LONDON, Jan. 30, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5291723
The global digital map market size is estimated to reach USD 8.76 billion by 2025, growing at a CAGR of 11.5%, according to a new study by Grand View Research, Inc.
The market is expected to witness substantial demand from navigational application developers and Geographical Information System (GIS) providers, who in turn are driven by a growing end-user base. The prolific rise in the number of smartphone and internet users has further augmented market growth at the global level.
Digital cartography has been gaining increasing attention in recent years owing to a rapid growth in demand for geospatial information. The growth in the number of connected and semi-autonomous cars, anticipated developments in self-driving and navigation technology, and an increase in the overall number of cars in developing countries are expected to drive the growth for digital maps across the globe.
Applications such as smart parking, location, traffic and congestion intelligence, and logistics management need routing and congestion updates in real time. As digital cartography has been developing at a rapid rate, it can support these applications with data feeds and information. In addition, the increasing number of businesses that are using location-based services for marketing and advertising is also estimated to enhance the demand growth in coming years.
Digital mapping is also finding renewed demand in the government & public sector as the demand for environmental and topographical information systems is on the rise. Furthermore, the need to maintain an updated information system for law enforcement officials, defense forces, and local governing bodies in light of recent manmade and natural threats is anticipated to propel the demand for maps.
Smooth interaction between maps and information systems is one of the most important criteria for product success in the market owing to which vendors are expected to focus more on data integration over the forecast period. As the industry matures, key players are anticipated to indulge in mergers and acquisitions in order to keep abreast of the market developments and maintain a competitive edge in a rapidly evolving technological landscape.
Further key findings from the study suggest:
• The effect of recent technological developments and the shift toward smartphones is expected to have a profound effect on the Personal Navigation Devices (PND) market
• Collaborations and partnerships between car manufacturers, in-dash navigation system providers, and digital map data providers are predicted to define the way forward for the market.
• Revenue generation models are estimated to differ considerably over the coming years with some vendors opting for revenue generation from data and information sales, while others opting for location-based services. There is also a high probability of vertical integration in the industry.
• Developing regions in the world are expected to witness exploration activities, whereas developed countries would witness a growth in demand for real-time data and information.
• Asia Pacific is the fastest-growing regional segment due to the growth of smartphone users as well as the number of cars in this region.
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