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(IT-NEWSWIRE.COM, June 07, 2024 ) The Digital Map Market is expected to grow from USD 28.3 billion in 2024 to USD 47.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 11.1% during the forecast period, according to new research report by MarketsandMarkets™
A digital map visually represents spatial information, including streets, landmarks, topography, transportation networks, points of interest, and more. To create detailed and interactive representations of the physical world, utilize various data sources and technologies, including satellite imagery, aerial photography, geographic information systems (GIS), and crowdsourced data.
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Drivers:
• Rise in smartphone and internet usage driving demand for digital maps
• Growth in usage of 3D platforms reshaping map visualization and accuracy
Restraints:
• Risk of unauthorized access and data breaches
• Regulations and legal issues
Opportunities:
• Geospatial data analytics driving optimized resource allocation and sustainable development
• Increase in focus on SDKs and APIs, empowering indoor mapping solutions
List of Key Players in Digital Map Market: Google (US), Apple (US), TomTom (Netherlands), Esri (US), Here Technologies (Netherlands), Nearmap (Australia), Inrix (US), Lightbox (US), ServiceNow (US), Inpixon (US), Microsoft (US), and Maxar Technologies (US).
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By application, the routing and navigation data segment will hold the largest market size during the forecast period.
Routing and navigation data in digital maps are critical for providing accurate and efficient directions to users. Road networks are detailed information about roads, streets, highways, and other pathways, including their geometry, connectivity, speed limits, and classifications. Turn restrictions include legal or physical limitations on turning movements at intersections, such as no-left-turn or no-right-turn restrictions. Elevation data is the information about changes in terrain elevation, such as hills, mountains, valleys, and slopes. Elevation data is essential for route planning, especially for hiking, biking, and driving in mountainous regions. Transit information is the data on public transportation services, including bus routes, train lines, subway systems, schedules, stops, and fares. Transit information lets users plan multi-modal journeys and includes details like service frequencies, departure times, and transfer points.
By region, the Asia Pacific will grow at the highest growth rates during the forecast period.
The digital maps market in the Asia Pacific region is propelled by technological advancements, notably the widespread adoption of smartphones and the increasing popularity of location-based services. Navigation and mapping applications play a pivotal role in this growth trajectory. Factors such as the rising demand for location-based services, the rapid expansion of e-commerce and on-demand delivery services, and increasing smartphone penetration contribute to the robust market growth. Despite data privacy concerns and internet connectivity issues in remote areas, the demand for real-time and dynamic mapping solutions is expected to fuel further market expansion. Major players in the region include Apple, Inpixon, and INRIX. With the rapid urbanization and infrastructure development in countries like China and India, there's a growing demand for accurate and up-to-date digital maps for urban planning and logistics optimization. Mobile navigation applications are gaining popularity in densely populated cities, driving the growth of the digital map market in the region. Governments in the Asia-Pacific region are investing in geographic information systems (GIS) for better urban planning, disaster management, environmental conservation, and public service delivery.
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Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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