The digital map market is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.1%
NEW YORK, June 7, 2018 /PRNewswire/ -- The digital map market is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.1%.
The global digital map market is expected to grow from USD 9.26 billion in 2018 to USD 20.36 billion by 2023, at a CAGR of 17.1% during the forecast period. An increasing use of 3D platforms, advanced technologies, intelligent PDAs in portable and smart devices, geospatial information, and digital maps across verticals is a major factor contributing to the growth of the global digital map market. Growing use of free crowdsourcing digital maps and stringent government regulations in mapping territory data are major restraints to the growth of the digital map market.
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The route optimization and planning solution segment is expected to account for the largest market share in the digital map market during the forecast period.
Route optimization solutions are used for determining the most cost-efficient routes.The major factors considered for finding the most optimized routes include the number of turns or intersections, left-hand turns (crossing the line of traffic), nearest driver to dispatch to the route, and traffic congestion.
Route optimization solutions are used in the retail sector to optimize the delivery route.For instance, CACI (allmapdata), a digital map provider, designed a solution for Tesco, Britain's largest grocery home shopping retail business, and helped it in business expansion.
CACI handled the daily scheduling of Tesco's fleet of home delivery vehicles and helped in route optimization and planning. Additionally, it provided mapping to support the expansion of Tesco's home delivery services into continental European markets, such as the Czech Republic and Slovakia.
Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period.
The APAC market is expected to record significant growth and is projected to be the fastest growing region in the digital map market.APAC has witnessed the advanced and dynamic adoption of new technologies, and it has always been a lucrative market.
Governments across APAC countries are investing in the digital maps solutions and services. The increasing demand for geospatial data, GIS systems, and associated services in this region can be attributed to the various initiatives taken by governments to bridge the gap between the prevailing digital and geospatial technologies.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The breakup of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 30%, Tier 2 – 40%, and Tier 3 – 30%
• By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
• By Region: North America – 57%, Europe – 14%, APAC – 29%
The digital map market includes various vendors, such as Esri (US), Google (US), TomTom (Netherlands), Mapbox (US), DigitalGlobe (US), Digital Map Products (US), HERE (Netherlands), MapmyIndia (India), Microsoft (US), NavInfo (China), Nearmap (Australia), Magellan (US), Apple (US), MapQuest (US), AutoNavi (China), Yahoo (US), INRIX (US), Mapmechanics (UK), ZENRIN (Japan), MapSherpa (Canada), OpenStreetMap (UK), Living Map (UK), Automotive Navigation Data (Netherlands), MapMan (UK), and Digital Mapping Solutions (Australia).
Research Coverage:
The report includes an in-depth competitive analysis of the key players in the digital map market along with their company profile, recent developments, and key market strategies. The report segments the digital map market by component (solutions and services), vertical, and region.
Reasons to Buy the Report:
The digital map market has been segmented on the basis of component (solutions and services), vertical, and region.
The report will help market leaders/new entrants in the digital map market in the following ways:
1. The overall digital map market revenue stream has been estimated based on the revenues of the vendors offering digital map solutions and services. The solution segment is inclusive of tracking and telematics, catchment analysis, risk assessment and disaster management, route optimization and planning, geo-analytics and visualization. The services segment includes consulting and advisory services; deployment and integration services; and support and maintenance services. The report provides the closest approximations of the revenue numbers for the overall market and its sub-segments. The market numbers are further split into regions.
2. The report will help the stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders understand their competitors and gain more insights to improve their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions related to the digital map market.
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