Navigation App Market Is Gaining Popularity Registering a CAGR of 10.8% by 2028 Attributed to Rising Demand for Traveling App Globally | Million Insights

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According to new report available with Million Insights, the global navigation app industry research report offers thorough insights on opportunities, challenges, consumer behavior and impact of COVID-19. It also offers ready, data-driven answers to several industry-level questions.

The global navigation app market size is expected to reach USD 2.05 billion by 2028, registering a CAGR of 10.8% over the forecast period, according to a new report by Million Insights. The growth can be attributed to the rising demand for traveling app across the globe. Rapidly growing demand for Google Maps, Waze app, Komoot, and other navigation applications in the U.S. is set to drive the growth of the market.

Increasing demand for commuting apps in the European Union is projected to boost the market growth. Moreover, the growing adoption of transport tracker systems in India is expected to fuel the growth. At present, key players are focusing to provide Indoor navigation apps. This app will help to identify the check-in counters for international traveling. Hence, the market for navigation apps is expected to witness significant growth during the forecast period.

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Key players are focusing on providing adaptable turn-by-turn navigation features with in-built voice controls for hands-free searching and instructions. The key players are also offering social media integration in the navigation app to judge secure a location. Soaring demand for augmented reality-based navigation app across the world will create lucrative opportunities for the market players.

The Apple iOS Store segment will register the highest growth over the forecast period. This can be accredited to the growing demand for Apple Maps from the consumers of the U.S. and Canada. Additional security concerns and 360-degree panoramic street view features are expected to fuel the growth of the market in the forthcoming years.

The Asia Pacific region made the largest contribution to the global market for navigation app with a revenue share of over 35% in 2020, due to the rising demand for highly precise public maps from the consumer China and India. Growing demand for maintenance-free versions of the audio navigation system is anticipated to further propel the growth of the regional market.

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Navigation App Market Report Highlights

• Asia Pacific held the largest revenue share of over 35% in 2020, accredited to the rising demand for gas price assistance-based maps in China. Reliable routes and beacon-based indoor navigation will fuel the growth

• Google Play Store segment contributed to the highest share of 65% of the global revenue in 2020. This can be accredited to the rising demand for offline topographical maps from the consumers of the U.K. and Germany

• Apple iOS Store segment is projected to witness a CAGR of 14.5% from 2021 to 2028. This can be attributed to the growing demand for open street map functionality from the consumers of the U.S. during the forecast period

• Asia Pacific is projected to witness a CAGR of 12.7% from 2021 to 2028. The rising demand for bookmarking location-based app in India is estimated to boost the regional market growth over the forecast period

Navigation App Market Segmentation

For this study, Million Insights has segmented the global navigation apps market based on marketplace and region:

Navigation App Marketplace Outlook (Revenue, USD Million, 2017 – 2028)
Google Play Store
Apple iOS Store
Others

Navigation App Regional Outlook (Revenue, USD Million, 2017 – 2028)
North America
U.S.
Canada

Europe
U.K.
Germany
France
Rest of Europe

Asia Pacific
China
India
Japan
Rest of Asia Pacific

Central & South America
Brazil
Argentina
Rest of South America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

List of Key Players of the Navigation App Market

Qualcomm Inc.
Hexagon AB
Broadcom Inc.
Trimble Navigation Limited
MiTAC Digital Technology Corporation (Navman)
TomTom N.V
Collins Aerospace
Texas Instruments Inc
Garmin Ltd
Mio Technology Corporation.
Google LLC.
Apple Inc.

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