The latest report from MarketsandMarkets on GPS market trends titled ‘Global GPS Market: Products (Marine, Aviation, Automotive, Outdoor/fitness & GPS Enabled Smart Phones), Applications (Navigation, Machine Control, & Logistics Tracking) & Geography (2011 - 2016)’ has projected the revenue from the GPS market to reach 26 million by the year 2016.
GPS receiver
The rate at which the market is expected to grow is a CAGR of 23.7% between 2011 and 2016. The GPS market is seen as a seat for economic growth and a major source for employment. The GPS market comprises a number of segments based on the kind of devices and their applications. The report expects considerable market growth in APAC region, where India and China will be dominating and the North American and European market can better their market positions in the GPS devices used in the automotive industry.
Africa and Arab countries will be emerging in the GPS market. GPS devices are known to provide the user with three-dimensional positional information and also provide timing and velocity information supported by accurate radio communication. By using GPS technology the safety and the response times during emergencies has greatly improved. The Governments also play a significant role in promoting the use of GPS technology by setting up more satellites thereby improving the signal quality and reducing the occurrence of errors for GPS communication. The use of GPS technology in latest communication gadgets such as smartphones, tablets and fitness devices will further fuel positive market growth. By encompassing hardware and software into the GPS technology for advanced features such as augmented reality, voice enabled commands etc the scope of the GPS market will expand further. In the automotive sector, the use of telematics has spread the reach of GPS market in the software market.