Global Positioning System (GPS) Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Positioning System (GPS) Market is Segmented By Type (A-GPS, S-GPS, D-GPS, Non-differential GPS, Others), By Deployment (Standalone Trackers, Portable Navigation Devices, Automotive Telematics Systems, Consumer Devices, Others), By Application (Road, Aviation, Marine, Location-Based Services, Surveying and Mapping, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Global Positioning System (GPS) Market Overview

The global positioning system (GPS) market is projected to reach at a CAGR of 18.4% during the forecast period (2024-2031).

Global Positioning System (GPS) is a navigation satellite system that offers location and time information in any climatic condition, anywhere on or near the Earth. It is operated by the U.S. government and is freely accessible to anyone with a GPS receiver. GPS uses a satellite network orbiting the Earth to transmit signals that can be used to determine the receiver's location, speed and direction of movement.

GPS was originally developed for military applications but has numerous civilian applications, including vehicle navigation, mapping and surveying. It is also widely used for outdoor recreation activities such as hiking, fishing and geocaching.

Global Positioning System (GPS) Market Scope

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Global Positioning System (GPS) Market Dynamics

Rising demand for advanced technology in fleet management is a major driver for the GPS market 

The Global Positioning System (GPS) has become an integral part of modern fleet management systems. GPS technology has revolutionized how fleet managers operate and manage their fleets by enabling real-time monitoring and tracking of vehicles.

One of the primary applications of GPS in fleet management is vehicle tracking. GPS devices can be installed in vehicles to provide real-time location data to fleet managers, enabling them to monitor their fleet's movement, identify any delays or diversions and optimize routes. The data can be used to improve operational efficiency, reduce fuel consumption and optimize driver performance.

Another important application of GPS in fleet management is geofencing. Geofencing allows fleet managers to set virtual boundaries around specific areas or routes. When a vehicle enters or exits these boundaries, alerts can be sent to the fleet manager or driver, providing real-time information about the vehicle's location and activity.

Stringent licensing regulations hurdles the global positioning system (GPS) market growth

The growing demand for advanced technologies among various sectors has encouraged key players to invest in GPS technology. However, the increasing demand for the technology has made licensing difficult for the user, hampering the market growth. Some of the major regulatory bodies are International Telecommunication Union (ITU) Radio Regulations, International Civil Aviation Organization (ICAO) regulations, Federal Communications Commission (FCC) regulations, European Aviation Safety Agency (EASA) regulations, European Telecommunications Standards Institute (ETSI) regulations and National Marine Electronics Association (NMEA) standards.

Global Positioning System (GPS) Market Segment Analysis

The global positioning system (GPS) market is segmented based on type, deployment, application and region.

The growing demand for more accurate positioning technology has increased the market share for D-GPS

Based on type, the global positioning system (GPS) market is segmented into A-GPS, S-GPS, D-GPS, Non-differential GPS and others. Differential (D-GPS) has shown immense popularity among the end-users of the mentioned types. A correction method called differential GPS (D-GPS) is used to improve the precision of location information collected from a conventional GPS receiver. Adding D-GPS to GPS improves the understanding of an object or person's precise location.

GPS typically has an accuracy range of no more than 15 meters. The position error limit can be reduced to 1 inch using D-GPS (2.5cm). It operates by broadcasting the estimated difference between the known fixed locations and the satellite location over a network of fixed ground stations. The Canadian Coast Guard and the American Coast Guard both use D-GPS.

Source: DataM Intelligence Analysis (2023)

Global Positioning System (GPS) Market Geographical Share

North America rules the market as a result of an increase in the usage of GPS technology in the logistics, transportation and healthcare sectors

The global GPS market was dominated by North America and is expected to continue to dominate the global GPS market in the forecast period. Increasing demand for high-end navigation and the growing use of cutting-edge technologies have helped the region seize market dominance in recent years. The regional market is anticipated to gain from roughly the same sources of growth for the foreseeable future. 

North America now rules the market due to an increase in the usage of GPS technology in the logistics, transportation and healthcare sectors. Additionally, increasing mobile device penetration and high regional government and regulatory agency military spending penetration are factors influencing the growth of the GPS market.

Source: DataM Intelligence Analysis (2023)

Global Positioning System (GPS) Market Companies

The major global players include Broadcom Inc., Trimble Navigation Limited, MiTAC Digital Technology Corporation, Qualcomm Inc., Hexagon AB, TomTom N.V, Rockwell Collins Inc., Texas Instruments Inc., Garmin Ltd. and Mio Technology Corporation.

COVID-19 Impact Analysis

Key Developments

• In April 2022, SpaceX launched 53 Starlink satellites into low-Earth orbit from Space Launch Complex 40 (SLC-40) in Florida. The mission's first stage booster has already launched GPS III Space Vehicles 04 and 05, one Starlink mission, Inspiration 4 and Ax-1.
• In 2022, Leica Geosystems, a division of Hexagon, announced to launch of Leica iCON GPS 160 — a significantly enhanced, next-generation construction Smart Antenna with excellent features that can increase productivity in all stakeout and measurement applications on the job site.
• In January 2020, BAE Systems announced the news to propose the acquisition of Collins Aerospace’s Military Global Positioning System Business and Raytheon’s Airborne Tactical Radios Business.

The global positioning system (GPS) market report would provide approximately 61 tables, 62 figures and 192 Pages.