New York, USA, May 05, 2023 (GLOBE NEWSWIRE) -- The global digital map market is garnering significant traction. The growing adoption of mobile computing devices, 3D platforms, and advanced technologies for navigation, surveying, and digital map-making impacts the market growth positively. Market Research Future (MRFR) asserts that the global digital map market value will escalate from USD 16.22 billion in 2022 to USD 25.3 billion by 2030, growing at a 13.70% CAGR throughout the review period (2022-2030).
Maps have been used as a navigation and orientation tool for ages. With the advances in technology, where most functions became digitized, our good old paper maps also formed a digital look. Within no time, maps became an app easily available and accessible on phones. Technological advances lead to more innovations, enhancing capabilities and uses of digital maps.
Mapping needs are universal, and nearly all industries, from governments and public sectors to telecom, retail, and manufacturing, need maps to obtain location intelligence. Environment monitoring sectors use 3D mapping on their smart connected devices for navigation and surveying. Businesses and individuals globally leverage mapping solutions' capabilities and appreciate them. Citing the growing use, digital map technology providers design their mapping solutions with multi-functional capabilities.
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Over recent years, digital maps have evolved greatly, leveraging the advantage of cutting-edge technologies like 3D mapping and augmented reality capabilities. Also, their benefits are immense when location intelligence is important. Among a host of the benefits that a digital map can offer, the first and foremost one is that digital maps are interactive and offer more information than paper maps with accuracy.
Report Scope:
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 10.71 Billion |
| Market Size 2022 | USD 16.22 Billion |
| Market Size 2030 | USD 25.3 Billion |
| Compound Annual Growth Rate (CAGR) | 13.70% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Key Market Opportunities | User-Friendly Technological Advancements |
| Key Market Dynamics | Increase in the Use of Smartphones Increase in the Use of Geospatial Information |
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Industry Trends
The market witnesses increasing use of digital maps in many sectors. Technology-driven industries leverage the seemingly endless capabilities of digital mapping. Digital maps are available for free in an easily downloadable format. Since they are stored digitally, they don't need physical storage. They present information in a clear & precise manner, therefore, eliminating the need for map reading skills.
Features are shown as real-life objects in 2D or 3D format with different levels of detail. Digital mapping offers a collection of data compiled and formatted into a virtual image and can be used to gain an accurate view of a particular area to find the fastest route to a range of points of interest and calculate distances from one location to another. Digital mapping leads to a seemingly endless trail of new iterations and opportunities for businesses wanting to leverage them.
Paper maps are becoming obsolete as digital maps applications increase. Digital maps are accessed online using the internet, and GPS tracking technology uses digital maps for navigation. Digital maps have enabled the ubiquity of GPS systems widely used for tracking traffic, pin landmarks, and showing rout & distances from one location to another.
Pollution and wildfires have a critical impact on the global environment, further affecting the climate, biodiversity, agriculture, sustainability, and various other factors. Forests are being burnt down, and if the status quo continues, it will affect the world even more. Resultantly, the governments and private sectors have taken up many research projects.
Real-time digital mapping is used in sectors ranging from utility, road/highway building, or infrastructure development to taxi services for a number of activities like tracking, inspections, monitoring, and path finding of a location. Scientists, professors, and students sift through satellite data using digital mapping techniques to measure land and environment changes.
Environment monitoring needs create significant demand for digital mapping. Remote sensing technology is garnering significant prominence among environment monitoring professionals who need to create digital maps and analyze the database provided by them. Environment/ forest monitoring scientists accumulate an enormous collection of digital maps and analyze their records to track how much forest has been lost or gained and other changes in land cover, water resources, and agriculture.
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Regional Analysis
North America dominates the global digital map market. The growing use of digital maps in the automobile and mobile device industries in this region drives market growth. Besides, the strong demand for geospatial data from various end-use sectors in retail and utilities accelerates the region's digital map market share. Also, growing investments in developing and improving mapping technology foster regional market growth.
The Asia-Pacific region is another lucrative market for digital maps. Increasing government initiatives to reduce the gap between digital and geospatial technologies influence the region's market revenues, rigorously enforcing different new technologies. Digital mapping technology is extensively used for rural and agricultural development purposes, such as surveying and mapping plantation crops. This, as a result, substantiates the digital map market demand.
Competitive Landscape
The digital map market is becoming increasingly competitive, with increasing numbers of entrants. In addition to strategies such as mergers & acquisitions, collaborations, expansion, and product/technology launches, digital map companies invest heavily to boost the development of digital maps that can be used in more and more cases. Witnessing the increasing trend of digitalization and virtualization across industries, digital map providers strive to expand their footprints to growing numbers of users.
For instance, on Jun 08, 2022, Grab Holdings Inc., a technology company in Southeast Asia, announced its plans to enter the digital maps business to offer access to its mapping and location technology GrabMaps to other businesses. The technology offers hyperlocal routes that use back alleys and narrow side streets common in Southeast Asian cities. The GrabMaps system can handle over 800 billion monthly requests across all its services.
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