PUBLISHER: Grand View Research | PRODUCT CODE: 1404887
PUBLISHER: Grand View Research | PRODUCT CODE: 1404887
The global positioning systems market size is expected to reach USD 311.82 billion by 2030, registering a CAGR of 16.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. Burgeoning popularity of location-based services such as online food delivery and e-hailing services are projected to create significant demand for GPS-enabled devices over the forecast period. Furthermore, increasing use of GPS devices for navigation purposes in military aircraft and navy ships is poised to propel the market.
Global positioning systems are satellite-based navigation systems that provide real-time location of objects. GPS is widely used in a variety of civil applications, including road transportation, shipping, rail transportation, heavy vehicle guidance, surveying and mapping, social activities, and financial services. GPS transmitters use data to provide exact location of the object. Moreover, a GPS can work in any weather condition that makes it more versatile and reliable.
Among all application segments, the location-based services and road segments are expected to be significant revenue contributors in the global market during the forecast period owing to increasing deployment of GPS technology in smartphones, tablets, networking devices, IoT devices, and connected vehicles. Rising adoption of smartphones and growing consumer inclination towards digital services such as online retailing, cab services, and food at door steps are likely to spur the growth of the market during the forecast period.
In addition, increasing investments by large market players in developing countries such as China, India and Indonesia are expected to boost overall adoption through partnership with local suppliers. This will help the Asia Pacific market to gain traction over the coming years. However, lack of network infrastructure and lack of awareness of GPS technology among large population are estimated to hinder the growth of the market over the forecast period.