Positioning Services Market Segments
“The Business Research Company recently released a comprehensive report on the Global Positioning Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The positioning services market size has grown rapidly in recent years. It will grow from $27.25 billion in 2023 to $30.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to rapid urbanization, robust automotive industry, utilization of digital marketing and online channels, increasing reliance on location-based data, shifted focus towards the customers’ perspective in product positioning.
The positioning services market size is expected to see rapid growth in the next few years. It will grow to $51.03 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to growing emphasis on smart and connected technologies, expanding precision agriculture applications, increasing demand for geospatial imagery analytics, mapping, and GIS applications, integration of 5G networks, rise of e-commerce. Major trends in the forecast period include adoption of GPS technology, advancements in automotive navigation, advancements in positioning technology, developments in satellite technology, technological advancements.
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Market Drivers and Trends:
The increasing number of autonomous vehicles is expected to propel the growth of the positioning systems market going forward. Autonomous vehicles are self-driving cars that employ advanced sensor technologies, computer systems, and artificial intelligence to operate and navigate without constant human intervention or monitoring. The number of autonomous vehicles is increasing due to advancements in artificial intelligence and sensor technology, along with substantial investment and support from private companies and governments to enhance safety and efficiency in transportation. Positioning systems are a crucial supporting technology that offers the accuracy, integrity, and shared reference frame required for safe, dependable self-driving capabilities as autonomous vehicles become more popular. For instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, there are expected to be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Therefore, the increasing number of autonomous vehicles drives the positioning systems market.
Major companies operating in the positioning services market are developing innovative solutions such as GNSS Precise Point Positioning (PPP) services to enhance location-based applications’ accuracy, reliability, and efficiency across various industries. GNSS Precise Point Positioning (PPP) is an advanced global navigation satellite system (GNSS) data processing technique that provides highly accurate location information by correcting various error sources in the GNSS signals. For instance, in July 2021, Fugro, a Netherlands-based surveying services company, launched the SpaceStar GNSS Precise Point Positioning (PPP) service. This service provides high-accuracy positioning in space for the first time by delivering real-time sub-decimetre absolute positioning and nanosecond-level timing onboard Low Earth Orbit (LEO) satellites. The service also enables enhanced space situational awareness, precise thruster optimization, proximity operations, auto docking, Earth observation applications, and RF geolocation
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Major Key Players of the Market:
Stonex Group Inc., Qualcomm Inc., Honeywell International Inc., Broadcom Inc., Texas Instruments Inc., STMicroelectronics NV, Hexagon AB, Garmin Ltd., Nikon Corporation, Rockwell Collins Inc., Trimble Inc., Topcon Corporation, Leica Geosystems AG, TomTom N.V,, NovAtel Inc., CHC Navigation, Eos Positioning Systems, Avidyne Corporation, Hemisphere GNSS Inc., Javad GNSS Inc., Septentrio Inc., Spectra Geospatial, ComNav Technology Ltd., Geneq Inc., Pentax Corporation, Kolida Instrument Co. Ltd.
Positioning Services Market 2024 Key Insights:
• The positioning services market size is expected to see rapid growth in the next few years. It will grow to $51.03 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
• Autonomous Vehicles Driving Growth In Positioning Systems Market
• Developing GNSS Precise Point Positioning (PPP) Services To Revolutionize Location-Based Applications
• North America was the largest region in the positioning services market in 2023
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