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Global Digital Map Market is Expected to Grow at a CAGR of 13.9% in the Forecast Period of 2022-2027.

According to a new report by EMR titled, ‘Global Digital Map Market Report and Forecast 2022-2027’, the global digital map market size reached a value of USD 15.29 billion in 2021. The market is likely to increase at a CAGR of 13.9% in the forecast period of 2022-2027 to reach a value of nearly USD 33.18 billion by 2027.

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:

  • Based on type, the market is divided into software solutions, maps, and services.
  • On the basis of functionality, the industry can be segmented into computerised, scientific, and GPS navigation.
  • It also finds wide indoor and outdoor applications.
  • It finds end-use in government and utilities, automotive, e-commerce and retail, among others.
  • The regional markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing use of geospatial data is driving the global digital map market growth.
  • The rising penetration of the internet in the market and the thriving population of internet users is propelling the market demand.
  • The rapidly growing market for smartphones is also boosting the demand for digital maps.
  • The growing adoption of digital maps across different verticals is pushing the market growth further.
  • The global digital maps market is also being significantly driven by the rising technological advancements.

Key Offerings of the Report:

  • The EMR report gives an overview of the global digital map market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the type, functionality, applications, end-uses, and regional markets of digital maps.
  • It assesses the market based on the SWOT and Porter's Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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