Portland, OR , Aug. 26, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global digital map market generated $1.80 billion in 2017 and is estimated to reach $3.67 billion by 2023, registering a CAGR of 12.6% from 2017 to 2023. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in adoption of advanced technologies and 3D platforms for surveying and making digital maps drives the growth of the global digital map market. However, stringent government regulations and legal challenges restrain market growth. Furthermore, a surge in usage of real-time digital maps is expected to provide new opportunities for the market players in the near future.
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Covid-19 scenario:
- The demand for digital map is expected to surge during the Covid-19 pandemic to identify the Covid-19 containment areas and tracking of patients in real time.
- In addition, amid growing military tension between the developing economies China and India, the demand is expected to increase to locate the position and movement of enemy troops in real-time.
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The report offers a detailed segmentation of the global digital map market based on usage, functionality, and region.
Based on usage, the outdoor segment contributed to the largest share in 2016, and is estimated to maintain its dominant position during the forecast period. However, the indoor segment is estimated to portray the highest CAGR of 15.0% during the forecast period.
Based on functionality, the GPS navigation segment accounted for the largest share in 2017, and is expected to maintain the largest share throughout the forecast period.
Based on region, North America contributed the highest share, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR from 2017 to 2023.
Leading market players analyzed in the research include Google Inc., Apple Inc., Micello, Inc., HERE, MiTAC International Corporation, TomTom International BV, Esri, Kimball International, ARC Aerial Imaging Limited, MAPQUEST, and Nearmap Ltd.
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