Sellbyville, DE -- (SBWIRE) -- 04/29/2019 -- Global Market Insights, Inc. has launched a report on digital map market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Digital Map Market growth will be driven by enhanced network connectivity across various mobile devices & the widespread availability of digital maps across various mobile devices. The emergence of the 4G technology has further improved the data transfer speeds considerably compared to the previous generation's 3G networks. This improved network connectivity has allowed customers to access multiple mapping solutions through their smartphones for navigational purposes.

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The digital maps are used in energy & utilities, construction & engineering, logistics, travel, transportation, government & defense, automotive, retail, real estate, telecom, IT, media & entertainment, and BFSI sectors. The automotive sector in digital map market is projected to grow at a rapid pace over the forecast timeline. The digital maps are used across the automotive sector to develop various navigational components. They help the automobiles to sense any changes in the surrounding environment and navigate without human input. It is also used in the defense sector to provide the geospatial intelligence support in defense and intelligence operations.

Digital Map Market size is driven by the growing adoption of smartphones and other mobile devices for navigation purposes. Over the years, smartphone users have increased significantly due to the availability of inexpensive mobile devices, fostering the digital map market growth. The smartphone users utilize digital maps to locate the nearby recreational services and emergency services such as restaurants, hospitals, and departmental stores. In addition, the marketers also use the digital maps to advertise their services based on their customers' location.

North America is anticipated to lead in the digital map market over the forecast time period. This is due to the presence of prominent technological players such as Google, Microsoft, and Apple. The region is also one of the major hubs for the technology start-ups. Supportive government policies and favorable conditions for the new players encourage companies to work on cutting-edge technologies. In addition, the increasing venture capital in the mapping technologies by the tech-giants also drive the digital map market. For instance, in 2015, Mapbox raised USD 52 million to develop media-rich mapping solutions for the North American region.

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The digital map market in Asia Pacific region is expected to grow the fastest over the projected timeframe due to the widespread adoption of smartphones in the region. This can be attributed to the availability of cost-effective mobile devices equipped with navigational applications. In addition, the governments in the region are exploring new opportunities to improve the public infrastructure. For instance, the government of India has announced plans to create Aadhaar-based digital maps for residential properties.

The companies operating in the digital map market are Esri, Google, DigitalGlobe, HERE, Nearmap, Magellan, Microsoft, NavInfo, AutoNavi, Digital Mapping Solutions, Automotive Navigation Data, MapMan, OpenStreetMap, Living Map, ZENRIN, MapSherpa, INRIX, Mapmechanics, Yahoo, Apple, MapQuest, MapmyIndia, Digital Map Products, TomTom, and Mapbox. The companies in the market are focusing on forming partnerships and conducting strategic acquisitions to increase their market share and gain a competitive edge over its competitors.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.