Digital Map Market Worth USD 12.26 Billion by 2025
The global digital map market size is estimated to reach USD 12.26 billion by 2025, at a CAGR of 12.1% over the forecast period, according to a new study by Grand View Research, Inc. The market is expected to witness substantial rise in demand from navigational application developers and Geographical Information System (GIS) providers, driven by a growing end-users. Prolific rise in the number of smartphone and internet users is projected to further augment the growth.
Digital cartography has been gaining increasing attention in recent years owing to a rapid growth in demand for geospatial information. Growth in the number of connected and semi-autonomous cars, anticipated developments in self-driving and navigation technology, and an increase in the overall number of cars in developing countries are expected to drive growth of digital maps market.
Applications such as smart parking, location, traffic and congestion intelligence, and logistics management need routing and congestion updates in real time. As digital cartography has been developing at a rapid rate, it can support these applications with data feeds and information. In addition, increasing number of businesses using location-based services for marketing and advertising, is also estimated to fuel the demand for digital maps.
Digital mapping is also finding renewed demand in the government and public sector as the demand for environmental and topographical information systems is on the rise. Furthermore, the need to maintain an updated information system for law enforcement officials, defense forces, and local governing bodies in the light of recent manmade and natural threats is anticipated to propel the demand for maps.
Smooth interaction between maps and information systems is one of the most important criteria for the success of the product. Hence, the vendors are expected to focus more on data integration over the forecast period. As the industry matures, key players are anticipated to indulge in mergers and acquisitions to keep abreast of the market developments and to maintain a competitive edge in a rapidly evolving technological landscape.
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Further key findings from the study suggest:
- Effects of recent technological developments and rising adoption of smartphones is expected to have a profound effect on the market growth
- Collaborations and partnerships between car manufacturers, in-dash navigation system providers, and digital map data providers are predicted to define the way forward for the digital map market
- Revenue generation models are estimated to differ considerably in the forthcoming years with some vendors opting for revenue generation from data and information sales, while others opting for location-based services. There is also a high probability of vertical integration
- Developing regions are expected to witness exploration activities, whereas developed countries would witness growth in demand for real-time data and information. Asia Pacific is the fastest-growing regional segment due to the growth in the number of smartphone users as well as the number of vehicles in the region.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.