August 2024
20 Sep 2024
The global positioning systems (GPS) market reached USD 94.25 billion in 2023 and is anticipated to be worth around USD 419.38 billion by 2033, expanding at a CAGR of 15.7% during the forecast period. The rapid use of smartphones and the introduction of GPS-enabled vehicles boosted the global positioning systems (GPS) market.
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The global positioning system (GPS) is considered to be a space-based radio navigation system that helps people to know all about roads, weather, timing, and many more by broadcasting navigation signals from satellites. These navigation signals are monitored and controlled by ground stations and satellite control stations. Global positioning system (GPS) is operated and maintained by the Department of Defense (DOD).
Recently, 31 GPS satellites orbited the Earth for nearly 11,000 miles above, sending signals to dedicated devices like smartphones and other navigation systems. GPS is used in various other sectors like railway transportation, financial services, mapping and shipping, road transport, heavy vehicle guiding, and many more. The convenience of getting all the information in hand whenever required makes it more desirable, and the advancement of technology encourages the global positioning systems (GPS) market.
Including GPS in advanced technology driving the market
The rising use of smart transportation technologies like navigation, satellite road traffic management, fleet management, and others is supposed to boost the global positioning system (GPS) market. This addition of technologies in vehicles helps to facilitate vehicle tracking, searching new routes, and calculating speed and distance accurately.
The rising demand for vehicles with GPS is ultimately growing the demand for GPS devices for several benefits, such as theft protection, prevention of unauthorized usage, and usage-based insurance. GPS monitoring software also keeps track of fuel consumption, which is a desirable feature. Cutting-edge technologies such as 4G, 5G, and IoT, along with advanced analytical tools and cloud computing, are driving the global positioning systems (GPS) market.
Companies use GPS technology to monitor location-based data, which can further help them identify market demand and customer experience and enhance or customize their products accordingly. Also, the growing demand for GPS wearable devices, such as smartwatches, clothes, fitness trackers, etc, is boosting the market rapidly. Nowadays, people use fitness trackers more often as they help them observe their progress in their fitness journey and set their daily targets to achieve their desired goals.
Some wearable gadgets help to track heart health, body weight, and body temperature. Due to the expansion of automotive sectors such as autonomous driving, navigation, and the global positioning system for precise positioning, the market is heading towards more advanced technology in GPS devices.
Users having mobile and linked devices need faster data transmission speeds, enhanced network connectivity, and amplified network readiness. They are revolutionizing their network structures to meet the developing requirements of their users. Numerous openings and network routers are essential to associate devices through a network, growing the charge and intricacy even more. As a consequence of their exposure to numerous safety threats, these network possessions must be accomplished and continued on time.
Recent Development by the U.S. Space System Command (SSC)
Recent Development by the GPS Capital Market
North American region is predicted to grow rapidly in this estimated period of 2024 to 2033. The growth is because of high military outflow by governments and the high usage of smartphones in the area. The overall accessibility of intelligent technologies, smartphones, and upgraded grid infrastructure is expected to boost the development of the regional market in the forthcoming years.
Asia Pacific region held the largest global positioning systems (GPS) market share in 2023. The rising usage of social media platforms and in-store analytics, mainly in countries like India, Malaysia, and China, is predicted to develop huge potential for the market.
Europe region is also experiencing development in the global positioning systems (GPS) market in the estimated year 2024 to 2033. Companies in countries like the UK, France, and Germany contribute suggestively to the growth and use of GPS technology.
The Middle East is approving GPS technology for logistics and navigation, with Saudi Arabia and UAE at the lead.
The African region's GPS market is developing and influenced by applications in mining, transportation, and agriculture, particularly in Nigeria and South Africa.
Technological advancements
As the commercial world comprehends, global positioning systems (GPS) can use data gathered to solve numerous business issues. As the Internet of Things develops, more devices are fetching internet connections, consequential in the assemblage of huge volumes of information. Data regarding the location of a user shortens data analysis by including structure to data groups. According to the International Telecommunication Union reports, nearly 93% of the world's total population has a mobile broadband network, with a probability of 105 mobile-cellular users per 100 people. Therefore, the global occurrence of the internet and the growing number of people using smartphones are expected to make development projections for the global positioning systems (GPS) market.
Global Navigation Satellite Systems (GNSS) aligning technology has altered the capacity to admissibility positional data at the single touch of a button. The positioning provides worth to users, from driverless vehicles to smartphones, via amplified efficiency, security, and revolution. Numerous governments aim to enhance this worth by giving extraordinary accuracy and reliability from a new group of structures for global positioning systems. Countries globally are creating the essential ground infrastructure to allow data from global satellite networks to be traced, confirmed, and optimized for exact international locations.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 109.42 Billion |
| Market Revenue by 2033 | USD 419.38 Billion |
| CAGR | 15.7% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | Asia-Pacific |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Application
By Deployment
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