Cowen & Co., an industry analyst firm that specializes in covering Web services, released a statement today discussing its findings on the success of online mapping solutions.
To no one’s surprise, the analyst found that Google Maps is the de facto leader in the space, while its rivals, Yahoo Maps, MapQuest, and Live Search Maps have slipped well behind Google. According to the analyst, much of Google’s success is due to the fact that its competitors simply don’t have what it takes to keep pace.
“Since our initial survey in July 2007, innovation at (AOL’s) MapQuest and Yahoo Maps has stagnated,” and although Microsoft has improved Live Search Maps, it remains the least popular of the four top services, said Cowen and Co. “Yahoo and MapQuest do not have the resources to keep pace and are forced to aggressively monetize a declining franchise in the maps segment.”
The analysts cited Google’s Streetview and public transportation services as main reasons for its success and its continuing investment in improving its mapping solutions places it further ahead of its competitors.