1. A computer-implemented method for generating, refining and extending digital vector maps using GPS traces from probe data, comprising: providing, by a processor, a digital vector map having a plurality of nodes spatially associated within a coordinate system, each node having at least one line segment extending therefrom; associating, by the processor, each line segment in the digital vector map with a weight value, wherein the weighting of each line segment is based on a number of previous probe traces associated with each line segment; collecting, by the processor, at least one GPS trace from a plurality of sequentially transmitted probe data points; establishing, by the processor, a map matching criteria; comparing, by the processor, each probe data point along the GPS trace to at least one line segment in the digital vector map using the map matching criteria; designating, by the processor, as “matched” each probe data point along the GPS trace that meets the map matching criteria while designating as “unmatched” each probe data point along the GPS trace that fails the map matching criteria; associating, by the processor, the portion of the GPS trace containing matched probe data points to the respective line segment(s) of the digital vector map; computing, by the processor, a centre-line between the respective line segment and the portion of the GPS trace containing matched probe data points using the weight value of the line segment; replacing, by the processor, the line segment through the centre-line; and creating, by the processor, a new line segment in the digital vector map with the portion of the GPS trace containing unmatched probe data points; the method further comprising the steps of: determining, by the processor, a split point based on the last matched probe data point and a projected point on the line segment of the digital vector map by projecting a last matching probe point to a closet point on a respective line segment associated with the last matching probe point; splitting, by the processor, the digital vector map by providing a new node at this point; and connecting, by the processor, the new node with the next node in the digital vector map.