DUBLIN, Sept. 5, 2019 /PRNewswire/ -- The "Digital Map Market by Component, Mapping Type (Outdoor and Indoor), Application (Real-time Location Data Management, Geocoding and Geopositioning, Routing and Navigation, and Asset Tracking), Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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% from 2019 to 2024
A significant growth driver for the market is growing adoption of mobile computing devices for navigation, wide adoption of 3D platforms, and advanced technologies for surveying and digital map-making. In the vertical segment, infrastructure development and construction segment to hold a larger market size in 2019.
Digital map solutions play an essential role in the construction and engineering companies, as they support all phases of the infrastructure life cycle. Also, these solutions help construction engineers manage and share data, generate reports, and visualize territory data, which can be analyzed and communicated to others. Digital maps help increase safety measures and reduce the maintenance costs of the network.
For instance, London created a digital map of the underground infrastructure, including gas and water pipes along with electricity and telecommunication cables, which helps safeguard workers' lives and reduce the cost of damages to utilities, such as pipes and cables.
By Mapping type, indoor mapping to register a higher growth rate during the forecast period
Indoor mapping is deployed primarily for big complexes, such as hospitals, residential areas, townships, shopping malls, and warehouses. The methods and techniques used in indoor location applications enable accurate 2D and 3D mapping, and navigation. Vendors have started deploying digital maps for indoor infrastructures, due to the growth in concentration in smart city infrastructures and the surge in enhancing the digital experience.
Asia Pacific (APAC) to register the highest growth rate during the forecast period
The APAC digital map market is experiencing a disruptive growth, owing to its rapidly growing number of internet subscribers and consumption of internet over smartphones and other portable devices. The market is expected to grow at an even higher rate than present due to the ever-increasing consumption of content in major APAC economies 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.
Moreover, the massive growth in the agriculture, oil, and gas, and Other natural resources industry have fueled the growth of the Digital Map market, making APAC one of the fastest-growing regions in the Digital Map markets.
- Rising Adoption of Mobile Computing Devices for Navigation
- Wide Adoption of 3D Platforms and Advanced Technologies for Surveying and Digital Map-Making Drives the Market
- Significant Growth in the use of Geospatial Information
- Legal and Regulatory Policies Limiting the Development of the Digital Mapping Technology
- Rising Demand for Real-Time Mapping of Data
- Emergence of Cloud Technology and Big Data in Digital Mapping Solutions
- User Privacy and Security Concerns
- Lack of Expertise and Skilled Professionals in Digital Mapping Solutions
- Digital Map Products
For more information about this report visit https://www.researchandmarkets.com/r/nv9wri
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