GPS, after its inception in 1970, was used only for military purposes; but after 1999, the signals were released for civilian purposes as well.
Dallas, TX -- (SBWIRE) -- 11/28/2011 -- According to a new market research report “Global GPS Market: Products (Marine, Aviation, Automotive, Outdoor/fitness & GPS Enabled Smart Phones), Applications (Navigation, Machine Control, & Logistics Tracking) & Geography (2011 – 2016)”, published by MarketsandMarkets, the total GPS market is expected to reach $26.67 billion by 2016 at a CAGR of 23.7% from 2011 to 2016.
GPS is an engine of economic growth and jobs, and has generated billions of dollars of economic activity. GPS application market is diversified into large number of segments. Even the automotive devices are heading towards maturity in North America and Europe; but it has a large scope in the APAC region; of which China and India will be taking the lead in the near future. The emerging markets like African and Arab countries will also seek the positive growth.
GPS helps in determination of position in three dimensions, timing, and velocity using precise radio navigation signals. In addition to creating efficiencies and reducing operating costs, the adoption of GPS technology has improved safety, emergency response times, and environmental quality, and delivered many other less-readily quantifiable benefits. The market for GPS is already a multi-billion dollar industry; future potential is significant.
Governments around the world are in the process of setting up the more satellites and integrate them with each other technologies, which in result are going to help in solving the problem of errors caused during the transfer of signals with any means like air, water, or any physical object. This will help the companies to grasp the untapped market and increase their productivity. The new line of products such as Tablets, GPS enabled smartphone, fitness devices will be a major driving factor in the growing regions.
Including hardware, software is also one of the major growing markets of GPS. Some of the technology such as augmented reality, touch less gestures, voice enable commands has increased the scope of the overall GPS market. Increased used of telematics in the automotive sector has also increased the scope of GPS software market.
Releated Report : Semiconductor and Electronics Market
MarketsandMarkets: Global GPS Market worth $26.67 Billion by 2016
Browse All : GPS Market
Early buyers will receive 10% customization on reports.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. They cover thirteen industry verticals, including advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
To know more about us and our reports, please visit our website http://www.marketsandmarkets.com
Copyright © 2005-2014 - SBWire, The Small Business Newswire - All Rights Reserved - Important Disclaimer
Contact Us: 888-4-SBWIRE (US) - 920-593-5640 (International)