The Global Positioning Systems (GPS) Market size is anticipated to reach USD 146.4 billion by 2025, according to a new study by Grand View Research, Inc., exhibiting a CAGR of 18.4% during the forecast period. Burgeoning popularity of location-based services such as online food delivery and e-hailing services are projected to create significant demand for GPS-enabled devices over the forecast period. Furthermore, increasing use of GPS devices for navigation purposes in military aircraft and navy ships is poised to propel the market.
Global positioning systems are satellite-based navigation
systems that provide real-time location of objects. GPS is widely used in a
variety of civil applications, including road transportation, shipping, rail
transportation, heavy vehicle guidance, surveying and mapping, social
activities, and financial services. GPS transmitters use data to provide exact
location of the object. Moreover, a GPS can work in any weather condition that
makes it more versatile and reliable.
Among all application segments, the location-based
services and road segments are expected to be significant revenue contributors
in the global market during the forecast period owing to increasing deployment
of GPS technology in smartphones, tablets, networking devices, IoT devices, and
connected vehicles. Rising adoption of smartphones and growing consumer inclination
towards digital services such as online retailing, cab services, and food at
door steps are likely to spur the growth of the market during the forecast
period.
In addition, increasing investments by large market
players in developing countries such as China, India and Indonesia are expected
to boost overall adoption through partnership with local suppliers. This will
help the Asia Pacific market to gain traction over the coming years. However,
lack of network infrastructure and lack of awareness of GPS technology among
large population are estimated to hinder the growth of the market over the
forecast period.
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GPS Market Report Highlights
- North
America accounted for the largest market share in 2017 followed by Europe,
owing to a large number of smartphone users, high demand for GPS devices
for connected fleets, and presence of key market players
- The Asia
Pacific GPS market is expected to witness significant growth over the
forecast period on account of increasing per capita expenditure, growing
economy, and high adoption of smartphones
- The
location-based services application segment accounted for over 41.0% of
the global GPS market in 2017 owing to a surge in the demand for GPS
devices for navigation and travel, retail and real estate searches,
geo-social networking, and mobile marketing and advertising purposes
- Prominent
market players are focusing on undertaking mergers and acquisitions with
system integrators to increase their overall revenue share. Additionally,
key players are continually investing in development of new products
to gain a higher market share and increase their overall profitability
- Military
expenditure by governments of countries such as the U.S., Russia, China,
India, and Saudi Arabia is projected to rise significantly, thus fueling
the growth of the global GPS market over the forecast period.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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