Digital Map Market Size to Grow USD 20610 Million by 2029 at a CAGR of 9.2% | Valuates Reports
BANGALORE, India, Nov. 30, 2023 /PRNewswire/ -- Digital Map Market is Segmented by Type (Indoor Maps, Outdoor Maps), by Application (Mobile And The Internet, Automotive Navigation, Public Sector Agencies And Enterprise): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Maps.
The global Digital Map market was valued at USD 12160 Million in 2022 and is anticipated to reach USD 20610 Million by 2029, witnessing a CAGR of 9.2% during the forecast period 2023-2029.
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Major Factors Driving the Growth of Digital Map Market:
The convergence of technological advancements, growing demand across industries for location-based services, widespread smartphone adoption enabling GPS-enabled applications, the focus on creating smart cities, the growth of e-commerce and logistics, the adoption of precision agriculture techniques, the incorporation of augmented reality into mapping experiences, cross-industry collaborations, and the growing significance of digital maps in environmental monitoring and climate change mitigation efforts are all driving factors behind the growth of the digital map market.
Together, these elements support the market's growth as digital maps become indispensable instruments for decision-making, navigation, and maximizing the operational effectiveness of many industries.
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TRENDS INFLUENCING THE GROWTH OF THE DIGITAL MAP MARKET
One of the main factors propelling the digital map market is the increasing need for Location-Based Services (LBS) across different sectors. Businesses are using location-based services (LBS) more and more to improve customer experiences and optimize operations. These services range from asset monitoring and navigation to geotagging and personalized marketing. The core technology of location-based services, or LBS, is digital mapping, which drives the market's expansion along with the increase of location-based application usage.
The market for digital maps is being driven primarily by the growing demand for Location-Based Services (LBS) across various industries. Location-based services, or LBS, are being used by businesses more and more to enhance customer experiences and streamline operations. These services include geotagging, customized marketing, asset tracking, and navigation. Digital mapping is the fundamental technology of location-based services or LBS, and it is this technology that propels both the market's growth and the rise in the use of location-based applications.
The digital map market has grown tremendously as a result of smartphones being widely used worldwide. The proliferation of GPS-enabled smartphones has led to an increase in the demand for location-based services and apps. Because they enable location sharing, navigation, and a wide range of location-aware apps, digital maps are essential to smartphone operations and propel the industry ahead.
Advanced digital mapping technologies are in high demand due to the global trend of urbanization and the creation of smart cities. Digital maps are being used by governments and urban planners to better control traffic, improve overall urban efficiency, and optimize municipal infrastructure. The market for digital maps is expected to increase steadily as long as smart city projects remain popular.
The necessity of precise and timely mapping in the logistics sector has increased due to the growth of the e-commerce sector and the complexity of global supply chains. Digital maps are essential for warehouse management, delivery monitoring, and route optimization, which raises the productivity and competitiveness of e-commerce and logistics firms.
With the use of precision agricultural technology, the agriculture industry has undergone a revolution, and digital maps are leading this change. By using digital maps for crop monitoring, yield prediction, and precision planting, farmers can maximize resource use and raise overall agricultural production.
Digital maps combined with augmented reality (AR) technologies are creating new opportunities for dynamic and engaging mapping experiences. The need for digital mapping systems that include augmented reality (AR) features is driven by the improved situational awareness that users may get through AR-enhanced navigation and location-based information overlay.
The digital map industry is growing as a result of increased cooperation and collaborations between mapping providers, technology businesses, and sectors including retail, healthcare, and automotive. These partnerships lead to the creation of specialized mapping solutions that are suited to the particular requirements of particular sectors, which promotes market expansion.
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DIGITAL MAP MARKET SHARE ANALYSIS
North America's market for digital maps is fueled by the extensive use of cutting-edge technology, a strong digital infrastructure, and a booming IT sector. The region's emphasis on autonomous vehicles, smart city projects, and the use of digital maps in e-commerce and logistics are some of the factors driving the market's expansion. The need for location-based services that are updated in real-time and the existence of major industry participants are driving the growth of the digital map market in North America.
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Key Players:
- ESRI
- GOOGLE INC
- TomTom
- Mapbox
- Digitalglobe
- Digital Map Products
- Here
- Mapmyindia
- Microsoft
- Navinfo
- Nearmap
- Magellan
- Apple
- Mapquest
- AutoNavi
- Yahoo
- INRIX
- Mapmechanics
- Zenrin
- Mapsherpa
- Openstreetmap
- Living Map
- Automotive Navigation DatA
- Mapman
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