An artistic rendering of GPS satellites in orbit. Photo Credit: NOAA

The global GPS market size is expected to reach $128.7 billion by 2025,  according to a new report from KBV Research. This estimate shows a market growth of 20.3% CAGR during the forecast period. The global GPS market is expected to grow due to increased use in the military, defense, and broad spectrum of civilian applications. Transport, construction, aerospace, and farming are the leading users of GPS systems.

According to the report, an increase in the number of customers that use GPS-enabled smartphones is expected to simulate market growth in the coming years, along with the emergence of high-speed mobile technologies like 3G and 4G. Stringent policies and licensing, however, may hinder the growth of the overall market.

The report lists Qualcomm, Broadcom, and United Technologies among the forerunners of the GPS market.