The Global Navigation System Market is valued at USD 641.1 billion in 2016 and is expected to reach a value of USD 1134.50 billion by the end of 2022, growing at a projected CAGR of 9.98 % during the forecast period of 2017 – 2022. Navigation system was traditionally referred to the services aiding in route and path guidance. However, the present navigation system is much more than just that. It is a system which encompasses multiple services and facilities with multiple features and capabilities.
Though the navigation system market had a relatively slow start, it has snowballed into an industry with a potential to generate high revenues through its products, services and capabilities. Though there is both a possibility of risk and potential gain in this sector, a holistic and robust business model is essential at the onset of investing in the navigational service sector.
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The strong growth in the market is due to the emergence of the aerospace industry and the mobile and internet technology, the rise in demand for a more accurate, real-time tracking and monitoring facility and the technical capability to manufacture small, robust, light and costeffective components for assembling such a portable system.
The mobile network operators also tend to support such market developments as it contributes to their revenue gain. Such an industry may have to face some initialization constraints including the pressure to maintain safety standards, directional and distance accuracy and storage limitations. Since the navigation technology is still in its nascent stages of development, the opportunities in this domain are many.
The report enlists some of the primary opportunities, the factors that drive the market forces, challenges, industry attractiveness by the Porter ' s five industry forces analysis, market size and share estimation and competitive intelligence by comparing the profiles, products, services and business strategies of the prominent industry players.
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The navigation system market has been estimated to grow more than three times in the next five years with the maximum share for the vehicular and pedestrian applications. The market leaders in this domain are North America( the U. S. and Canada), followed by the developed
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