Digital Map Market is Anticipated to Grow at an Impressive CAGR During 2023-2028

September 21, 2023

September 21^st,2023 -- This new report from Stratview Research analyses the Digital Map Market over the trend period from 2017 to 2021 and the forecast period from 2023 to 2022. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.

Digital Map Market Overview:

The Digital Map Market is estimated to grow from USD 20.07 billion in 2023 and is likely to grow at a CAGR of 15.9% during 2023-2028 to reach USD 41.97 billion by 2028. The market is driven by a host of factors such as

• A significant rise in the number of smartphone and internet users coupled with growing usage of 3D platforms & and advanced technologies for making and surveying.
• The growing demand for geospatial information in recent years is driving the development of digital mapping technology.
• Applications such as location data management, geocoding and geopositioning, routing and navigation, and asset tracking require real-time updates of routes and congestion.
• Significant technological advances in digital mapping support these applications with data and information flows.
• The growing number of businesses using location services for marketing and promotional purposes will spur demand growth in the years to come.

The Digital Map Market is segmented by–

• By Type (GIS, LiDAR, Digital Orthophotography, Aerial Photography, Others)
• By Service (Consulting, Development, Management), 
• By Application (Real-time Location Data Management, Geocoding & Geopositioning, Routing & Navigation, Asset Tracking, Others)
• By Region - (North America, Asia Pacific, Europe & Rest of world).

Key Players:

• Esri(US)
• TomTom (Netherlands)
• Digital Map Products Inc.(US)
• Google (US)
• Here (Netherlands)
• Nearmap(Australia)
• Magellan(US)
• Apple (US)
• Mapquest (US)
• Intrix (US)

Regional analysis:

North American digital map market held the highest share of more than 30% in 2022 and is projected to grow at a healthy CAGR in the coming years. This is ascribed to many sectors such as automotive and mobile devices are using digital technology for end-to-end map solutions such as location information, real-time updates, technology collaboration, and analytics for better geo mapping outputs, which bolsters the regional market growth during the review period.

About Stratview Research

Stratview Research is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

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Author : Emily