Covina, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Prophecy Market Insights has published a new research report titled “GPS Market, By Type (Automotive Systems, GPS-Enabled Mobile Phones, Aviation Systems, Marine Systems, and GPS Cameras), By Application (Traffic Control, Security, Navigation, and Position Tracking), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029” in its research database.
According To Prophecy Market Insights “Global Positioning System Market size accounted for US$ 41.25 billion in 2020 and is estimated to be US$ 122.69 million by 2030 and is anticipated to register a CAGR of 11.5%.”
What is GPS? How big is the GPS Market?
Report Overview:
GPS, which stands for Global Positioning System, is a satellite-based navigation system that enables precise location and time information to be determined almost anywhere on Earth. It is a network of satellites orbiting the Earth that transmit signals to GPS receivers, allowing them to calculate and display accurate geographic coordinates, velocity, and time.
The GPS market has been significantly impacted by the growing use of smartphones and other mobile devices with built-in GPS capabilities. Among other uses, these devices are used for geotagging, fitness tracking, location-based services, and navigation.
Recent Key Highlights in Research Report:
- In September 2022, Indian Space Research Organization (ISRO) launched next-generation navigational satellite with GSLV rocket from Andhra Pradesh's Sriharikota on Monday with an aim to get real-time positioning and timing services. The satellite would deliver real-time locating and timing services over India and an area encircling the continental United States for about 1,500 kilometers.
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Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020 – 2030 |
| Market representation | Revenue in USD Bllion & CAGR from 2020 to 2030 |
| Market Segmentation | By Type - Automotive Systems, GPS-Enabled Mobile Phones, Aviation Systems, Marine Systems, and GPS Cameras By Application - Traffic Control, Security, Navigation, and Position Tracking |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Analyst View:
Regarding navigation, traffic control, and safety features, the car industry is quickly integrating GPS technology into connected and autonomous vehicles. The demand for cutting-edge GPS systems is being further increased by the rise of electric vehicles and the development of self-driving cars.
GPS Market Trends and Innovations:
In today's tech-driven world, the GPS (Global Positioning System) market stands at the forefront of innovation, revolutionizing how we navigate and access location-based services. With advancements like advanced satellite technology, 5G integration, and augmented reality navigation, GPS is not just about finding directions but enhancing user experiences. From predictive navigation powered by AI to indoor positioning systems and eco-friendly route optimization, GPS technology is shaping smart cities, autonomous vehicles, and personalized user journeys. As environmental sustainability and security become paramount, GPS solutions are evolving, ensuring accurate, secure, and eco-conscious navigation experiences. Stay tuned to witness the exciting evolution of GPS technology, shaping the future of seamless and intelligent navigation.
Major Growth Drivers of the Market for GPS:
The GPS market is experiencing significant growth driven by several key factors. The increasing demand for precise navigation services across diverse sectors, including automotive and aviation, is a major driver. Furthermore, the integration of GPS technology into smart devices such as smartphones and wearables are expanding its applications. The development of autonomous vehicles and drones also heavily relies on GPS technology, boosting market demand. Additionally, advancements in satellite technology, coupled with the rising popularity of location-based services, are contributing to the market's expansion. These factors collectively indicate a robust growth trajectory for the GPS market.
The Key Players Dominating the GPS:
- Orolia SA
- Furono Electronics
- Polar Electro Oy
- ECT Industries
- Avidyne Corporation
- Raytheon Company
- FEI-Zyfer
- Garmin International
- MiTAC International
- Topcon
Key Challenges Facing the Market:
- Battery Optimization: Addressing the challenge of enhancing battery life for portable GPS devices, especially in energy-intensive applications, remains a top concern for manufacturers.
- Urban Accuracy: Improving GPS accuracy in urban environments is vital, considering signal disruptions caused by tall buildings and obstacles. Urban areas are high-demand zones, making precision crucial for navigation and location-based services.
- Cost-Effective Precision: Striking a balance between GPS accuracy and affordability is essential. Manufacturers need to provide precise GPS solutions at competitive prices to cater to a wide range of consumer needs and budgets.
- Signal Interference: Managing signal interference in crowded urban landscapes and densely populated areas is a significant challenge. Ensuring stable and uninterrupted GPS signals amid interference is crucial for user satisfaction.
- Adaptation to User Preferences: Adapting GPS technology to meet evolving user preferences, such as seamless integration with smartphones, smartwatches, and other devices, is crucial. User-friendly interfaces and interoperability with various applications are key considerations for GPS market players.
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Conclusion:
The GPS market continues to evolve, driven by technological advancements and increasing demand for precise location-based services. Manufacturers are focused on addressing challenges such as battery optimization, urban accuracy, cost-effective precision, signal interference, and adaptation to user preferences. Overcoming these hurdles will pave the way for a more efficient and user-friendly GPS ecosystem. As innovations progress and market players respond to consumer needs, the GPS industry is poised for sustained growth, offering enhanced navigation experiences across various sectors.
Related Industry Research Report:
- Simultaneous Localization and Mapping Technology Market accounted for USD 145 Million in 2020 and is anticipated to register a CAGR of 36.5%
- GPS and GNSS Receiver Market - Trends, Analysis and Forecast till 2029
- Location Intelligence Software Market - Market Trends, Analysis, and Forecast till 2029
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