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The only fully functional Global Navigation Satellite System which enables the user to determine their location, speed direction and time is the GPS. The Global Positioning System (GPS) includes 24 satellites, in circular orbits around Earth with orbital period of 12 hours, distributed in six Orbital planes equally spaced in angle. Each satellite carries an operating atomic clock (along with several backup clocks) and emits timed signals that include a code telling its location. Since its inception, the only major users of this technology were the army. But it has now evolved in to a commercial product used by diverse industries throughout the world and attracts customers due to its innovative features and applications. The potential of GPS is widespread and GPS satellites are gradually revolutionizing driving, flying, hiking, exploring, rescuing, and map making.
The two basic operations for the GPS are: Tracking and Navigation systems.

1. Tracking devices combine the possibility to locate itself using technologies like radio transmission. It’s useful since it enables tracking the position of people of vehicles in real time without them telling explicitly. Tracing is another application which is used regularly.

2. Navigation: It is perhaps the most well-known of all the applications of GPS. Using the appropriate software, the GPS coordinates are found which helps locating the intended route, dynamically selecting the best route in real time. The first such application is the car navigation system, which allows drivers to receive navigation instructions without taking their eyes off the road, via voice commands and makes driving easy.

Consumer receivers are the approximate size of a hand-held calculator, cost a few hundred dollars. There are new cutting edge applications being developed all the time, as the surrounding technological environment becomes more advanced. Commercial industries like Hotels, Automobile and Telecommunication are the most involved in GPS business. The services which are currently grabbing the market’s attention and are expected to evolve on a larger scale are:

1. In-car navigation services: A GPS system in a car (such as Garmin Nuvi or the recently announced Harman-Kardon GPS-300) lets the user plan a route just by typing in an address, and then following voice prompts that tell you where (and when) to turn. The on-screen display shows a bright easy-to-see find arrow for directions. Most recent cars have an in-built GPS in them. The device also can have in built information about local coffee shops with high-speed wireless access, the birthplace location of famous people or even the best restaurants in small towns. The system is user friendly and reliable.
2. Hiking, Bike rides or outdoor workouts: One of the most common uses for a GPS is just going for a hike, walk, run or bike ride Forerunner 305(Garmin), which is a GPS watch worn on the wrist shows exercise data such as current heart rate, speed and distance, and your total workout time. The Software included with the Forerunner also provides map of the route on a PC and then tracks your workout progress.
3. Geocaching: One idea for a very popular corporate event or after-work activity is to go geocaching. Geocaching has become a corporate "urban game" activity on a large scale. Microsoft recently hosted an event through GeoTeaming where each employee uses a GPS device for a scavenger hunt or a small treasure hunt activity. The event aims at providing motivational teamwork and planning.
4. Boating and Fishing: Fishing is another sport where a GPS provides several fishing perks beyond the basics. The GPS provides information about the fishing and hunting schedules for the best days and times to fish and which species are in season. There's also sunrise and sunset information, to judge how much light is available for nighttime outings and tide tables for those who fish on the ocean..
5. Golf: The GPS allows choosing clubs more accurately. The map of the area can be manually set by walking the course and setting waypoints. Then, when you play the course, the GPS shows the current location and the distance to the next hole. An easier approach is that it gives not only the pin distances, but bunker locations and other hazards to avoid such as lakes and even the best lay-up positions. (Brandon, 2007)
Unfortunately, as with all technology, there are a few drawbacks. As advanced as GPS technology is, it must be realized that no machinery can function 100 percent of the time. In order for a GPS system to provide accurate information it must be able to receive a signal from a minimum of four satellites. Inclement weather or tall buildings can interfere with signal reception. Another disadvantage of GPS is its dependence on battery power. Even though using a battery enables a GPS system to have portability, a battery can fail without warning. However in spite of these drawbacks the market for GPS has been booming especially in the consumer market.
MARKET GROWTH
Because of the open platform it is built on and the versatile options provided by the device, the in-car navigation, tracking and consumer applications (golf, fishing, geocaching) would lead the global GPS market to rise above $22 billion by 2008, driven by new applications and led in part by demand for timing devices.
• The vehicle mapmakers: It is forecasted that total map volume will increase to 65 million in 2011 from 7 million in 2006. In all, approximately 4 million vehicle navigation systems were sold in North America last year and approximately 13 million in Europe.
• Fleet Management: The GPS market for Fleet Management Worldwide is approximately US $ 4 Billion in the year 2005 and it is expected to grow at 3.4 % by the year 2010.
• Consumer’s applications like hiking, Golf and fishing have also led to quick appreciation of the attractiveness of GPS services. In dollar terms, the market is expected to expand at a CAGR of 13% over the same period to approximately $1.9 billion in 2011. (Find Articles.com, 2005)
The market for consumer GPS products has been booming because of its innovative features and lucrative price since the past few years and is definitely to continue to rise thus making it one of the best areas to invest.