2022-03-24
CHICAGO, March 24, 2022 / PRNewswire/ – According to the research report “Digital Map Market with COVID-19 Impact Analysis by Part (Solutions, Services), Mapping Type (Outdoor Mapping, Indoor Mapping), Application, Industry Vertical, and Region (North America, EuropeAPAC, MEA, Latin America) – Global Forecast to 2026 “, published by MarketsandMarkets ™, the size of the Digital Map Market to grow USD 19.2 billion in 2021 in USD 37.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period.
Various factors such as increasing spending on the use of newer technologies, changing customer intelligence landscape to drive the market, and proliferation of customer channels are expected to drive the use of Digital technologies and services. Map.
Browse in-depth TOC at “Digital Map Market”
222 – Tables
46 – Figures
230 – Pages
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Big data is an ever-growing technology that helps businesses optimize processes and minimize operational costs. The combination of real-time data streams, Artificial Intelligence (AI), Machine Learning (ML), and Digital Map can deliver competitive business advantages. Data has always been essential to Digital Map for gaining strategic decision -making capabilities and formulating other business strategies. The Digital Map Market is expected to grow due to several factors, such as increasing availability of spatial data and analytical tools, growing focus on Business Intelligence (BI), intensifying market competition, and lowering the cost of solutions. Additionally, technological advances, such as the global deployment of 3G and 4G wireless services, have created ubiquitous connectivity. The enhancement of connectivity technologies, augmented by the growing interest in personalizing services based on users ’location information, has boosted the growth of the Digital Map Market. Moreover, realizing cost benefits by deploying solutions for organizational assets that cover both personnel and vehicle tracking and management is expected to drive market growth. COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Much less known before the outbreak began Wuhan, Chinasa December 2019, COVID-19 moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) has declared a COVID-19 pandemic in March 11, 2020. Because this virus is spreading rapidly on a global scale, countries around the world are trying to prevent further infection by taking measures, such as social distancing, contact monitoring, quarantine. self, monitoring, communication, and testing. So far, China, South Korea, Japaneseat Singaporewas able to flatten the curve, while the US, Italy, Spain, Germany, Franceat Iran imposes drastic measures to slow the spread and control deaths. Government agencies have announced special financial assistance packages toward the development of preventive and curative drugs, the purchase of critical care medical devices, and the rapid approval of diagnostic examination. Various organizations, such as the Bill and Melinda Gates Foundation and Wellcome Trust, are also accelerating and strengthening efforts to combat the COVID-19 pandemic.
Vertical Infrastructure and Construction Development to account for a larger market size during the forecast period
Digital map solutions play an important role in construction and engineering companies, as they support all stages of the infrastructure life cycle. Moreover, these solutions help construction engineers manage and share data, generate reports, and visualize territory data, which can be analyzed and communicated to others. Digital maps help increase safety measures and reduce network maintenance costs. For example, London create a digital map of underground infrastructure, including gas and water pipes along with electrical and telecommunications wiring, which helps preserve the lives of workers and reduce the amount of damage to equipment, such as pipes and wiring.
Routing and Navigation in the application to have the largest market size during the forecast period
Routing and navigation applications are one of the widely adopted applications of digital maps. The automotive vertical is among the well-known verticals for deploying digital maps for routing and navigation purposes. Telematics is one of the well -known used application areas for automotive verticals. Furthermore, some of the widely recognized areas of application for routing and navigation include logistics, travel, and transportation. Through smart city initiatives, many cities and other governing bodies are promoting the widespread use of digital maps through various integrated platforms, such as trip sharing, updates to routing, traffic conditions, and weather tracking.
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APAC held the higher CAGR during the forecast period
The Digital Map Market is divided into five main regions: North America, EuropeAPAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it experiences many new entrepreneur setups, using newer technologies to have a competitive advantage over established players. China, Japaneseat India has demonstrated ample growth opportunities in the Digital Map Market.
Some major players in Digital Market Map include Google (US), Apple (US), TomTom (Netherlands), Nearmap (Australia), ESRI (US), INRIX (US), HERE Technologies (Europe), MapQuest (US), LightBox (US), ServiceNow (US), Alibaba Group (China), Inpixon (US), META (US).
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