Dallas, US: The worldwide GPS market is expected to reach USD 26.67 billion by 2016 at a CAGR of 23.7 percent from 2011 to 2016, according to a new market research report “Global GPS Market: Products (Marine, Aviation, Automotive, Outdoor/fitness & GPS Enabled Smart Phones), Applications (Navigation, Machine Control, & Logistics Tracking) & Geography (2011 – 2016)“, published by MarketsandMarkets, a market research firm.
According to MarketsandMarkets’ press statement, GPS is an engine of economic growth and jobs, and has generated billions of dollars of economic activity. GPS application market is diversified into large number of segments. Even the automotive devices are heading towards maturity in North America and Europe; but it has a large scope in the APAC region; of which China and India will be taking the lead in the near future. The emerging markets like African and Arab countries will also seek the positive growth.
GPS helps in determination of position in three dimensions, timing, and velocity using precise radio navigation signals. In addition to creating efficiencies and reducing operating costs, the adoption of GPS technology has improved safety, emergency response times, and environmental quality, and delivered many other less-readily quantifiable benefits. The market for GPS is already a multi-billion dollar industry; future potential is significant.
Governments around the world are in the process of setting up the more satellites and integrate them with each other technologies, which in result are going to help in solving the problem of errors caused during the transfer of signals with any means like air, water, or any physical object. This will help the companies to grasp the untapped market and increase their productivity. The new line of products such as Tablets, GPS enabled smartphone, fitness devices will be a major driving factor in the growing regions.
Including hardware, software is also one of the major growing markets of GPS. Some of the technology such as augmented reality, touch less gestures, voice enable commands has increased the scope of the overall GPS market. Increased used of telematics in the automotive sector has also increased the scope of GPS software market.