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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