Research Support Specialist, USA
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.
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.
The report “Navigation App Market Size, Share & Trends Analysis Report By Marketplace (Google Play Store, Apple iOS Store), By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
For this study, Million Insights has segmented the global navigation apps market based on marketplace and region: