The
global digital map market is expected to reach a valuation of USD 8.76 billion
by 2025, as per a report by Grand View Research, Inc. Digital maps are vital in
current times due to proliferation of smartphones and integration of geoinformatic
systems in automotive and consumer electronic applications. The advent of
self-driving cars and increasing interest by city planners to assist them in
creating urban developments such as schools and highways can encourage
developments in the field. Presence of applications such as Google Maps and
Nokia HERE are testament to urgent demand for online maps by consumers.
Prominent
ride-sharing applications such as Ola have mushroomed globally by leveraging on
digital maps. Location-based services offered by Google and Apple have made it
easier for tourists and locals to traverse through difficult neighborhoods.
Location intelligence has acted as a key component for businesses undergoing
digital transformation. Sectors such as logistics, telecommunications,
engineering, and government are increasingly relying on digital maps to analyze
data before making critical decisions. For instance, Emapa Inc., a Polish
company, has continuously updated digital maps of Poland replete with latest
landmarks and buildings, making it easier for residents.
Emergence
of drones or unmanned aerial vehicles have revolutionized aerial mapping.
Accuracy and precision of geoinformation provided with the assistance of drones
can lead to faster development in agriculture, water resources information
system, mining, etc. Furthermore, indoor maps are gaining prominence owing to
development of vast malls, sports complexes, and other commercial buildings. For
example, Apple Maps, a product of Apple Inc. that provides detailed information
to navigate airport terminals. Furthermore, HERE Technologies has decided to
acquire Micello, Inc., which focuses on creation, editing, and publishing of
indoor maps.
The
digital map market can expand in size at a CAGR of 11.5% from 2017 to 2025
(forecast period) due to rapidly growing number of smartphone and Internet
users. Increasing attention given to digital cartography and subsequent demand
from navigational application developers are expected to drive the market. In
addition, applications such as smart parking, traffic management, and logistics
management, which offer real-time updates can pave new growth opportunities.
Rising demand for topographical information systems is projected to play a key
role in the forthcoming years. Key market players include ESRI, Inc.; Google,
Inc.; Apple Inc.; and TomTom International B.V.
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