DIGITAL MAP MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Digital Map Market Analysis:

The Digital Map Market is anticipated to expand from USD 22.53 billion in 2023 to USD 42.23 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.39% during the forecast period (2023–2028).

The growth of the digital map market is driven by several factors, including the increased application of advanced navigation systems in the automotive industry, the surge in demand for Geographic Information Systems (GIS), and the adoption of connected devices and the internet. In recent years, digital map technology has found a potential place in various industries, such as energy and power, automobile, logistics, transportation, government, construction, telecommunication, and others, offering advanced GIS, map analytics, and real-time tracking systems. The logistics and transportation sectors are among the most crucial sectors deploying advanced digital map solutions to augment their operations through reduced up-time and finding effective delivery routes.

Furthermore, digital map technology offers end-to-end map solutions, such as location information, real-time updates, technology collaboration, and analytics, for better geo-mapping outputs. As the internet and connected devices, such as smartphones, tablets, and interactive displays, experience higher adoption for map-based applications among the global population, the market for digital maps is expected to grow at a healthy rate in the coming years. Additionally, the world is moving towards connected devices, from automotive vehicles to home appliances, which provide real-time data tracking and location-based operation solutions to consumers, driving the market’s growth significantly. Forbes predicts that the Internet of Things (IoT) connected devices installed base worldwide will reach 75.44 billion devices by 2025, bringing a broad range of lucrative growth opportunities for the market throughout the forecast period.

However, the rise in the overall complexity of integrating traditional maps with modern GIS systems may restrain the market’s growth.

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