GPS Market to Surpass Valuation of $86.72 Billion by 2028 | Impact of Smartphone Sales on Global GPS Market to Remain Profound | SkyQuest Technology

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Global GPS Market size was valued at USD 41.25 billion in 2021, and it 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’s for mapping purposes, navigation, or just checking the location of a favorite restaurant, people are definitely relying on this technology more and more. In fact, GPS has become an essential tool for motorists, pilots, and hikers alike. The major drivers of this GPS market growth are the increasing demand for navigation solutions among both individual consumers and commercial users, as well as the growing popularity of outdoor sports and activities. The automotive industry is the largest consumer of GPS devices, accounting for almost 50% share of the total revenue in 2021. Within this category, navigation solutions are the dominant device category and are expected to retain its dominant position over the coming years. In addition to automotive use, other key consumers for the global GPS market include aviation (particularly in the commercial transportation sector) and off-road vehicles such as trail blazers and dirt bikes.

There are several factors that are driving this growth in demand for GPS devices. These include advances in technology that have made GPS more reliable and accurate, as well as growing popularity of outdoor sports and activities that require precise navigation. Additionally, 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 being used in industrial applications such as autonomous machines, intelligent transportation systems (ITS), and large-scale infrastructure management. Automobiles can now park themselves, identify objects and people on the road ahead, and even alert the driver if there is an obstruction in the path ahead. ITS enables cities to monitor traffic congestion more effectively, help self-driving cars negotiate traffic jams, optimize routes based on traffic Management System (MBS) criteria such as time of day or weather conditions.

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Impact of Smartphone Sales on Global GPS Market to Remain Profound

GPS receivers are used in a wide range of devices including personal computers (PCs), mini-computers, car navigation systems, handheld devices such as smartwatches and smartphones, and even drones. GPS receivers play an important role in positioning these devices and provide users with accurate location information that helps them to interact with their surroundings.

Smartphones have had a major impact on the GPS market due to their ubiquity and widespread use. Smartphones account for over 70% of all global shipments of mobile phones, which makes them one of the most important device types when it comes to using GPS receivers. Smartphones are also used extensively for navigation purposes; they accounted for more than 50% of all revenue generated by navigation apps in 2021. As smartphones continue to become more popular, there is heightened demand for GPS receivers that can be used with these devices.

In a study published by SkyQuest on global GPS market, the global smartphone industry is forecast to grow from 122 million in 2007 to 1.4 billion by the end of 2022. The growth comes as companies invest more in mobile marketing and as consumers increasingly adopt smartphones for entertainment and other activities. Smartphones are now indispensable for users around the world, whether they are communicating with friends, accessing information or taking photos.  

As people take advantage of new features such as augmented reality and virtual reality, the market for smartphones is set to continue growing. China will account for the largest share of smartphone sales throughout the forecast period, with India following suit. However, even though Samsung leads the way with a 20% market share, Apple’s iPhone remains king – accounting for almost one-third of all smartphone sales worldwide.

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Rapid Introduction of Innovative Technology in 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 aggressive competition among manufacturers. Many new features have been added to GPS receivers over the years, making it more reliable and easier to use.

One of the most significant developments in GPS market is its increased accuracy. Previously, GPS receivers only had an accuracy range of around 10-15 meters; however, improvements in signal processing now enable receivers to achieve accuracies of up to 10 centimeters. This means that map data can be more precisely centered on user’ location, resulting in improved navigation performance.

Another important breakthrough 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 precision mapping and navigation applications such as autonomous driving and 3D tracking. In addition, they are also extremely fast – typically operating at 1000Hz or faster – meaning that they can provide real-time measurements even when the signal from 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 are providing better coverage than ever before. These factors are leading to increased adoption of GPS devices by businesses and consumers alike.

One example of how GPS technology is being applied rapidly is with automotive 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 on cars such as cameras and laser scanners. This allows autonomous cars to navigate without human assistance on roads across North America.

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Top Players in Global GPS Market

  • Calamp (US)
  • Orbocomm (US)
  • Qualcomm Technologies, Inc (US)
  • Sierra Wireless (Canada)
  • Hexagon (Sweden)
  • Queclink Wireless Solutions Co., Ltd. (China)
  • Shenzhen Concox Information Technology Co. Ltd., (China)
  • Laird (UK)
  • TomTom International BV (Netherlands)
  • Meitrack Group (China)
  • Teltonika (Lithuania)
  • TomTom International BV. (Amsterdam)
  • ATrack Technology Inc. (Taiwan)
  • Verizon (US)
  • Trackimo (US)
  • Geotab Inc. (Canada)

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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.

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