WILMINGTON, DE, UNITED STATES, June 4, 2024 /EINPresswire.com/ -- Digital Map Market by Component (Solution and Service), and Application (Indoor Application and Outdoor Application): Opportunity Analysis and Industry Forecast, 2022-2032".

According to the report, the Digital map industry generated $21.8 billion in 2022, and is anticipated to generate $89.1 billion by 2032, witnessing a CAGR of 15.4% from 2023 to 2032.

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Growth in adoption of mobile computing devices for navigation, wide adoption of 3D platforms, and advanced technologies for surveying and digital map-making are expected to propel the growth of the market during the forecast period. However, availability of free crowdsourcing digital maps and legal challenges restrict the growth. Furthermore, the surge in adoption of real-time digital maps offers a strong opportunity for the digital map industry. In addition, integration of advanced technologies into digital mapping, such as artificial intelligence (AI) and machine learning (ML) are also expected to provide lucrative opportunities for market growth during the forecast period.

Covid-19 Scenario

The COVID-19 pandemic has had a significant impact on the digital map industry, as it has accelerated the adoption and demand for digital mapping services. With the restrictions on travel and social distancing measures, people are relying more on digital maps for navigation and exploring their surroundings.

The digital maps have become crucial tools for businesses and organizations to manage their operations and adapt to the new normal.

In addition, the industry is shifting towards remote work and virtual events. Digital maps play a crucial role in enabling virtual tours, conferences, and exhibitions, allowing individuals to discover new locations and engage with others without being physically present. In addition, digital maps can help businesses and organizations to optimize their logistics and supply chain management, as they adapt to the changing demands and disruptions caused by the pandemic.

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Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly one-thirds of the digital map market revenue. The region has a strong presence of major technology companies, such as Google, Apple, and Microsoft, which have heavily invested in digital mapping platforms and services. Thus, anticipated to propel the growth of the market. However, the Asia-Pacific is expected to witness the fastest CAGR of 19.1% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to increase in penetration of advanced technology and smartphones & mobile devices.

Leading Market Players: -

Alibaba Group Holding Limited

Apple Inc.

Google LLC.

HERE

TomTom International BV

MiTAC International Corporation

ARC Aerial Imaging Limited

Esri

Nearmap Ltd.

MAPQUEST

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The service segment is expected to experience fastest growth in the coming years. The adoption of digital mapping service enhances software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cost & risks, and others, which is expected to provide lucrative growth opportunities for the market during the forecast period.

The report provides a detailed analysis of these key players of the digital map market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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