High Proliferation of IoT to Provide Impetus to GNSS Chip Market

Albany, New York, Oct. 22, 2018 (GLOBE NEWSWIRE) -- The global market for navigational satellite system (GNSS) chip market is prognosticated to witness a healthy growth over the coming years, as observed by a recent Transparency Market Research (TMR) report. The vendors in the GNSS chip market are putting up heavy rivalry amongst each other in order to achieve higher market revenues. Due to this, the market’s vendor landscape is plagued with a stiffly rival atmosphere. In order to sustain the intense competitiveness, market vendors are seen increasingly engaging in the introduction of unique, novel products. For instance, u-blox recently announced a technical upgrade in their u-blox F9 platform, for deployment of precise positioning solutions for automotive and industrial applications.

Other key strategies employed by vendors to sustain market position is acquisition of other participants, business expansion, and product enhancement through collaborations and partnerships. STMicrolectronics NV entered into a partnership with Allystar in order to develop GNSS solutions and applications for automotive sector.

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Some key vendors operating in the global navigational satellite system chip market are Qualcomm Incorporated, Intel Corporation, Mediatek Inc., Furuno Electric Co., Ltd., and Navika Electronics.

According to TMR’s projections, in 2016, the global GNSS chip market was worth US$17.90 bn. Over the forecast period of 2017 to 2025, the market is anticipated to register a 7.7% CAGR. From this prognosis, the deduced value of the global GNSS chip market is worth US$34.71 bn by 2025.

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IoT, Consumer Electronics to Revolutionize GNSS Chip Demand

GNSS is a key element of significant technological development in the field of big data, internet of things (IoT), augmented reality, multimodal logistics and smart technology. GNSS chips play a significant role in making these technologies cost-efficient, while offering an accurate way to time and position information in outdoor environments. The emergence of other hybrid technologies and cross-cutting applications is expected to garner novel opportunities for vendors by generation of new user requirements. This is expected to further bolster the navigational satellite system (GNSS) chip market over the coming years.

The high uptake of consumer electronics such as smartphones, tablets, laptops, digital cameras, and others is additionally augmenting the demand for GNSS chips. With a growing population, with increasingly disposable incomes, these products have become daily essentials across the globe.

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High Demand for Real Time Data to Offer Lucrative Market Opportunity

The swift adoption of location-based services by vendors across different industries, such as food and beverage delivery applications, social networking, disaster management, tracking, and others. This has led to an incremented demand for GNSS chips, and this trend is expected to remain prominent over the forecast period. Several users regularly utilize tracking and positioning application through their wearable devices, personal navigation, in-vehicle systems, and smartphones. This is expected to offer rich growth opportunity for market vendors. Companies such as Apple are working industriously towards technologies such as data mapping, smart cities, and positioning systems, and their deployment in the general population.

This review is based on TMR’s report titled, “GNSS Chip Market (Devices Type - Smart Phones, In-Vehicle Networking Systems, and Personal Navigational Devices; End-use Industry - Consumer Electronics, Agriculture, Automotive, Defense, and Marine Industry) - Global Industry Analysis, Trend, Size, Share, and Forecast 2017 – 2025.”

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The market is segmented along the following lines:

The global GNSS Chip Market has been segmented into:

• Global GNSS Chip Market, By Type of Devices
  • Smart Phones
  • In-Vehicle Networking Systems
  • Personal Navigational Devices
  • Others

• Global GNSS Chip Market, By End-Use Industry
  • Consumer Electronics
  • Agriculture
  • Automotive
  • Defense
  • Marine Industry
  • Others

• Global GNSS Chip Market, By Geography
  • North America
    • The U.S.
    • Rest of North America
  • Europe
    • U.K.
    • Russia
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • U.A.E
    • South Africa
    • Rest of Middle East and Africa
  • Latin America
    • Brazil
    • Rest of Latin America

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