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(I-SoftwareNews.Com, May 10, 2023 ) The digital Map Market size to grow from USD 19.2 billion in 2021 to USD 37.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period.
Various factors such as increasing spending on adoption of newer technologies, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of digital map technologies and services.
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Big data is an ever-increasing technology that assists businesses in optimizing processes and minimizing operational costs. The combination of real-time data streams, Artificial Intelligence (AI), Machine Learning (ML), and Digital Map can deliver competitive business advantages. Data has always been crucial in Digital Map for gaining strategic decision-making capabilities and formulating other business strategies. The digital map market is expected to grow owing to several factors, such as the increasing availability of spatial data and analytical tools, growing focus on Business Intelligence (BI), intensifying market competition, and decreasing cost of solutions.
Additionally, technological advancements, such as the global deployments of 3G and 4G wireless services, have created ubiquitous connectivity. The enhancement of connectivity technologies, supplemented by the growing interest in personalizing services based on users’ location information, has boosted the growth of the digital map market. Moreover, the realization of cost benefits by deploying solutions for organizational assets covering both personnel and vehicle tracking and management is expected to drive the growth of the market.
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared the COVID-19 pandemic on March 11, 2020. As this virus is spreading rapidly at a global level, countries across the globe are trying to prevent further contagion by taking measures, such as social distancing, contact tracing, self-quarantining, surveillance, communication, and testing. So far, China, South Korea, Japan, and Singapore, have managed to flatten the curve, while the US, Italy, Spain, Germany, France, and Iran are imposing drastic measures to slow down the spread and control fatalities. Government agencies have announced special financial aid packages toward developing preventive and curative drugs, the purchase of critical care medical devices, and the fast-track approval of diagnostic tests. Various organizations, such as the Bill and Melinda Gates Foundation and Wellcome Trust, are also accelerating and strengthening efforts to fight the COVID-19 pandemic.
Infrastructure Development and Construction Vertical to account for a larger market size during the forecast period
Digital map solutions play an important role in the construction and engineering companies, as they support all phases of the infrastructure life cycle. Moreover, these solutions help construction engineers manage and share data, generate reports, and visualize territory data, which can be analyzed and communicated to others. Digital maps help increase safety measures and reduce the maintenance costs of the network. For instance, London created a digital map of the underground infrastructure, including gas and water pipes along with electricity and telecommunication cables, which helps safeguard workers’ lives and reduce the cost of damages to utilities, such as pipes and cables.
Routing and Navigation in application to have the largest market size during the forecast period
The routing and navigation application is one of the widely adopted applications of digital maps. The automotive vertical is among the well-known verticals to deploy digital maps for routing and navigation purposes. Telematics is one of the prominently used application areas for the automotive vertical. Furthermore, some of the widely acclaimed application areas for routing and navigation include logistics, travel, and transportation. With smart city initiatives, many cities and other governing bodies are promoting wide-scale adoption of digital maps through various integrated platforms, such as ride sharing, routing updates, traffic conditions, and weather monitoring.
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APAC to hold higher CAGR during the forecast period
The digital map market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, who are adopting the newer technologies to have a competitive advantage over the established players. China, Japan, and India have displayed ample growth opportunities in the digital map market.
Some major players in the Digital Map Market include Google (US), Apple(US), TomTom(Netherlands), Nearmap(Australia), ESRI(US), INRIX(US), HERE Technologies(Europe), MapQuest(US), LightBox(US), ServiceNow(US), Alibaba Group(China), Inpixon(US), META(US).
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