San Jose, US: Global Industry Analysts (GIA), a market research firm, released a comprehensive global report on ‘Recreational, Outdoor, and Fitness GPS Solutions markets’. The global market for recreational, outdoor, and fitness GPS solutions is predicted to reach USD 1.34 billion by 2018. This market is propelled by emergence of innovative accessories such as GPS-enabled apparel and wristwatches, as well as smartphone GPS applications.
The US with traditional expertise in GPS enabled solutions represents the leading market, amassing major share of global market, as stated by the new market research report by GIA. While North America is anticipated to remain robust due to Government efforts to propagate GPS deployment in the commercial space, the Asia-Pacific region is forecast to register the fastest growth over the long-term, registering a robust CAGR of about 18 percent through 2018.
The Asia-Pacific location based service (LBS) sector is set to expand exponentially in the near term, due to intense penetration of the service in the rapidly growing feature phones and smartphones market in the region.
Robust growth in mobile and broadband services infrastructure, and consumer affinity for customized location-based information services and personalized messaging, are the major factors driving growth in the market. In addition to established markets like Japan, Australia, New Zealand, the Asian market would keenly benefit from unprecedented growth in rapidly evolving markets of Taiwan, China, India and Korea among others.
The pace of growth of GPS solutions and devices has picked up in recent years, in tune with decreasing product price, continuous innovation in form and functionality of devices, and increasing consumer awareness.
Source: SF Gate