In a recent report by Transparency Market Research (TMR), the global digital map market is expected to witness a steady growth with the influence of industry specific and range of macroeconomic factors. The major factors for driving the market for digital map are increased digitalization, technical and technological advancements and rise in digitalization. Along with this, the usage of 3D platforms have also boosted market growth. With the rise of geospatial internet users and smartphones, there is incline in use of intelligent personal digital assistant or PDAs in both smart as well as portable devices. Adding to this, the prevalence of smartphones and growing usage of internet is also expected to increase revenue share of the global digital map market in the future years.
Some of the leading players in the global digital maps market are Autonavi Software Co. Ltd., HERE Technologies, Environmental Systems Research Institute (ESRI), Apple Inc., and Google Inc. Major Players are focusing on providing more details on broad financial overview, recent developments, business strategies and company business overview.
As per the TMR report, the global digital map market is presumed to display a 16.2% CAGR within the forecast period of 2018 to 2026. The valuation is anticipated to reach US$ 30.6 bn by the end of the forecast period.
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Owing to the inclining adoption of internet-enables portable devices along with smartphones and digital mapping in semi-autonomous and connected cars is likely to boost the market for digital map in the years to come. Adding to that, the number of digital map manufacturers have also increased. Post-sale service providing systems also led to the rising demand for digital maps across various regions.
In terms of geography, the global digital maps market is likely to draw more revenue from Europe and North America. Both technological development and rising awareness among users regarding digital mapping amongst users are the factors leading to the increase in revenue of the digital map market from both North America and Europe.