SAN FRANCISCO, May 1, 2019 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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.
Read 161 page research report with TOC on "Global Positioning Systems (GPS) Market Size, Share & Trends Analysis Report By Deployment, By Application (Aviation, Marine, Surveying, Location-Based Services, Road), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/gps-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.
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
- 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
Find more research reports on Communications Infrastructure Industry, by Grand View Research:
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- Internet of Everything (IoE) Market – Internet of everything (IoE) market is expected to witness substantial growth as it creates unprecedented opportunities for individuals, organizations, countries and communities to realize greater value from networked connections among data, people, processes and things.
- Military Communications Market – With advancements in handheld products and technologies such as Software Defined Radio (SDR), the Military Communications Market is expected to have an exponential increase over the forecast period.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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