There are three layers in the mapping industry: Data, Mapping, and Applications. The data layer is the lowest level of the stack, which consists of Points of Interest, street signs, road vectors, street lane sizes, road imagery, 3D road models, etc. Companies like Meta, Microsoft, and Foursquare have large databases of points of interests.
Above the Mapping Data layer is the Mapping Engine. This middleware provides a geospatial index and routing system that organizes proprietary and 3rd party licensed data. Most companies that have large Maps software license a significant amount of the data. From various annual reports, we estimate this dollar amount to be worth about $750M to $1B annually. Companies like Mapbox, TomTom, Apple, and Here Maps operate large Mapping tools for various applications and buy data license subscriptions.
The final layer is the application layer, which is the final end product for Maps. This includes products like the UI in Uber for hailing rides or ordering food and the GPS nav in your in-car entertainment system. New services like Pikmin Bloom, Apple Maps, Doordash, Zillow Zestimates, and more consume various Mapping Data inputs to augment their products. In their 2020 Director Report, Here Maps estimated the annual spend for the total addressable market for location data products, services and applications will be approximately 25 billion euros by 2025.
Google is the market leader at all layers of the mapping stack. Morgan Stanley estimates Google received $11B USD of revenue from the Maps division in 2023. We’ve estimated that 15 to 33% of users sessions on Google Maps can be attributed to Street View. Google’s significant lead against other players makes them the benchmark to beat.