Digital Map Market is Projected to Grow at a CAGR of 14.2% from 2022 - 2032 | Report by FMI
The global digital map market is estimated at US$ 14 Billion in 2021 and is projected to reach US$ 16.2 Billion by 2022. The market is expected to reach US$ 61.2 Billion by 2032 while recording a CAGR of 14.2% during the forecast period from 2022 to 2032. There has been a lot of interest in the development of routable digital maps that compute from trajectory data in the last few years due to the ease and cost-effectiveness of gathering all the necessary information. A new concept, Routable Digital Maps (RDM), has emerged with the development of Intelligent Transportation System (ITS) applications. Graphs such as these allow routing and other useful applications since they contain features such as speed limit, travel time, etc. These days, many individuals use real-time data mining tools (RDMs) as a method of avoiding traffic congestion by finding alternate routes to their destinations. All these factors has propelled market demand for digital maps in ...