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The global digital map market is being led by the Asia Pacific, which is expected to grow at the highest rate in the forecast period. The Asia Pacific digital map market is growing rapidly because of the rapidly increasing number of internet users and internet usage through smartphones and other mobile devices. The market is likely to grow at a rate much higher than today as content consumption in major Asia Pacific economies, including China, India, Australia, Japan, Singapore, and Hong Kong, is rising at an ever-increasing rate. Furthermore, tremendous growth in agriculture, oil, gas, and other natural resources have fostered the market growth, making this region one of the fastest-growing regions for the market.
The outdoor application sector dominated the global market in 2021 with the maximum market share. It is because of the growing use of outdoor maps in the automotive sector, smartphones, as well as other portable devices like tablets and laptops. The outdoor segment comprises the usage of digital maps and product marketing navigation systems, the development of global networking, fleet management, land decision-making, disaster management, risk analysis, and some other surveys.
In January 2021, Apple Inc. (NASDAQ: AAPL), one of the leading key players in the industry, introduced a new version of apple digital maps. It offers quicker navigation, more accurate roads, transit notifications in real-time, favourite locations lists, as well as accessibility to Look Around, which provides street 3-D pictures similar to Google's Street View. While the Maps app probably would not look drastically, the upgrade means that more regions in the United States have been covered.
Market Analysis by Type, Functionality, Applications, End-Use, and Regions:
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The major key players in the global digital map market include companies like Environmental Systems Research Institute (ESRI), Inc., Google LLC (Alphabet Inc.), TomTom NV, Mapbox, Inc., Maxar Technologies Inc., Apple Inc., HERE Global B.V., among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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