Albany, NY -- (SBWIRE) -- 09/28/2018 -- The global digital map market is expected to reach US$ 30,615.4 Mn by 2026, expanding at a CAGR of 16.2% from 2018 to 2026.A digital map is an electronic map system, primarily designed for representing a particular road, area, or any specific geographical location. It includes major rivers; tourist attractions; and important landmarks such as airports, hospitals, etc.. It is built on a combination of graphic elements that are assigned to it in the form of electronic information. It is more accurate than a printed map and can be easily updated. In more recent times, many technological advancements have taken place in the digital map market.
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The automotive and Internet-enabled smartphone sectors widely use digital map technology. Therefore, the digital map market is expected to expand at a rapid pace in the coming years. Digital mapping technology can also be used to compute distances between different places. Technical advancements in digital cartography are making the process much accurate, quicker, more practical, and interactive than before. Increase in the use of geospatial information across the world is primarily driving demand for digital maps. This is anticipated to drive the market over the forecast period. Moreover, increase in demand for digital maps from the automotive industry is expected to fuel the digital map market in the near future.
Based on type, the digital map market can be segmented into software solutions, maps (data) and services. The web-based software solutions sub-segment of the software solutions segment accounted for a significant market share globally in 2017. The sub-segment is projected to hold its leading position over the forecast period. The mobile app-based software solutions sub-segment of the software solutions segment is estimated to expand at a rapid pace during the forecast period due to a significant user base of mobile apps in North America and Europe.
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