Digital Map Market is forecast to reach $29.67 billion by 2025, after growing at a CAGR of 13.81% during 2020-2025. The rise in use of smartphones for navigation systems using Global positioning system (GPS)by mobile work forceis analyzed to drive the overall market demand for Digital Map during the forecast period. Moreover, the use of digital maps in precision farming, surveying, and construction is further set to assist the market growth during the forecast period.
• North America dominates the Digital Map market owing to increasing demand from applications such as automotive, construction and many other industries.
• Increasing adoption of mobile devices for navigation, 3D mapping platforms & advanced technologies for surveying applications are analyzed to drive the market during the forecast period 2020-2025.
• With the increase in collaborations and partnerships between automotive manufacturers and digital map providers, automotive industry is analyzed to witness fastest growth during the forecast period.
Technology- Segment Analysis
Digital Orthophotography held the largest share and is also anticipated to grow at highest growth rate during the forecast period 2020-2025. Digital Orthophotography technology avails farmers with digital farm management services that help in analyzing the high& low fertile area of the farmand many other factors that supports farmers in making decisions based on concrete data. Digital maps are also used in military applications in providing the area map to the soldiers with the data collected through drones and helps in identifying any threats. Therefore the demand from these applications is analyzed to impact the growth of the digital map market.
Application - Segment Analysis
Automotive sector dominates the market for Digital Map during the forecast period 2020-2025 by growing at a CAGR of 15.2%. With the increasing demand for autonomous vehicles and usage of digital maps for navigation is further elevating the digital map market. Moreover, the significant rise developments in the digital map technologies that facilitate autonomous vehicles with exact location, environment and drivable path, with high levels of accuracy, robustness, reliability and other factors are impacting the growth of the digital map market.The increase in collaborations and partnerships of major companies such as Nissans partnership with TomTom Internatinal BV., and so on are further boosting the market. Furthermore, in 2019, Nissan has launched Nissan LEAF, a connected electric car with the digital maps and traffic from Tom Tom. Therefore the increase in the developments from the automotive sector are boosting up the Digital Map market during the forecast period 2020-2025.
Geography- Segment Analysis
In 2018, North America dominated the Digital Map market with a market share of 27%, followed by APAC and Europe. With the presence of the major players and ease of availability of digital cartography services for automotive, transportation & logistics, and construction industries are further boosting the market in North America. Moreover, with more than 11 million vehicles traveling on the U.S. roads, which is 11.5 percent of the total vehicles in the world as reported by the OICA in 2018, there will be significant demand for Digital Map in the automotive application from this region. APAC is analyzed to grow at highest rate during the forecast period owing to the wide range of usage of digital maps in the automotive navigation applications. However the presence of large automobile manufacturers in this region and the employment of digital maps is analyzed to be the leading factor affecting the market. Apart from automotive the usage of digital maps in precision farming, fleet management, construction, and aerial intelligence sectors for obtaining geographic information system is further boosting the digital maps market. In May 2019, London government has stated to develop a digital map of pipes and cables that are underneath, in order to prevent accidents and disruption to the economy using Geomorphological Mapping technology. These developments are also contributing to the growth in the Digital map market during the forecast period.
Drivers –Digital Map Market
• Growing demand for mobile devices integrated with digital maps
Alongside the increasing usage of smartphones, the rapid developments in smartphone applications for navigation are significantly impacting the growth of the digital map market. Most the devices equipped with the navigation applications using digital maps provide the user with exact locations, best routes with high level of accuracy, robustness and reliability. Apart from navigation these devices are also used in real time asset tracking, delivery tracking and so on, is also analyzed to be the driving factor for digital map market. Therefore the wide employment of these devices integrated with digital mapping technology is acting as a key driving factor for Digital map market for the forecast period 2020-2025.
Challenges – Digital Map Market
• User Privacy and Security Concerns in Mobile applications
With the increased usage of mobile application based navigation services that are integrated with digital maps, there is a dire need to adopt best practices for data security, app security and privacy of the user. While developing these type of applications, the developers often overlook certain standards that later fail to attain the required security levels.In these cases, the hackers can successfully perform phishing attacks and lead to damage. Therefore these issues are currently hampering the digital map market growth and is set to continue during 2020-2025.
Acquisitions and R&D activities are key strategies adopted by players in the Digital Map market. In 2018, the Digital Map market has been analyzed to be consolidated by the top five players with major market share including Google Inc., TomTom International B.V., Esri, Here technologies, Digital Map Products Inc., Apple Inc., Autonavi., Nearmap Ltd., ThinkGeo LLC., Maxar Technologies among others.
- In 2019, Bridgestone corp. has acquired Tom Tom Telematics for $1.034bn to strengthen its digital capabilities.
- In July 2019, Esri has partnered with Mobileye for instant updates. Esri has stated that users will be able to visualize and analyze the real time HD map.
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