The market for digital maps is expected to reach US$ 16.2 billion by 2022 from an anticipated 14 billion dollars in 2021. The market is anticipated to reach US$ 61.2 billion by 2032, with a forecasted CAGR of 14.2% from 2022 to 2032. Due to how simple and affordable it is to obtain all the necessary data, there has been a lot of interest in the development of routable digital maps that compute from trajectory data in recent years.
The growth of ITS applications has led to the emergence of a novel idea known as Routable Digital Maps (RDM). These kinds of graphs enable routing and other helpful applications because they include attributes like speed restriction, travel time, etc. Nowadays, a lot of people use real-time data mining tools (RDMs) to locate alternate routes to their destinations to avoid traffic jams. These and other factors have increased the market’s demand for digital maps.
Key Takeaways:
- With a CAGR of 14.2% during the forecast period, the worldwide digital map industry is now valued at US$ 16.2 billion.
- Digital map from Software Solutions is expected to grow at a CAGR of 14.5% over the forecasted period.
- During the projection period, the market in the U.S. is anticipated to grow at a CAGR of 14% and reach US$ 26.5 billion.
- The market in China is anticipated to expand at a faster rate during the forecast period, 15.4% CAGR.
- India experienced a CAGR of 15.7% throughout the forecast.
- During the forecasted period, which runs from 2022 to 2032, Japan is anticipated to achieve a CAGR of 15%.
Market landscapes for digital maps
TomTom NV, HERE Technologies, Apple Inc., Alibaba Group, Navinfo Co., Ltd., INRIX Inc., Baidu, Inc., MapBox Inc., Environmental Systems Research Institute (ESRI), and Alphabet Inc. are some of the major companies highlighted in the research. Businesses will allow their clients to fully benefit from new technology advancements through the use of innovative products and technologies.