Market Size of Digital Map Industry
Study Period | 2021 - 2029 |
Market Size (2024) | USD 25.55 Billion |
Market Size (2029) | USD 47.88 Billion |
CAGR (2024 - 2029) | 13.39 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Digital Map Market Analysis
The Digital Map Market size is estimated at USD 25.55 billion in 2024, and is expected to reach USD 47.88 billion by 2029, growing at a CAGR of 13.39% during the forecast period (2024-2029).
Growth in the application of the advanced navigation system in the automotive industry, the surge in demand for Geographic Information Systems (GIS), and increased adoption of connected devices and the internet are some of the major factors driving the growth of the digital map market.
- In recent years, digital map technology has found a potential place in various industries such as energy & power, automobile, logistics, transportation, government, construction, telecommunication, and others, offering advanced GIS, map analytics, and real-time tracking systems. Logistics and transportation sectors are one of the most crucial sectors deploying advanced digital map solutions to augment their operations through reduced up-time and finding effective delivery routes.
- Additionally, digital map technology offers end-to-end map solutions such as location information, real-time update, technology collaboration, and analytics for better geo-mapping outputs. As the internet and connected devices such as smartphones, tablets, and interactive displays are experiencing 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.
- Moreover, from automotive vehicles to home appliances, the world is moving towards connected devices which provide real-time data tracking and location-based operation solution to consumers, driving the market's growth significantly. According to Forbes, the Internet of Things (IoT) connected devices installed base worldwide is expected to reach 75.44 billion devices by 2025, which in turn will bring a broad range of lucrative growth opportunities for the market throughout the forecast period.
- However, the rise in the overall complexity of the integration of traditional maps with modern GIS systems might be a factor that could restrain the market's growth.