Market Updates GPS IC Market By Key Players, Growth Factors 2022 | Page 2

GPS offers benefit such as wireless connectivity and low power consumption, which is also anticipated to drive market
demand over the forecast period. However, factors such as its high cost of operation may hinder its market growth.
Technical glitches such as satellite orbit shift and clock inaccuracy also pose to be a challenge to the GPS market. The
rapid growth in the improvement of global positioning system integrated circuits technology is a key trend in the Global
GPS IC market. Vendors of the GPS integrated circuits design the ICs by focusing on the requirements end users.
Technological improvements in GPS IC are in terms of refining the navigation abilities along with adding extra some
features. With technological developments, GPS devices are planned with communications and other technologies
such as voice-guided navigation applications, tracking and tracing, location-enabled search, voice-guided in-car
navigation, people tracking, and advertising.
The growing demand for GPS ICs in smartphones is one of the foremost growth drivers for the Global GPS IC market.
Presently, nearly nine out of ten smartphones are GPS enabled and these devices are anticipated to contribute
significantly to the overall revenue of the Global GPS IC market. With implanted mapping services and GPS receivers
in smartphones, users are able to obtain text and voice-guided directions, data on points of interest, and real-time
position tracking. Moreover, the Global Smartphone market unit shipment is projected to grow considerably over the
forecast period, which in turn will assist the growth of GPS IC. Geographically the global market for GPS IC is segmented
into North America, Asia Pacific, Middle East and Asia, Europe and Latin America, while the Key regions for this market
are North America, Asia Pacific and Europe. Middle East and Africa is still lagging behind in this technology as the
adoption rate is less in countries of MEA. Asia Pacific is anticipated to appear as high growth regional market due to
rising demand for GPS technology in nations such as India and China. Europe and North America are also anticipated
to witness substantial growth over the forecast period.
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The key vendors dominating the global market for GPS IC include Qualcomm Inc., Broadcom Corp., Texas Instruments
Inc., MediaTek, and CSR Plc., while other predominant players include Maxim Integrated Products Inc., RF Micro
Devices, and Analog Devices Inc. Qualcomm is the chief GPS integrated circuit vendor which is followed by Broadcom
at second place. After a long time, MediaTek attains a top three position after another year of significant growth and
vigorous shipments as a consequence of its targeted design approach. Qualcomm remains the leading player with a
strong universal location platform in IZat. This will be important for achievement in maximum number of cellular
handsets in future. It is also in a strong position to develop in other GPS IC markets. With the continuous innovation,
Broadcom seem to compete aggressively with their competitors, receivin