Global Positioning Systems Market Evolving Industry Trends and key Insights by 2024

Global Positioning System Market: Overview

Global positioning technology, also called the NAVSTAR technology, short for navigation system for timing and ranging, came to reality owing to the efforts put in by the United States' Department of Defense to establish a reliable satellite-based navigation system. Consisting a network of between 24 and 32 satellites orbiting the earth, global positioning systems (GPS) works across the globe in all weather conditions, helping users track routes, locations, and objects.

This report on the global market for global positioning systems presents a comprehensive overview of the present growth dynamics of the market and its key segments. The report also includes projections about the growth prospects of the market over the period between 2016 and 2024, based on quantitative and qualitative details pertaining to aspects such as recent trends, growth drivers, challenges, opportunities, regulations, and level of competition.

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A detailed overview of the competitive landscape is also included in the report wherein business profiles of some of the key vendors in the market, and market data about aspects such as their recent strategies, technological advancements, and involvement in activities such as mergers and acquisitions is included. A detailed SWOT analysis of all companies examined in the report is also included. The competitive landscape is further examined with the help of Porter’s five forces analysis.

Global Positioning System Market: Drivers and Restraints

From its use mostly restricted to military and defense purposes to being used across a vast range of civilian applications, the market for global positioning systems has come a long way in a matter of few decades. A large number of industrial applications put GPS to use for a number of purposes and the set of these applications continues to rise on a rapid pace. Industries such as construction, farming, transportation, and aerospace are among the key users of global positioning systems.

The use of the GPS technology helps these industries improve their operational efficiency and bring about a notable reduction in overall operation costs. The transportation industry, especially, is presenting a multitude of new application areas through in-build GPS units in passenger vehicles or through smartphone apps specifically made to guide travelers through unknown routes.

Global positioning systems have also significantly helped in improving the response time in terms of emergency across a number of end-use areas, leading to a stark improvement in safety of resources operating in remote areas. With the vast rise in the number of consumers using location services-enabled smartphone across the globe, the global positioning systems market is expected to gain increased traction in the next few years. High-speed mobile data technologies such as 3G and 4G have further supported the use of GPS across the globe. One of the key restraints for the market is the concern of licensing owing to strict regulatory policies.

Global Positioning System Market: Segmentation

The global market for global positioning systems has been segmented on the basis of criteria such as application, type, and geography. Based on product type, the market is segmented into GPS-enabled mobile phones, marine systems, automotive systems, GPS cameras, and aviation systems. On the basis of application, the market is segmented into navigation and position tracking, security, and traffic control. From a geographical perspective, the market has been examined for Asia Pacific, North America, Europe, and Middle East and Africa.

Some of the key players operating in the global market for global positioning systems profiled in the report are Furono Electronics, FEI-Zyfer, Avidyne Corporation, Polar Electro Oy, MiTAC International, Garmin International, Raytheon Company, ECT Industries, Orolia SA, KVH Industries Inc, SiRF Technology, Hemisphere GPS, Trimble, Johnson Outdoors, Navico, Rockwell Collins, Symmetricom, TomTom NV, and Novatel.