The global positioning systems (GPS) market size is projected to account for USD 146.4 billion by the end of 2025, with a CAGR of 18.4%, according to a new report by Million Insights. Growing adoption of digital platforms such as e-commerce, e-hailing, online food delivery, digital payments and cab services are expected to fuel the demand for GPS-enabled devices during the forecast period, 2018 to 2025. Furthermore, the increasing applications of GPS devices in the military, transportation, construction, aerospace and agriculture industries are projected to create huge growth opportunities for the market in the forthcoming years.
GPS is a navigation satellite system which is used infinding or locatingthe position of an object anywhere. The system can operate independently without the integration of the internet reception, although the internet helps GPS in enhancing the accuracy and precision of the system. Key player like Intel, Qualcomm, Google, AT&T and ESRI are making huge investments in the development of location-based technologies, owing to rising applications in the aerospace & defense, retail, BFSI, hospitality and automotive industry.
These systems provide real-time location monitoring features in various devices, such as vehicles, aircraft and smartphones. Thus, expected to create a huge opportunity for the market during the forecast period, 2018 to 2025.
The road and location-based services segment is projected to have high revenue shareover the forecast period, owing to the rising incorporation of GPS technology in the tablets, smart-watches, networking devices, smartphones, connected vehicles and IoT devices. Rising demand for location intelligence services in sales and marketing applications allows enterprises to analyze & predict consumer behavior, buying preference, spending patterns and store performance. Additionally, it allows companies to enhance operational efficiency, reduce the cost and optimize the profitability of the business. Thus, projected to boost the segment growth in the forthcoming years.
Growing application of GPS in a variety of civil applications such as shipping, road transportation, heavy vehicle guidance, rail transportation, surveying & mapping, financial services and social activities are expected to accelerate the market growth in the forthcoming years. Further, the rising emergence of high-speed mobile networking technologies such as 4G and 5G, which are embedded with the GPS systems are projected to support the market growth in the upcoming years. However, the stringent government policies regarding the licensing process are expected to hinder the global positioning system market growth over the forecast period.
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Further key findings from the report suggest:
• North American market held the largest market share in 2017, owing to the rising number of smartphone users, growing demand for GPS integration in the connected fleets and the strong presence of key market players.
• The Asia Pacific market is projected to see substantial growth during the forecast period, 2018 to 2025, owing to the rising population, growing economy, technological advancements, rising investment in IT & telecom infrastructure development and increasing penetration of smartphones.
• The location-based services segment held more than 41.0% of market revenue share in 2017, owing to the growing demand for GPS incorporated devices for navigation purpose and rising use of location-based analytic for mobile marketing and advertising purposes.
• The key players in the market are emphasizing on mergers & acquisitions strategies with system integrators, in order to increase the market revenue share. Furthermore, the continuous investment by the companies for the development of new products, as a result gaining the larger market share and increasing overall profitability of the company.
• The huge investment made by the militaries of various countries such as the U.S., U.K., China, Germany, India, Saudi Arabia, and Russia is expected to upsurge the market growth in the forthcoming years.
Million Insights 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
GPS Application Outlook (Revenue, USD Million, 2015 - 2025)
• Location-based services
• Surveying and Mapping
GPS Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East & Africa (MEA)