3-June-2019: 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.
In depth research report on Global Positioning
Systems (GPS) Market
Further
key findings from the study suggest that:
· 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 has
segmented the global GPS market on the basis of deployment, application, and
region:
GPS
Deployment Outlook (Revenue, USD Million, 2015 - 2025)
· Standalone
Tracker
· Portable
Navigation Devices
· Automotive
Telematics Systems
· Consumer
Devices
· Others
GPS
Application Outlook (Revenue, USD Million, 2015 - 2025)
· Road
· Aviation
· Marine
· Location-based
services
· Surveying
and Mapping
· Others
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more research reports of this category:
About
Grand View Research
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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