The digital map market is likely to reach a value of US$ 30,615.4 Mn by 2026.
Albany, NY -- (SBWIRE) -- 08/16/2018 -- In recent years, numerous technological advancements have taken place in the digital map market. In fact, 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. To elaborate further, Market Research Hub (MRH) has publicized a study titled "Digital Map Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026" to its massive repository, which evaluates the impact of recent developments on the growth of digital map market. With a prime focus on regions such as the Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa (MEA), the study provides readers a clear picture of the current scenario of the market.
According to the analyst projections, the digital map market is probably to reach a value of US$ 30,615.4 Mn by 2026 from US$ 8,043.5 Mn in 2017, expanding at a notable CAGR of 16.2% during the forecast period. To pour more light on this, the research study offers a detailed analysis of the key factors influencing the growth of the digital map market. A holistic and comprehensive analysis on the drivers, restraints, opportunities, and trends has been offered for the perusal of the readers.
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Key Takeaways from the Study
Nowadays, digital maps are really coming into their own, providing more detail than ever before, increasing accuracy and revolutionizing the way of seeing the world. It is more accurate than a printed map and can be easily updated. As per the report, increase in the adoption of digital mapping technology in connected and semi-autonomous cars; and Internet-enabled smartphones and portable devices are expected to boost the digital map market in the coming years. The study further also adds that technical advancements in digital cartography are creating the process much accurate, quicker, more practical, and interactive than before, which acts as a major driver for the market growth of digital maps.
As the research proceeds, the insightful report has been segmented into various categories which are type, applications and geography. By type, the study covers software solutions, maps and services. Application-wise segmentation includes indoor navigation and outdoor maps. In terms of geography, the report finds that North America and Europe are advanced regions of the market, owing to high awareness about digital mapping among users and technological development. Based on types, it has been analyzed that the software solutions segment held a significant market share and is anticipated to remain dominant over the forecast period in terms of revenue.
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At last, the report profiles some of the leading players operating in the digital map market. They are TomTom NV, HERE Technologies, Apple Inc., Navinfo Co., Ltd., Autonavi Software Co. Ltd., INRIX Inc., Environmental Systems Research Institute (ESRI), and Google Inc. among others.
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