Global Positioning System (GPS) Market Size, Share & Trends Analysis Report, By Deployment, By Application, by Region Forecasts, 2023 – 2030

Global Positioning System (GPS) Market Size, Share & Trends Analysis Report, By Deployment, By Application, by Region Forecasts, 2023 – 2030

The Positioning System (GPS) Market was amounted at US$ 86.95 billion in 2022 and is projected to grow to US$ 306.45 billion by 2030 at CAGR of 16.10% during 2023-2030.

Throughout the projected time, a range of critical factors are likely to propel the growth of the global positioning system (GPS) market. These include end-user demand surges and the expanding acceptance of GPS technology across a range of use cases. In addition, rising demand for IoT, big data, 4G and 5G, and cloud technologies is anticipated to support the market expansion along with the rising use of social media in emerging nations. However, during the projection period, network and technological difficulties as well as strict licencing restrictions would hinder market growth. Government laws that are supportive and the growing emphasis on safety and security present the industry with profitable growth opportunities. The global positioning system (GPS) market is anticipated to face obstacles from factors such as clock inaccuracy, satellite orbital change, and inadequate network infrastructure availability in rural areas.

The GPS market has garnered substantial investment and finance from established firms as well as recent entrants, such as startups and technology corporations. This funding shows that there is a strong desire and commitment to advance this technology. A UK-based business called FocalPoint, for example, raised £15 million ($17 million) in 2022 as part of a Series C investment. FocalPoint develops software to enhance GPS operations, accuracy, and security. The primary goals of this funding are to carry out the initial commercial system deployments with select clients and to further develop the technology, which is presently compatible with 4G and will eventually work with 5G and Wi-Fi. A significant investment in DDK Positioning (DDK), a provider of enhanced Global Navigation Satellite System (GNSS) accuracy solutions, was also announced by Iridium Communications Inc. in 2021. Through the utilisation of the Iridium® network, DDK enhances GNSS constellations—such as GPS and Galileo—with global precision location services, therefore significantly increasing their accuracy for critical industrial applications.

“Consumer Devices segment, by deployment, to be dominating market from 2023 to 2030.”

Because tablets, smartphones, and PCs are becoming more and more commonplace worldwide, the consumer devices segment is anticipated to lead the market during the projected time. In 2022, it held a market share of roughly 41.25%. Consumer electronics like tablets and smartphones are increasingly using GPS technology. It can also be found in other devices such as car telematics, handheld navigation, and standalone trackers. Transport operators can also track logistics performance activities by employing onboard units (OBUs) to communicate fleet positioning data using GPS technology. Therefore, throughout the projected time, these elements are anticipated to support the segment's market growth.

“Location Based Services segment, by application, to be dominating market from 2023 to 2030.”

The sector is anticipated to develop throughout the projected period as a result of the growing use of location-based services like e-hailing and e-commerce. Additionally, it is anticipated that as businesses employ smart technologies like beacons, GPS, and RFID to gather location-based data, the demand for location-based services would rise. Furthermore, the data is employed to specifically target customers via personalised emails and text message advertisements. Cell phones with GPS capabilities collect location information from users, including the addresses of the establishments they regularly visit for shopping. Businesses can use this information to analyse consumer patterns and behaviour, which helps them develop marketing efforts that are more successful and increase customer happiness.

“North America to be largest region in global position system market.”

High adoption of GPS in the aerospace and military industries, as well as the large presence of system integrators and component manufacturers such as Qualcomm Inc., Broadcom Inc., and Hexagon AB are the main reasons for the supremacy of the North American region. Furthermore, throughout the projected period, it is expected that smart technologies, a high rate of smartphone adoption, and the availability of advanced network infrastructure would boost the expansion of the GPS sector in North America.

Asia Pacific is anticipated to grow at the fastest rate of 16.75% during the projection period due to factors like the expansion of e-commerce, cab services, and online food delivery. Furthermore, the market is expected to increase significantly as a result of the increasing usage of in-store analytics and social media platforms, especially in developing nations like China, Malaysia, Australia, and India. The growing availability of reasonably priced internet services, growing investments in network infrastructure construction, and the growing use of smartphone applications are expected to drive market expansion in the Asia Pacific region over the forecast period.

Global Positioning System (GPS) Competitive Landscape

The competitive landscape of the Positioning System (GPS) market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players in the market are undertaking a range of strategies such as collaboration, mergers & acquisitions, and strategic partnerships, in order to increase the product portfolio, expand the geographical presence, and enhance the product features. The companies are also making huge investments in the research and development activities. This is expected to aid market players in developing and launching new products, which is expected to have a positive impact on the market growth.

The Positioning System (GPS) market is highly competitive, with numerous companies vying for market share. Prominent companies in the Positioning System (GPS) Market include:

ATrack Technology Inc., Calamp, Collins Aerospace, Broadcom, Garmin Ltd., Geotab Inc., Laird, Meitrack Group, Hexagon AB, Orbocomm, Qualcomm Technologies, Inc., Shenzhen Concox Information Technology Co. Ltd., Queclink Wireless Solutions Co., Ltd., Sierra Wireless, Teltonika, Tomtom International BV, Texas Instruments Incorporated, Trackimo, Trimble Inc., Verizon and others.

Recent Developments:

April 2022: SpaceX launched 53 Starlink satellites from Florida's Space Launch Complex 40 (SLC-40) into low-Earth orbit. Ax-1, GPS III Space Vehicles 04 and 05, Inspiration 4, and one Starlink mission have all already used the mission's first stage rocket as launch vehicles.

October 2022: Leica Geosystems, a division of Hexagon, unveiled the Leica iCON GPS 160, the next generation construction smart antenna, after significant improvements. Its outstanding qualities can boost output in all stakeout and measuring applications on the construction site.

January 2021: Garmin Ltd.'s Garmin® International and Garmin Services divisions announced the full acquisition of GEOS Worldwide Limited and its subsidiaries. The International Emergency Response Coordination Centre (IERCC) is the central command centre for SOS rescue operations that are started using Garmin's inReach® personal satellite communicators. One of the industry leaders in emergency monitoring and incident response services is privately held GEOS Worldwide.

In January 2020, BAE Systems declared its intention to purchase the Military Global Positioning System business from Collins Aerospace and the Airborne Tactical Radios business from Raytheon.