TomTom, which now bills itself “the geolocation technology specialist”, said it would introduce significantly improved maps, built on a new platform.
The new maps are claimed to offer broader geographical coverage, an extended set of supported data types, and faster update cycles.
“The company expects the product to improve its competitive position and enable it to enter new markets,” TomTom said in a statement.
“The market for location technology is growing fast,” TomTom CEO Harold Goddijn.
“The benefits that customers can derive from location technology creates an insatiable demand for accurate data.”
“At the same time, users, applications, sensors, and the open-source community are producing a vast number of signals. Our new platform is designed to bring these worlds together in a consistent way to power the most demanding applications.”
“The new Maps Platform combines [our] own data with new ‘super’ sources such as sensor derived observations and open source data.
“We are also opening our technology to others to map their own data against a consistent base map, enabling easy integration,” Goddijn added.
TomTom said the new platform would accelerate growth in both its enterprise and automotive businesses.
It supports the company’s goal of generating location technology revenue of EUR600m in 2025, implying a compound annual growth rate over 10%.
The supplier added its record EUR2.4bn automotive backlog provided a strong foundation for revenue growth, up by EUR500m compared with the end of 2021.
“Our technology will be a driving force for greater innovation,” Goddijn said.
“We are excited about the opportunities the maps platform brings for our customers and partners and expect it to roll out in the second quarter of 2023.”