The global GPS market size was estimated at USD 41.25 billion in 2021 and is expected to reach a valuation of USD 86.72 billion by 2028, at a CAGR of 11.2% over the forecast period (2022-2028).
WESTFORD, USA, Nov. 21, 2022 (GLOBE NEWSWIRE) — There is no doubt that the use of GPS technology is becoming more popular every day. Whether it is for mapping purposes, navigation, or just checking the location of a favorite restaurant, people are definitely relying on this technology more and more. Indeed, GPS has become an essential tool for motorists, pilots, and hikers alike. The main motives for this GPS market Growth is the growing demand for navigation solutions among both individual consumers and commercial users, as well as the growing popularity of sports and outdoor activities. The automotive industry is the largest consumer of GPS devices, accounting for nearly 50% of all revenues in 2021. Within this category, navigation solutions are the dominant device category and are expected to retain their dominant position over the coming years. In addition to automobiles, other major consumers of the global GPS market include aviation (particularly in the commercial transportation sector) and off-road vehicles such as loops and dirt bikes.
There are many factors driving this growth in the demand for GPS devices. These include advances in technology that have made GPS more reliable and accurate, as well as the growing popularity of sports and outdoor activities that require precise navigation. In addition, improvements in mobile technology have made it easier for users to access location-based applications and services on their smartphones or tablets.
Today, the technology in the global GPS market is also used in industrial applications such as autonomous machines, intelligent transportation systems (ITS), and large-scale infrastructure management. Cars can now stop themselves, identify objects and people in the road ahead, and even alert the driver if there is an obstruction in the lane ahead. Intelligent transportation systems (ITS) enable cities to more effectively monitor traffic congestion, help self-driving cars overcome traffic jams, and optimize routes based on MBS traffic management system parameters such as time of day or weather conditions.
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The impact of smartphone sales on the global GPS market remains profound
GPS receivers are used in a wide range of devices including personal computers (PCs), minicomputers, car navigation systems, mobile devices such as smartwatches, smartphones, and even drones. GPS receivers play an important role in determining the position of these devices and providing users with accurate location information that helps them interact with their surroundings.
Smartphones have had a huge impact on the GPS market due to their popularity and wide reach. Smartphones account for more than 70% of all global cell phone shipments, making them one of the most important types of devices when it comes to using GPS receivers. Smartphones are also widely used for navigation purposes; It accounted for more than 50% of the total revenue generated by navigation applications in 2021. With the continued popularity of smartphones, there is a growing demand for GPS receivers that can be used with these devices.
In a study published by SkyQuest on the global GPS market, the global smartphone industry is expected to grow from 122 million in 2007 to 1.4 billion by the end of 2022. This growth comes as companies invest more in mobile marketing and as consumers increasingly adopt smartphones from For entertainment and other activities. Smartphones are now indispensable for users all over the world, whether they are communicating with friends, accessing information, or taking photos.
As people take advantage of new features like augmented reality and virtual reality, the smartphone market is poised to continue growing. China will take the largest share of smartphone sales throughout the forecast period, and India will follow suit. However, even though Samsung leads the way with 20% market share, Apple’s iPhone still leads the way – accounting for nearly a third of smartphone sales worldwide.
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The rapid introduction of innovative technology into the global GPS market
In recent years, there has been a rapid increase in the development of GPS technology. This is due in part to advances in processing power and storage capacity as well as fierce competition between manufacturers. Many new features have been added to GPS receivers over the years, making them more reliable and easy to use.
One of the most important developments in the GPS market is the increased accuracy. Previously, GPS receivers only had an accuracy range of 10 to 15 meters; However, improvements in signal processing now enable receivers to achieve an accuracy of up to 10 centimetres. This means that map data can be focused more precisely on the user’s location, resulting in improved navigation performance.
Another significant achievement has been the development of dynamic time-of-flight (ToF) sensors. These sensors are capable of measuring distance very accurately down to the nanometer level, which is essential for accurate mapping and navigation applications such as autonomous driving and 3D tracking. In addition, they are also extremely fast—typically operating at 1,000 Hz or faster—meaning they can provide real-time measurements even when the signal from the GPS receiver is disrupted by interference from other sources.
GPS receivers in the global GPS market are becoming more accurate and efficient all the time, thanks to advances in signal processing, software algorithms, and miniaturization. In addition, new generations of GPS satellites provide better coverage than ever before. These factors lead to increased adoption of GPS devices by businesses and consumers alike.
One example of how GPS technology can be quickly applied is in car navigation systems. Earlier this year, Ford announced that it was introducing a new navigation system for its autonomous cars that uses Microsoft’s Azure Cognitive Services platform. The system uses deep learning technologies in the GPS market to interpret data collected by sensors in cars such as cameras and laser scanners. This allows self-driving cars to navigate without human assistance on roads across North America.
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The leading players in the global GPS market
- Calamp (United States)
- Orbocom (United States)
- Qualcomm Technologies, Inc (United States)
- Sierra Wireless (Canada)
- Hexagon (Sweden)
- Queclink Wireless Solutions Co., Ltd. (China)
- Shenzhen Concox Information Technology Co., Ltd. (China)
- Laird (United Kingdom)
- TomTom International BV (Netherlands)
- Meitrack Group (China)
- Teltonika (Lithuania)
- TomTom International BV. (Amsterdam)
- Atrack Technology Inc. (Taiwan)
- Verizon (United States)
- Trackimo (United States)
- Geotab Inc. (Canada)
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