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Research Says GPS Services Market Expected to be Worth $757-B by 2017 |
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DUBLIN, Ireland, Nov. 30, 2006/Satnews Daily/ ― A new market research has predicted that based on the industry trends and technological assessment, the Global Positioning System (GPS) services market is expected to show strong annual growth in the next 15-20 years leaping at an expected market size of $757 billion by 2017.
The report said in Western Europe, the vehicle navigation market is in its initial stages, but there is already a strong demand for traffic information and navigation solutions. Countries like USA, Japan, and some others have gained a cumulative shipment of 9.39 million in-vehicle navigation and traffic information units in May 2002, and still find a great demand.
GPS production value globally is expected to grow to $21.5 billion in 2008, up from $13 billion in 2003, according to the Industrial Economics and Knowledge Center (IEK) of the Industrial Technology Research Institute (ITRI). In 2003, GPS equipment sales was reported to be around $3.5 billion worldwide, and that annual market could grow to $10 billion after 2010, according to a report published by a market research firm.
GPS is a constellation of satellites that broadcast signals, which are used to derive precise timing, location, and velocity information. The derived information can then be clubbed with other systems, such as communication devices, computers, and software to perform a variety of functions. With equipments ranging from hand-held receivers to rack-mounted electronics, the signals of global positioning systems can be used by anyone, anytime, anywhere in the world.
GPS is an information technology that is part of the emerging Global Information Infrastructure. GPS technology has contributed a great deal to the world economy over the last decade. Presently, there are more than hundreds of uses of GPS, starting from stand-alone applications to more integrated, embedded applications.
The report titled Global Positioning Services: Emerging Technological Trends to their offering is being released by Research and Markets.
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