Latest News- Digital Map Market: Navigation is expected to lead the Application segment during 2024-2028
The Digital Map Market is being driven by Adoption of intelligent PDAs
The Digital Map Market is expected to grow at a CAGR of 26.06% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 19754.7 million. The Location-Based Services (LBS) market, driven by the utilization of digital maps, is experiencing robust growth. LBS cater to users of GPS and Internet-enabled mobile devices, delivering real-time and location-specific information. GPS technology empowers digital maps to provide access to product or service details, price comparisons, alternatives, reviews, and direct purchasing options. LBS applications span various sectors, including advertising, driving assistance, emergency and healthcare services, entertainment and games, indoor object search, local traffic updates, local weather information, mobile city guides, people-locating services, roadside services, targeted sales offerings, traveling and tourist attractions, and vehicle theft detection. Businesses can leverage LBS to offer products and services when consumers are most receptive to purchases, maximizing sales potential.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Navigation, Geocoders, Others) Type (Outdoor, Indoor) Geography (APAC, North America, Europe, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Digital Map Market Research Report
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The Digital Map Market is a dynamic and innovative industry that leverages computer technology to create and distribute digital maps in various formats, including rivers, buildings, roads, and terrain data in real-time. These digital maps are essential for various industries such as telecommunication, automobile, energy & power, and transportation, as they provide accurate geographic information in a digital format. Advanced GIS and map analytics tools enable real-time tracking systems to analyze spatial data and provide valuable insights. Real-time mapping is a crucial aspect of the Digital Map Market, with applications in industries such as logistics, emergency services, and transportation. The market is driven by the increasing use of connected devices, APIs, and advanced technologies such as Google Now, Amazon Echo, Siri, Cortana, PDA, and GPS. The integration of digital maps with these technologies has revolutionized the way we navigate and access information. The Digital Map Market is expected to grow significantly in the coming years, with a high Return on Investment (RoI) for businesses that utilize these technologies effectively. The Internet and telecommunication have played a significant role in the growth of the Digital Map Market, enabling real-time data exchange and access to vast amounts of spatial data. The market is expected to continue growing as more industries recognize the value of digital maps and the advanced technologies that power them.
According to Technavio, the global digital map market is a segment of the expansive global IT software market. This market encompasses organizations involved in the creation and distribution of application software. The IT software market spans companies engaged in application and system software development, as well as those providing database management software. The application software market specifically focuses on businesses and consumers, encompassing enterprise and technical software, as well as cloud-based solutions. It excludes entities classified under the interactive home entertainment sub-industry and those producing systems or database management software within the systems software sub-industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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