The upsurge of the Internet and the emergence of precise and real-time tracking led to the ontogeny and progress of navigation systems market. As per the IndustryARC market research report, the navigation systems market size is poised for incredible profits in the near future. The report estimates the global Navigation Systems Market value as of 2018 at $721.1651 million and foresees the opportunities to grow at a compound annual interest rate (CAGR) of 9.81% during the forecast period of 2019 to 2025. This report covers Navigation Systems Market Size by technology and applications, Navigation Systems Market share by top 5 companies and also the market share by start-ups during the forecast period.
Global Navigation Systems Market: Leading Segments
As per the analysis, North America shares the highest portion of the total navigation systems market. The region is accounted for 23.56% of the total navigation systems market share in 2018. The rising adaptability of autonomous vehicles in the geography and the vigorously established e-commerce retail sector are responsible for the flourishing navigation systems market in the region.
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By application, the vehicular and pedestrian segments are the fastest growing application in the navigation systems market. Constantly growing population and the demands in the automobile sector resonates with the rising opportunities in the navigation systems market. Continuous development of road and infrastructures has changed the physical landscapes in both the developing and developed economies. To solve the issue of direction loss and location identification, the navigation systems installed in the mobile phones are profiting the global navigation systems market. The demands for the applications in navigation systems market are projected to grow at an astonishing CAGR of 35.16% through to 2025.
Global Navigation Systems Market Analysis
The navigation system is an inertial guidance system or positioning system that aids in the navigation of entities using specific sensors. These satellite navigation systems are extensively useful in the autonomous vehicle, E-commerce, and logistics operation. Navigation is a necessary task for carrying out any operation in the environment. The navigation system is equipped in vehicles that provide the traffic flow and suggests alternative routes, allows people to understand the terrain, and depicts the information on nearby vehicles and other obstacles.
Defense and aerospace industries are the most buoyant users of the navigation systems. Growing passenger flight operations and ships have increased the demands of navigation systems.
Global Navigation Systems Market Trends
Industrial automation across the globe is commissioning a fleet of robots. The navigation system in robots is paramount for the mobility of robots in their environment. The growing prominence of industrial automation will employ a significant amount of navigation-enabled robots further inducing profits in the global navigation systems market.
Smartphone navigation system supported by software such as Google Maps and Citymapper are the most popular navigation tools used by vehicles and pedestrians. The constant availability and connectivity to the Internet enable the people to use these navigation tools at their discretion.
Global Navigation Systems Market: Competitive Landscape
Some of the key players mentioned in the report that are currently leading the navigation systems market are Honey Technologies, Rockwell Collins, Raytheon Company, Northrop Grumman, Advanced Navigation and Sagem.
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A. Consumer Telematics Devices Systems Market
B. Commercial Automotive Telematics Market
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