Global Positioning Systems Market to Reach $198.82 Billion by 2029, Growing at 16.3% CAGR

What Is the Expected Size and Growth Rate of the Positioning Systems Market?
In recent years, there has been a fast-paced growth in the market size of positioning systems. It is forecasted to rise from $93.34 billion in 2024 to $108.78 billion in 2025, with a compound annual growth rate (CAGR) of 16.5%. This notable growth during the past period can be traced back to factors such as swift urbanization, the emergence of smart cities, the increase in GPS-enabled vehicles, the boom in the use of social media, and the escalating adoption of e-hailing services.

The market size for positioning systems is anticipated to experience significant expansion in the coming years. Expected to reach $198.82 billion in 2029 with a compound annual growth rate (CAGR) of 16.3%, this progression during the forecast period is largely due to the escalating demand for location-based services (LBS), heightened usage of autonomous vehicles, and a growing requirement for positioning systems within precision agriculture. Other contributing factors include the incorporation of 5G networks coupled with the widespread reach of smartphones. Key trends observed during this forecast period comprise the employment of Internet of Things (IoT) devices, advancements in positioning technology, a focus on driver-assistance technologies and interconnected cars, comprehensive infrastructure growth, and the assimilation of GPS technology.

What Are the Forces Behind the Rapid Growth of the Positioning Systems Market?
The growth of the positioning systems market is set to be driven by a rising number of autonomous vehicles. Autonomous vehicles, or self-driving cars, use cutting-edge sensor technologies, computer systems, and artificial intelligence to operate and navigate without the need for constant human oversight. The growing presence of autonomous vehicles comes as a result of advancements in sensor technology and artificial intelligence, as well as hefty investments and support from private entities and governments to boost safety and efficiency in transit. Positioning systems, an essential supporting technology, offer the precision, integrity, and common reference frame required for reliable, safe self-driving capabilities as the popularity of autonomous vehicles increases. For example, the National Association of Insurance Commissioners, a non-profit organization based in the US, predicted in December 2022 that the number of autonomous vehicles on the roads in the US will reach 3.5 million by 2025 and 4.5 million by 2030. Consequently, the surge in the number of autonomous vehicles is driving the growth of the positioning systems market.

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Which Leading Companies Are Shaping the Growth of the Positioning Systems Market?
Major companies operating in the positioning systems market are 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

What Are the Major Trends Shaping the Positioning Systems Market?
In the positioning systems sector, leading corporations are heightening their focus on the evolution of positioning technology like visual positioning systems (VPS) to establish a strong market presence. VPS technologies allow for precise localization and navigation of objects or gadgets in the real world using visual data from cameras or sensors. For example, in February 2023, a novel Immersal City-Scale Visual Positioning System was introduced by Immersal Oy, an augmented reality firm based in Finland. The groundbreaking system employs computer vision and machine learning for providing highly precise and trustworthy indoor and outdoor positioning, thereby facilitating smooth augmented reality interaction. The Immersal system, with its cutting-edge features like automatic 3D mapping, real-time localization, and compatibility with numerous devices, proves to be an invaluable asset for a multitude of applications, including those involved in smart city projects, facility management, and retail experiences.

What Are the Key Segments of the Positioning Systems Market?
The positioning systems market covered in this report is segmented -

1) By Component: Hardware, Software, Services
2) By Technology: Satellite-Based, Non-Satellite Based
3) By Application: Navigation, Surveying And Mapping, Fleet Management, Geotagging, Other Applications
4) By End-User: Transportation And Logistics, Defense And Military, Healthcare, Aerospace, Agriculture, Consumer Electronics, Other End-Users

Subsegments:
1) By Hardware: GPS Receivers, Antennas, Sensors (Accelerometers, Gyroscopes), Processors, RF Modules, Other Hardware Components
2) By Software: Navigation Software, Mapping And Visualization Software, Positioning Software (GNSS, RTK, And Others), Data Processing Software, Application Software (Location-Based Services, Fleet Management)
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Cloud-Based Positioning Services, Training Services, Data Services (Satellite Data, Location-Based Analytics)

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Which Region Dominates the Positioning Systems Market?
North America was the largest region in the positioning systems market in 2023. The regions covered in the positioning systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Positioning Systems Global Market Report?

- Market Size Analysis: Analyze the Positioning Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Positioning Systems Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Positioning Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Positioning Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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