Northbrook, IL -- (SBWIRE) -- 09/12/2019 -- According to a new market research report "Digital Map Market by Component (Solution (Tracking and Telematics, Catchment Analysis, Risk Assessment and Disaster Management, Route Optimization and Planning, Geo-Analytics and Visualization) and Service), Vertical, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Digital Map Market expected to grow from USD 9.26 Billion in 2018 to USD 20.36 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
The major factors driving the growth of the Digital Map Market include an increasing use of 3D platforms, advanced technologies, intelligent PDAs in portable and smart devices, geospatial information, and digital maps across verticals.
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The risk assessment and disaster management solution segment is projected to grow at the highest CAGR during the forecast period.
Digital map solutions support the mapping and tracking of natural disasters, such as hurricanes, earthquakes, and volcano eruptions, which may have an immediate impact on the human health as well as a secondary impact, causing further death and suffering. Additionally, they assist in tracking environmental emergencies, such as forest fires caused by humans, and technological and industrial accidents usually involving the production, use, or transportation of hazardous materials. Digital map solutions for risk assessment provide flood maps and information, tools to better assess the risks from flooding, and precautionary planning information to help communities take actions to reduce flood risks.
The deployment and integration service segment is estimated to hold the largest market size in 2018.
Deployment and integration services help ensure a satisfactory user experience for digital maps, adhere to IT standards, and maintain budgetary guidelines. Deployment and integration service providers understand the requirements of companies across verticals and accordingly deploy digital map solutions. Service providers also design customized services based on clients' needs and budget to manage workflows and offer ease of use to customers and employees.
The automotive vertical is projected to grow at the highest CAGR during the forecast period.
Automotive companies are some of the largest users of the digital map technology. This can be attributed to the growing interest of automakers in connected and self-driven cars. Digital maps offer various features that provide information on driving lanes, emergency lanes, parking areas, crossings, intersection areas, intersection lanes, lane markings, and traffic signs. Enterprises in the automotive vertical are rapidly adopting digital map solutions to use them in self-driving cars. Digital maps and GIS assist in the mapping of self-driving cars in real time. Automotive applications also include fleet management, logistics control systems, and Advanced Driver Assistance Systems (ADAS).
North America is estimated to hold the largest market size in 2018.
In North America, digital maps are extensively used across verticals, such as automotive; energy and utilities; government and defense; and logistics, travel, and transportation. These verticals use the mapping technology to devise business strategies, check the feasibility of products, test the geographic conditions that affect the market, and assist in the process of decision-making. The demand for real-time information and real-time modeling is estimated to increase in the coming years, which is expected to have a positive impact on the Digital Map Market.
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Major vendors in the Digital Map Market include Esri (US), Google (US), TomTom (Netherlands), Mapbox (US), DigitalGlobe (US), Digital Map Products (US), HERE (Netherlands), MapmyIndia (India), Microsoft (US), NavInfo (China), Nearmap (Australia), Magellan (US), Apple (US), MapQuest (US), AutoNavi (China), Yahoo (US), INRIX (US), Mapmechanics (UK), ZENRIN (Japan), MapSherpa (Canada), OpenStreetMap (UK), Living Map (UK), Automotive Navigation Data (Netherlands), MapMan (UK), and Digital Mapping Solutions (Australia).
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