Digital Map Market Growing at 11.2% CAGR Up to 2026
Posted: Oct 23, 2018
Polaris Market Research presents a most up-to-date research on " Digital Map Market [By Usage (Indoor, Outdoor); By Functionality (GPS Navigation, Scientific, Computerized); By Service (Consulting, Management, Development); By Application (Mobile Devices, Enterprise Solutions, Defense, Automotive, Government, Others); By Region]: Market Size & Forecast, 2017 – 2026".
According to the latest market report published by the company titled ‘Digital Map Market: Global Industry Analysis and Forecast, 2018 – 2026,’ the global Digital Map Market is projected to reach US$ 9,269.5 Mn by the end of 2026 and grow at a CAGR of 11.2% during the forecast period.
In 2017, the outdoor segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
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Major industry players-
- Google, Inc.
- DigitalGlobe, Inc.
- Apple, Inc.
- HERE Holding Corporation
- Environmental Systems Research Institute (ESRI), Inc.
- Getmapping PLC.
- Micello, Inc.
- TomTom International BV
- MapData Services
- Intermap Technologies Corporation
- AutoNavi Holdings Ltd.
- Collins Bartholomew
The increasing applications of digital maps in industries such as automotive, media & entertainment, and defense have boosted the growth of the market. Use of geospatial information in applications such as infrastructure management, risk and emergency management, urban planning, resource management, and logistics has increased the demand of digital maps over the years. Additionally, the technological innovation in the market in terms of improvement of components, and mapping software further boosts the adoption of digital maps.
Increasing investments by vendors in technological advancements coupled with increasing applications of digital maps would support the market growth during the forecast period. However, high investment in data collection is expected to hamper market growth during the forecast period. Growing demand from emerging economies, and increasing adoption by small and medium businesses are factors expected to provide numerous growth opportunities in the coming years.
The adoption of digital maps is rising at a significant rate worldwide. Digital maps are increasingly being used for various applications such as civil engineering & construction, government, defense & intelligence, agriculture & forestry, transportation, real estate, and others. Varied applications of Digital Maps include topographic mapping, infrastructure planning, traffic management, and others. Defense and military sectors utilize digital maps on a large basis primarily for geospatial mapping. The increasing concern for security has led the defense sector to become a prominent buyer for geospatial intelligence and mapping services all over the world. These services are used for surveillance, battlefront analysis, strategy formulation, and situation analysis on border areas.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increasing applications in the commercial sectors have increased demand of digital maps in the region. The increasing demand from defense, and government sectors further boosts market growth. Local players are introducing low cost digital mapping solutions with high performance to cater to the growing consumer demand. Numerous key players have adopted partnership and expansion strategies to increase their market share in digital map markets in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
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The different applications in digital map include mobile devices, enterprise solutions, defense, automotive, government, and others. In 2017, the automotive segment accounted for the highest market share. Digital maps are increasingly being used in self-driving cars. Other applications of digital maps in the automotive sector include advanced driver assistance systems, fleet management, and logistics control solutions.
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