Global Positioning Systems (GPS) Market Witness Excellent Revenue Growth

Posted by Sakshi Mishra on March 14th, 2020

The global GPS market is said to have come a long way in a span of few decades. GPS finds usage in a wide scope of civilian applications; however, in some instances, it could be primarily restricted to defense and military applications. Companies operating in the market could also leverage demand for GPS in a substantial count of industrial applications, which are expected to continue to increase at an aggressive rate. Among important end-use industries for GPS could be aerospace, transportation, farming, and construction. Even in geology, GPS is raking in massive demand due to its use for various purposes. For instance, GPS measurements are used to monitor volcano Kilauea’s lava flows and eruptions in Hawaii.

The global GPS market could see a segregation as per application and product. In terms of product, there could be segments such as aviation systems, GPS cameras, automotive systems, marine systems, and GPS-enabled mobile phones.

The report offered here is a comprehensive account of the global GPS market with key focus on growth factors, growth restraints, and trends and opportunities. It also sheds light on the nature of the vendor landscape and how the competition could shape in the near term.

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Global Positioning System (GPS) Market: Trends and Opportunities

End-use industries for GPS are observed to make use of the technology for reducing operational cost and improving efficiency. GPS is preinstalled in smartphones to help users guide through unknown locations. Even passenger vehicles today are equipped with built-in GPS system. Taking into account such crucial advantages of GPS, players are expected to come across new application areas to cash in on. GPS is also used to improve response time in emergency situations across a vast array of industries. This helps to increase safety of resources in remote locations.

However, stringent regulatory policies raising licensing concerns are envisaged to hamper growth of the world GPS market. Nonetheless, it could be said that GPS is gaining colossal demand across the globe with rising adoption of 4G and other high-speed mobile data technologies.

Global Positioning System (GPS) Market: Geographical Analysis

During the forecast period 2018-2026, North America is prognosticated to continue its lead in the international GPS market. In the recent past, the region has already demonstrated its dominance over the market mainly due to swelling demand for top-end navigation and rising use of advanced technology. More or less, the same growth factors are predicted to work in the favor of the regional market for the next few years.

Asia Pacific is foretold to trail North America while showing a steep increase in growth because of surging use of smartphone in South Korea and China. Owing to the availability of high-end military applications, demand for GPS is envisioned to grow considerably in Europe.