Automotive Digital Mapping Market - Growth, Trends, and Forecast (2019 - 2024)
The automotive digital mapping market is expected to register a CAGR of 12.75%, over the forecast period 2019-2024. Digital maps have been used extensively in recent times for various location-enabled applications, such as Google Earth, Google Maps, and Foursquare. The technology, however, is mainly recognized and used in GPS satellite networks, which form a significant component of the standard automotive navigation systems.
The increasing adoption of connected cars and the rapid deployment of high-speed communication networks across geographies is driving the growth of the market over the forecast period.
Also, the machine-to-machine (M2M) platform consolidation is leading to increased revenues due to the low initial investment. The use of LBS technology (in coordination with digital maps) in business operations pertaining to logistics and the automotive industry is increasing considerably.
The deployment of long-term evolution (4GLTE) technologies in the automotive sector is a major reason for the increased adoption of IoT solutions, since, the sector has been witnessing a growing trend in favor of intelligent cars and transport systems, which use the Internet of Things (IoT) technology to enhance safety and functionality in vehicles with complete in-built systems.
Scope of the Report
The automotive industry has been at the forefront of innovation and has been proactively adopting technology to provide an enhanced experience to the end-user. Digital mapping as the process in the collection of data is compiled to produce maps, in the form of virtual images, which accurately represent a particular geographical area, major roads, rivers, and important landmarks, such as airports, tourist attractions, and hospitals in and around the region. The digital mapping technology can also be used to calculate distances between different places.
Key Market Trends
Solution Component is Expected to Hold the Major Market Share
The increasing use of cloud-based solutions by content providers is supporting the automotive digital mapping market.
The increase in demand for digital signage solutions among consumers is responsible for the adoption of M2M products and services in the business transport segments.
Moreover, strategic alliances between mobile operators, hardware providers, map providers, and application developers are boosting the revenue of the automotive digital mapping market.
There is an increase in the market penetration of integrated telematics in the Americas, particularly in the United States, due to a rise in demand for smartphones and regulations for safety.
The United States is Expected to Have Significant Market Share
The improved precision by the usage of GPS systems is leading to increasing reliance on GPS systems. This, coupled with the increasing number of autonomous vehicles and defense spending are the major reasons for the high adoption of these systems in the United States.
The United States is leading the world, in terms of the adoption of autonomous vehicles. This growth is majorly attributable to the presence of technology giants, such as Tesla Motors, Ford Motor Company, GeneraMotorsrs, and Chrysler, across the region.
The demand for connected cars in these countries is increasing due to technology-savvy customers, increased spending on connectivity technologies, and the major presence of tech base in Silicon Valley, San Francisco, California, United States, is propelling the growth of luxury cars featuring advanced connectivity solutions.
The automotive digital mapping market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With prospering economies, consumers across the globe have been observed to be moving towards purchasing products with advanced features, which are expected to stay relevant in the market over the next few years, despite the rapid investments being made to innovate constantly within the industry.
April 2019 - HERE Technologies announces the general availability of HERE XYZ, a cloud-based service that provides software developers as well as novice and professional mapmakers with the tools needed for effortless map publication and data management.
February 2018 - Esri acquired ClearTerra, a location-based activity, and Geospatial and activity-based intelligence tools. This acquisition brings workflow enhancing software into Esri’s product portfolio.
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