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According to The Business Research Company's research on the digital map market, an increase in the number of location-based services for marketing and advertising is expected to propel the growth of the digital map market going forward. Location-based marketing (LBM) is a direct marketing tactic that notifies the owner of a mobile device about a deal from a nearby company by using the device's location. A digital map helps to get the exact location and nearest route to the delivery agent. For instance, according to The Next Web (TNW), a Netherlands-based company that focuses on new technology and startups, in 2021, spending on location-targeted advertisements has increased to 33.3 billion, which is 45% of all mobile advertising expenditures. According to Factual, a US-based location data company, 80% of customers use desired location-based alerts, demonstrating that they are responsive to location-based advertisements. Therefore, an increase in the number of location-based services for marketing and advertising is driving the digital map market growth.
The global digital map market is expected to grow from $13.08 billion in 2021 to $15.00 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The digital map market share is expected to reach $26.55 billion in 2026 at a compound annual growth rate (CAGR) of 15.3%.
Technological Advancement is a key trend gaining popularity in the digital map market. Major companies in the digital map market are developing advanced technologies such as artificial intelligence, and the use of aerial image data to sustain their position in the market. For instance, in May 2022 Google Maps, a US-based technology company launched a new web mapping platform. This application's new features artificial intelligence and uses aerial image data to allow users to experience a digital model of the streets, roads, and landmarks that help to find a landmark, restaurant, or venue that feels and looks as if they are already in the place before they can even get there. This application is useful for travelers and people who want to check a new place before visiting it.
Major players in the digital map market are Google LLC, Apple Inc, TomTom International BV, Environmental Systems Research Institute (ESRI), INRIX Inc, HERE Global BV, MapBox Inc, Lightbox, MapmyIndia, Microsoft Corporation, Maxar Technologies Inc, Digital Map Products Inc, Amap, Digital Mapping Solution and Navinfo Co Ltd.
The global digital map market analysis is segmented by type into services, solutions; by functionality into scientific, GPS navigation, computerized; by service into consulting, development, management; by industry into automotive, engineering and construction, logistics and transportation, energy and utilities, telecommunication; by application into real-time location data management, geocoding and geo-positioning, routing and navigation, asset tracking, reverse geocoding.
North America was the largest region in the digital map market in 2021. Asia-Pacific is expected to be the fastest-growing region in the digital map market during the forecast period. The regions covered in the digital map market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Digital Map Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide digital map market forecast size and growth, digital map market segments, digital map market trends, digital map market drivers and restraints, digital map market leading competitors' revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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