CHICAGO, May 3, 2024 /PRNewswire/ -- Innovations like AI integration for customised navigation, 3D mapping for immersive experiences, and indoor mapping for improved location-based services will influence the Digital Map Market in the future. More innovation will be spurred by the integration of smart cities, enhanced user interfaces, and an emphasis on environmental sustainability. As a result, digital maps will become essential to many industries and worldwide connectivity.

The Digital Map Market is expected to grow from USD 28.3 billion in 2024 to USD 47.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.1% during the forecast period, according to a new report by MarketsandMarkets™. A digital map visually represents spatial information, including streets, landmarks, topography, transportation networks, points of interest, and more. To create detailed and interactive representations of the physical world, utilize various data sources and technologies, including satellite imagery, aerial photography, geographic information systems (GIS), and crowdsourced data.

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Scope of the Report

By application, the routing and navigation data segment will hold the largest market size during the forecast period.

Routing and navigation data in digital maps are critical for providing accurate and efficient directions to users. Road networks are detailed information about roads, streets, highways, and other pathways, including their geometry, connectivity, speed limits, and classifications. Turn restrictions include legal or physical limitations on turning movements at intersections, such as no-left-turn or no-right-turn restrictions. Elevation data is the information about changes in terrain elevation, such as hills, mountains, valleys, and slopes. Elevation data is essential for route planning, especially for hiking, biking, and driving in mountainous regions. Transit information is the data on public transportation services, including bus routes, train lines, subway systems, schedules, stops, and fares. Transit information lets users plan multi-modal journeys and includes details like service frequencies, departure times, and transfer points.

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By region, the Asia Pacific will grow at the highest growth rates during the forecast period.

The digital maps market in the Asia Pacific region is propelled by technological advancements, notably the widespread adoption of smartphones and the increasing popularity of location-based services. Navigation and mapping applications play a pivotal role in this growth trajectory. Factors such as the rising demand for location-based services, the rapid expansion of e-commerce and on-demand delivery services, and increasing smartphone penetration contribute to the robust market growth. Despite data privacy concerns and internet connectivity issues in remote areas, the demand for real-time and dynamic mapping solutions is expected to fuel further market expansion. Major players in the region include Apple, Inpixon, and INRIX. With the rapid urbanization and infrastructure development in countries like China and India, there's a growing demand for accurate and up-to-date digital maps for urban planning and logistics optimization. Mobile navigation applications are gaining popularity in densely populated cities, driving the growth of the Digital Map Market in the region. Governments in the Asia-Pacific region are investing in geographic information systems (GIS) for better urban planning, disaster management, environmental conservation, and public service delivery.

Top Key Companies in Digital Map Market:

Some of the key players operating in the Digital Map Market are – Google (US), Apple (US), TomTom (Netherlands), Esri (US), Here Technologies (Netherlands), Nearmap (Australia), Inrix (US), Lightbox (US), ServiceNow (US), Inpixon (US), Microsoft (US), and Maxar Technologies (US).

Recent Developments:

• With the latest upgrades, Google Maps offers an enriched user experience through AI-powered functionalities; this includes Lens in Maps for improved location comprehension, upgraded map visuals for enhanced navigation accuracy, and expanded electric vehicle charging information. Additionally, Immersive View for routes offers comprehensive previews, while advanced search delivers photo-centric results and themed recommendations. These advancements signify a new era in navigation, blending cutting-edge technology with user-centric design.
• Esri introduced Landsat Explorer, an online app offering easy access and analysis of Landsat multispectral imagery. It will provide decision-makers with intuitive tools to explore land changes over time, aiding in natural resource management and environmental monitoring.
• Here Technologies and Targa Telematics collaborated to integrate HERE Platform APIs, enhancing fleet management solutions. This partnership aimed to provide real-time insights, optimize operations, and promote sustainable mobility practices, empowering fleet managers with valuable tools for informed decision-making and improved driver safety.
• Nearmap acquired Betterview, a top property intelligence and risk management platform in the insurance industry. This strategic move aimed to bolster Nearmap's offerings for insurance customers by integrating Betterview's AI solutions into its technology stack, enhancing visualization capabilities, and improving underwriting processes.

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Digital Map Market Advantages:

• Users can view digital maps at any time and from any location using a variety of devices, including computers, tablets, and smartphones.
• Digital maps, as opposed to traditional paper maps, can be updated instantly to show the most recent modifications to roads, landmarks, and points of interest. This guarantees that the information given to users is as accurate as possible.
• Users of digital maps can move between locations more effectively by using the thorough navigation and directions that are provided. Delivery services, commuters, and travellers will find this especially helpful.
• Digital maps can be altered by users to suit their requirements and tastes. Users have the option to save their favourite locations, choose from a variety of views (such as street view and satellite view), and overlay extra information (such as traffic patterns and public transportation routes).
• Weather predictions, restaurant ratings, and ride-sharing apps are just a few of the services and apps that may be connected with digital maps. This integration adds features and improves the user experience.
• Digital maps can be used by companies and organisations for geospatial analysis, including urban planning, site selection, and market research. These maps offer insightful information on regional trends and patterns.
• Digital maps are essential for emergency response because they give emergency services precise location data, which makes their arrival at the scene quicker and more effective.
• Large geographic areas, especially isolated and rural places, are covered by digital maps, giving users access to data about almost anyplace on Earth.

Report Objectives

• To define, describe, and forecast the Digital Map Market based on offerings, solutions, services, mapping type, scale, purpose, application, vertical, and region
• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
• To forecast the market size concerning five central regions—North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
• To analyze the subsegments of the market for individual growth trends, prospects, and contributions to the overall market
• To profile the key players of the market and comprehensively analyze their market size and core competencies
• To track and analyze the competitive developments, such as product enhancements, product launches, acquisitions, partnerships, and collaborations, in the Digital Map Market globally.

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