The company, listed on the National Stock Exchange and Bombay Stock Exchange, is due to make its customary filings on Monday.
The maps feature a navigable road network in India, covering 8.3 million kilometres and more than 30 million points of interest.
The company will announce the launch of five products: Navigation with Augmented Reality (AR), Navigation with GPT AI Solution, Advanced Driver Assistance Systems (ADAS) with Intelligent Speed Assistance (ISA), an online marketplace, and Usage-Based Insurance (UBI). Each product will open new revenue streams for both the company and its partners.
The Navigation with AR offers AR overlays for enhanced navigation, integrating real-time data from the vehicle’s dashcam and cameras to guide drivers. The Navigation with GPT AI Solution provides AI-powered route planning and real-time adjustments, along with voice-activated assistance for interaction.
ADAS with ISA complies with Euro NCAP (European New Car Assessment Programme) standards and has features like lane departure warning and traffic sign recognition to improve driving safety and comfort. ISA alerts drivers to speed limit breaches thereby improving compliance with road safety standards.
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The company will introduce an online marketplace integrated into the car’s connected companion app, allowing car owners to purchase products and services directly from their vehicle. This marketplace adds convenience and generates new revenue streams.The UBI model within the technology tracks driving behaviours to offer lower premiums for safer driving, benefiting both drivers and insurance providers.
Sajid Malik, chairman of Genesys International, told ET, in an exclusive interaction on Thursday, “We hope the AI-powered navigation maps revamp the way the Indian geospatial sector operates. ISA and ADAS technologies will alert drivers to speed limits, recognise traffic signs, assist with lane-keeping, and offer adaptive cruise control.”
Coupled with this AI-powered map, the company’s 3D digital twin will allow it to produce high-definition maps that detail every aspect of the road environment, from elevation and road curvatures to lane markings and road signs. Genesys has been commissioned by the government to lead the Digital Twin Map Stack projects for Indian cities, including Varanasi, Ayodhya, Pune, and Mumbai.
This detail is required for the safe operation of autonomous vehicles to address challenges like poor visibility, urban canyons, and GPS-deprived zones. “We see a future where maps will play a critical role in the transition to autonomous and electric vehicles,” he said.
“MapmyIndia has 80% to 90% of the Indian market share of maps designed for the automotive industry. Carmakers need to have navigation systems,” pointed out Malik adding that he is in talks with carmakers in India (without naming them and the pricing structure) about his new offerings.
MapmyIndia chief executive Rohan Verma did not respond to ET’s request for a comment.
Indian automotive market size was valued at $108.10 billion in 2022 and is poised to grow from $116.86 billion in 2023 to $217.90 billion by 2031, at a compound annual growth rate of 8.1% during the forecast period 2024-2031, as per market intelligence firm SkyQuest Technology.
Content Source: economictimes.indiatimes.com