GPS is a global navigation satellite system that provides location and time information to GPS receivers anywhere on Earth. It consists of three segments - the space segment with 24 satellites orbiting Earth, the control segment of ground stations that monitor the satellites, and the user segment of GPS receivers used by individuals. GPS works by precisely measuring the travel time of signals from multiple satellites to triangulate the receiver's position. It provides accurate positioning 24/7 globally and has many applications including navigation, mapping, and tracking.