Navigation service provider TomTom comes with new maps that are more detailed and contain more information. In addition, they can be updated faster. The company hopes to continue to grow in this way.
The new maps are powered by the new platform the company has been working on recently, TomTom said ahead of an investor event.
With the new Maps Platform, information from users and sensors can be processed quickly. The new infrastructure was necessary because more and more information is becoming available, TomTom indicates. The company is also opening up its technology to other parties so that they can more easily integrate their data.
TomTom believes that the new map structure will enable it to innovate more quickly and grow its turnover, both in the automotive sector and in business ticket sales. By 2025, the company should achieve 600 million euros in revenue from location technology, which amounts to more than 10 percent annual growth. In addition, the company still has orders of 2.4 billion euros, which should help support that turnover growth.
The consumer branch of TomTom, which once became big with separate navigation devices, has been shrinking for years. TomTom makes most of its money by selling its technology to car manufacturers who embed the TomTom maps into the infotainment system in their vehicles. Providing map services to other business customers, such as fleet managers, also generates money.
