In a study conducted on the subject to assess the value of the GPS technology for the US economy, it has been found that a 30-day GPS outage due to a severe space weather event would lead to a loss of $1Bn every single day. The study was performed by RTI International, a North Carolina-based research organization with the sponsorship of the US government’s National Institutes of Standards and Technology.
The study carried out to analyze the benefits of GPS since 1984 to 2017 found that GPS usage has contributed to $1.4 trillion in economic benefits during this time span. After studying the impact of GPS usage in different sectors, the researchers came to know that “telecommunications” is one sector which has got the highest benefit due to GPS. Telematics and the location-based services on smartphone stood at the second and the third place.
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According to the study, the loss of GPS service would largely impact the farmers in the planting season as farmers rely on GPS technology to get information about fields. While estimating roughly about the loss due to GPS outage, different variables were studied and one of the variables was “precision timing.” It highlighted the number of wireless services to asses the loss due to GPS outage.