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Description
Global Digital Map Market was valued at USD 14.9 billion in 2021 and is anticipated to grow at USD 29.5 billion till 2028 recording a CAGR of 16.3% during the forecast period 2022-2028. Some of the key factors fueling the market growth include rising adoption of mobile computing devices for navigation, increasing number of smartphone and internet users, rapid growth in demand for geospatial information, growing application of digital maps across different end user industries, growth in application for advanced navigation system in automotive industry and advancement in GPS technology. However, legal & regulatory policies, user privacy and security concerns, complexity in integration of traditional maps with modern GIS system and lack of expertise and skilled professionals in digital mapping solutions are limiting the market growth. Also, emergence of cloud technology and big data in digital mapping solutions provides huge growth opportunity for the market. Global digital map market is surging owing to expansion of their production facilities for digital map to meet the demands of the customers in the market. For instance, In April 2019, HERE launched XYZ, a cloud-based service, which provides software developers and professional mapmakers with the tools needed for effortless map publication and data management. In February 2019, Magellan enhanced RouteComplete to offer a suite of routing technology solutions for the snow, waste, and street industries utilizing GPS navigation is coupled with vertical-specific requirements.
