Digital Map Market – Rise in Significance of the Automotive Industry and Increase in the Number of Smartphone and Internet Users
According to a new market report Digital Map Market – Global Industry Analysis Size Share Growth Trends and Forecast 2018 – 2026, published by Transparency Market Research, the global digital map market is expected to reach US$ 30,615.4 Mn by 2026, expanding at a CAGR of 16.2% from 2018 to 2026. According to the report, the global market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. North America is anticipated to continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of above 16.1% during the forecast period. Technical advancements, increased digitization, and presence of a large number of digital map manufacturers are anticipated to drive the digital map market in North America.
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Rise in Significance of the Automotive Industry and Increase in the Number of Smartphone and Internet Users across the World are driving the Global Digital Map Market:
Increase in the adoption of digital mapping technology in connected and semi-autonomous cars and Internet-enabled smartphones and portable devices is expected to boost the digital map market in the coming years. Moreover, increase in the use of geospatial information is fueling demand for digital maps across regions. Furthermore, increased presence of a number of digital map manufacturers and post-sale service providers across regions has led to a subsequent rise in demand for digital maps. This is likely to segment the growth of the market during the forecast period.
In terms of digital map systems, both North America and Europe are mature regions of the market, owing to high awareness about digital mapping among users and technological development. However, the market in Asia Pacific is expected to expand at a robust pace during the forecast period. Rise in penetration of technology as well as significant investments in the connected and semi-autonomous cars industry across countries such as the U.S., the U.K., Germany, France, China, and Brazil among others are anticipated to offer lucrative opportunities for digital map providers in the near future.
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Based on type, the global digital map market has been segmented into software solutions, maps (data), and services. The software solutions segment held a significant market share and is anticipated to remain dominant over the forecast period in terms of revenue. The segment has been further divided into web-based, desktop, and mobile app. The web-based sub-segment accounted for a prominent market share globally, followed by the mobile app sub-segment in terms of revenue. However, the mobile app sub-segment is expected to expand significantly over the forecast period owing to a rise in the number of GPS-enabled smartphone users. The software solutions segment is also projected to expand rapidly in the coming years due to the growing popularity of the solutions among professional users. The report includes analysis of the digital map market by region, segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Based on application, the outdoor maps segment accounted for a major share of the global market in 2017, followed by the indoor navigation/positioning segment. The outdoor maps segment of the global digital maps market has been further categorized into automotive, mobile & Internet, government & utilities, real estate/construction, and others. As per the research study, the automotive segment accounted for a leading market share in 2017 and is expected to retain its dominance over the forecast period. This is due to strong demand for connected and semi-autonomous cars built with self-driving and navigation technology. However, the mobile & Internet segment is projected to expand at a significant pace between 2018 and 2026, owing to a rapid rise in the number of smartphone users around the world.