The global digital map market size is projected to grow from USD 13.9 billion in 2019 to USD 29.4 billion by 2024, at a CAGR of 16.2% during 2019–2024. Major growth drivers for the market are growing adoption of mobile computing devices for navigation, wide adoption of 3D platforms, and advanced technologies for surveying and digital map-making. The scope of the report covers the digital map market based on components, applications, mapping types, verticals, and regions
Digital maps primarily consolidate navigation, routing, and other allied capabilities and streamline geospatial services. End-users of the digital map include natural resource companies, logistics partners, governments, and homeland security. Today, several drivers use maps for navigation purposes to position themselves, plan journeys, and decide the shortest possible routes. However, human driving is expected to be gradually replaced by in-vehicle automated systems, leading to higher demand for digital map. The maps designed for machines are highly accurate and realistic and provide an exact representation of roads. These maps are commonly referred to as High-Definition (HD) maps.
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In the digital map market, based on the component, the solution segment is expected to contribute to much of the market share, growing at a faster growth rate during the forecast period. The solutions segment is primarily deployed via building blocks, which include APIs and SDKs, analytical platforms, and other interrelated data.
In the digital map market, by application area, the geocoding & geopositioning segment is expected to grow at the highest CAGR during the forecast period. Geocoding is used for identifying the respective geographic coordinates expressed from other geographic data, such as street addresses or ZIP codes. The geographic coordinates are represented often as latitudes and longitudes. The geocoding software is also responsible for reverse geocoding, which helps organizations quickly find an associated textual location or street address from geographic coordinates. Geocoding enables firms to have a real-time impact on customer experience.
Based on the region, the digital map market in Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. The APAC region is expected to experience extensive growth opportunities in the next five years for the digital map market; however, global companies need to partner with local vendors for business operations due to various government policies. The existence of a large population, adoption of advanced technology, and high growth in countries such as China, India, Australia, Japan, Singapore, and Hong Kong are the major contributing factors for the growth of the digital map market in this region.
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