geopositioning, routing & navigation, asset tracking & others. The routing and navigation segment dominated the market registering a market share of more than 45% in 2022 and is projected to grow at a robust CAGR during the forecast period. The rapidly growing demand for routing and navigation in the automotive, mobile devices, and military and defense sectors has driven the demand for the digital map market. This is because digital maps are essential for these sectors to organize and understand real-time traffic information.

On the other hand, the asset tracking segment is expected to be the fastest-growing segment of the digital map market during the forecast period. This is due to the technological advancements in logistics, travel, transportation, construction, and infrastructure development sectors. These advancements are leading to the increased adoption of asset-tracking solutions, which require digital maps to track the location of assets.

Regional Insights

"North America accounted for the largest market share."

North American digital map market held the highest share of more than 30% in 2022 and is projected to grow at a healthy CAGR in the coming years. This is ascribed to many sectors such as automotive and mobile devices are using digital technology for end-to-end map solutions such as location information, real-time updates, technology collaboration, and analytics for better geo mapping outputs, which bolsters the regional market growth during the review period.

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Key Players

The following are the key players in the digital map market:

• Esri (US)
• TomTom (Netherland)
• Digital Map Products Inc.(US)
• Google (US)
• Here (Netherlands)
• Nearmap(Australia)
• Magellan(US)
• Apple (US)
• Mapquest (US)
• Intrix (US)

There is stiff competition in the market. The growth of the companies is directly dependent on industry conditions and government support. Also, there have been some major development strategies adopted by key players in the industry in recent years, which significantly influenced the competitive dynamics. For example:

On 17 July 2023 TomTom, a mapping specialist, raised its full-year revenue and free cash flow forecasts after the roll-out of its new maps was well-received by the auto industry and generated better-than-expected quarterly results. The company's investments in maps and navigation technology for automated driving, which compete with Google Maps and HERE, are bearing fruit. TomTom now targets revenue of 570–600 million euros this year and sees free cash flow at 5% of revenue.

Note: The above list does not necessarily include all the top players of the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

This report studies the digital map market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories:

By Type

• GIS
• LiDAR
• Digital Orthophotography
• Aerial Photography
• Others

By Service Type

• Consulting
• Development
• Management

By Application Type

• Real-time Location Data Management
• Geocoding & Geopositioning
• Routing & Navigation
• Asset Tracking
• Other

By Region

• North America (Country Analysis: The USA, Canada, and Mexico),
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe),
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific),
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others).

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s digital map market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.