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Positioning Systems Market Size, Share, Industry Analysis, Segments And Forecast To 2033
Positioning Systems Market Share
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According to The Business Research Company's, The positioning systems market size has grown rapidly in recent years. It will grow from $80.29 billion in 2023 to $93.34 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to rapid urbanization, the development of smart cities, the proliferation of GPS-enabled vehicles, the surge in the use of social media, rise in the adoption of e-hailing services.
The positioning systems market size is expected to see rapid growth in the next few years. It will grow to $171.16 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to growing demand for location-based services (LBS), increasing adoption of autonomous vehicles, rising need for positioning systems in precision agriculture, integration of 5g networks, and increasing penetration of smartphones. Major trends in the forecast period include the use of Internet of Things (IoT) devices, advancements in positioning technology, emphasis on driver-assistance technologies and connected cars, extensive infrastructure development, and integration of GPS technology.
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Market Drivers and Trends:
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Major companies operating in the positioning systems market are focusing on advancements in positioning technology, such as visual positioning systems, to gain a competitive edge in the market. Visual positioning systems (VPS) are technologies that enable accurate localization and navigation of objects or devices in the physical world by utilizing visual information from cameras or sensors. For instance, in February 2023, Immersal Oy, a Finland-based augmented reality company, launched the Immersal City-Scale Visual Positioning System. This innovative solution utilizes computer vision and machine learning to provide highly accurate and reliable indoor and outdoor positioning, enabling seamless augmented reality experiences. The Immersal system features advanced features such as automatic 3D mapping, real-time localization, and support for multiple devices, making it a valuable tool for a wide range of applications, including smart city initiatives, facility management, and retail experiences.
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Major Key Players of the Market:
General Electric Company, A.B Volvo, Qualcomm Inc., Broadcom Inc., ABB Ltd., L3 Harris Technologies Inc., Rolls Royce PLC., Wartsila, Hexagon AB, Trimble Navigation Ltd., Kongsberg Gruppen ASA, MiTAC Digital Technology Corporation, Royal IHC Ltd., Norr Systems Pte Ltd., RH Marine, Twin Disc inc., Moxa Inc., Alphatron Marine BV, Sonardyne International Ltd., Reygar Ltd., Thrustmaster of Texas Inc., Marine Technologies LLC, Navis Engineering, Raytheon Anschutz, Praxis Automation Technology BV
Positioning Systems Market 2024 Key Insights:
• The positioning systems market size is expected to see rapid growth in the next few years. It will grow to $171.16 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Autonomous Vehicles Driving Growth In Positioning Systems Market
• Positioning Systems Market Embraces Advancements In Positioning Technology
• North America was the largest region in the positioning systems market in 2023
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