Digital Map Market Dynamics, Economic Impact and Key Manufacture Analysis to 2025
The Digital Map Market is anticipated to reach USD 8.76 billion by 2025. Digital map implies virtual images formed by configuring and gathering data into an image. It is also termed as “Cartography”. The technique of structuring and gathering data into a virtual image is termed as “Digital Formatting”. Digital mapping refers to the technique wherein data is gathered to produce maps, in the form of virtual images that indicates a certain geographical area, the rivers, main roads, and numerous significant landmarks such as airports, hospitals, and tourists from a specific region. Digital mapping technology is used to calculate distances between different places.
The factors that propel the growth of the Digital Map industry include the increasing adoption of innovative technology in surveying and making maps and rising adoption of digital maps in industries. The increase in competition among the suppliers of digital mapping is encouraging the retailers to upsurge their product portfolios and improve their skill to offer user-friendly maps to the clients. On the other hand, the factors that may hamper the growth of the market include high investment in data collection. Digital Map Market is anticipated to grow at a significant CAGR of 11.5% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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The market may be analyzed by technology, usage, application, functionality, and geography. Also, the market may be analyzed by technology as LiDAR, GIS, Aerial Photography, Digital Orthophotography, and Others. The “LiDAR and orthophotography” segment surpassed the digital map industry in 2016 and is anticipated to maintain its dominance by 2025 owing to infrastructure development in several regions in the globe, disaster management, and reducing the costs associated with supply chain & logistics management.
The market may be analyzed by usage as Outdoor, and Indoor. The “Outdoor Usage” segment surpassed the market and is anticipated to maintain its dominance by 2025 owing to growing demand from indoor location-based facility providers. Digital Map Market may be analyzed by service as Development, Consulting, and Management. The “Development” segment surpassed the market and is anticipated to maintain its dominance by 2025 due to demand from location-based solutions and services.
Digital Map industry may be analyzed by application as Retail and real estate, Construction and engineering, Energy and utilities, Government and defense, Logistics, travel, and transportation, Automotive, and Others (telecom and IT, BFSI, and media and entertainment,). The market may be analyzed by Functionality as GPS Navigation, Scientific, and Computerized. Asia-Pacific accounted for the major share of the Digital Map Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increase in use of smartphones and with respect to geospatial information.
Some of the key players that fuel the growth of the digital map industry comprise AutoNavi Holding Ltd., Yahoo! Maps, Apple Inc. Google Inc., Tom Tom NV, Micello Inc., NavInfo Co. Ltd., Zenrin, Bing Maps, ArcGIS Online, WoNoBo, MapSherpa, GeoMapserver, MapQuest, NearMap, Open StreetMap, Inrix, Mapion, Road trippers, Mappy, MapmyIndia, ViaMichelin, WikiMapia, Baidu Maps, and Bhuvan Magellan Navigation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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The Digital Map Market is anticipated to reach USD 8.76 billion by 2025. Digital map implies virtual images formed by configuring and gathering data into an image. It is also termed as “Cartography”. The technique of structuring and gathering data into a virtual image is termed as “Digital Formatting”. Digital mapping refers to the technique wherein…
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