HD Maps Market Growth, Challenges, Opportunities And Emerging Trends 2020-2027

Posted 2 years ago in TECHNOLOGY.

The global HD maps market is growing continually. According to Market Research Future (MRFR), the global HD maps market is projected to garner exponential gains by 2027, growing at an impressive CAGR during the forecast period (2020 – 2027).

HD Maps Market Growth, Challenges, Opportunities And Emerging Trends 2020-2027

HD Maps | Blog

The global HD maps market is growing continually. According to Market Research Future (MRFR), the global HD maps market is projected to garner exponential gains by 2027, growing at an impressive CAGR during the forecast period (2020 – 2027).  

Proliferation of navigation services and self-driving vehicles is a major driving force

Scope of digital maps nowadays is going beyond navigation and autonomous vehicles. The demand for next-generation mapping technologies, delivering highly accurate, up-to-date and realistic representations of the road, further influences market growth. With heavy investments in data analytics and developing the most recent and relevant HD map data, the market is projected to witness vast demand in the years to come.

Besides, the increasing adoption of geospatial mapping to scale-out digital streaming services boosts the market size. Simultaneously, advances in analytical capabilities in global positioning and geographic information systems escalate the market's growth. Advances in technologies, such as GPS, GIS, LiDAR technology, and remote sensing, substantiate the market shares.

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Privacy Issues Acting as Major Restraints 

Legal and privacy issues and high costs associated with HD maps are the major challenges faced by technology providers. Also, the lack of standardization in HD maps acts as a major headwind for market growth. However, advancements in 5G technology would support the market growth during the assessment period. 

COVID-19 Upend the Market Reestablishing the Need for 5G Technology

The COVID-19 outbreak impacted the HD maps industry in two ways. On one side, the pandemic created some serious disruptions to supply chains and component manufacturing sectors. On the other, it created significant opportunities for the technology, driving the 5G industry. Simultaneously, the economical setback led by the pandemic encouraged industries to enforce automation and digitization, requiring high network speed more than ever. 

Global HD Maps Market – Segmentation

The report is segmented into components, verticals, and regions. The component segment is sub-segmented into hardware, software, and service. The hardware sub-segment is further bifurcated into camera, global positioning system (GPS), LIDAR & inertial measurement unit, and others. The service sub-segment is further bifurcated into mapping & localization, updates & maintenance, advertisement, and others.

The deployment segment is sub-segmented into on-cloud and on-premise. The end-user segment is sub-segmented into automotive, defense & aerospace, internet service providers, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.

HD Maps Market – Regional Analysis

North America leads the global HD maps market, mainly due to major key players in the region investing heavily in R&D activities to develop HD maps capable of offering centimeter-level precision. The region is also home to advanced communication technology providers with strong data mapping and data integration services. Besides, the region has highly skilled expertise and witnesses high adoption of advanced technologies such as AI and 5G. , impacting the market growth. All these factors cumulatively act as HD maps market trends influencing the market share of the region.

Global HD Maps Market – Competitive Analysis 

Numerous players form a competitive landscape in the HD maps market. These players adopt aggressive strategic initiatives such as innovation, mergers & acquisitions, and brand reinforcement. They continuously launch analytics and services in developing economies to take advantage of the economic growth in these regions.

Major Players: 

Players leading the global HD Maps market include TomTom NV (The Netherlands), Here Technologies Inc. (The Netherlands), Google (US), NavInfo (China), Alibaba (China), The Sanborn Map Company (US), Deepmap, Inc. (US), Mapmyindia (India), Momenta (US), Mapbox (US), Navmii (UK), Civil Maps (US), Genesys International Corporation Ltd (India), RMSI (India), and Cyient Inc. (India), among others. 

Industry/ Innovation/ Related News

Jun 11, 2021 --- Nvidia, a leading chip-maker, announced the acquisition of DeepMap, a startup dedicated to building high-definition maps for autonomous vehicles (AV). DeepMap has developed a high-definition mapping solution validated by the AV industry with a wide array of potential customers worldwide. 

The acquisition would extend Nvidia's mapping products, enable it to scale its worldwide map operations and expand its full self-driving expertise. DeepMap's technology would bolster the mapping and localization capabilities available on DRIVE for autonomous vehicles.

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Harsh Roy

Living in United Kingdom