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What key factors are powering the surge in the positioning systems market right now?

There has been swift expansion in the size of the positioning systems market in the past few years. The expected progression is from $93.34 billion in 2024 to a substantial $108.78 billion in 2025, indicating a compound annual growth rate (CAGR) of 16.5%. The dramatic increase during this historical period can be assigned to factors such as quick urbanization, the emergence of smart cities, the influx of GPS-integrated vehicles, the upswing in social media usage, and the growing adoption of e-hailing services.

How fast Is the positioning systems market expected to grow, and what’s its future value?

The positioning systems market size is expected to see rapid growth in the next few years. It will grow to $198.82 billion in 2029 at a compound annual growth rate (CAGR) of 16.3%. 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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What are the leading drivers of growth in the positioning systems market?

The growth of the positioning systems market is anticipated to be driven by the burgeoning numbers of autonomous vehicles. Autonomous vehicles are self-driving cars that depend on high-tech sensor technologies, computer systems, and artificial intelligence for functioning and navigation without perpetual human interference or supervision. The rise in the quantity of autonomous vehicles can be attributed to the advancements in artificial intelligence and sensor technology, coupled with significant investment and backing from private entities and governments with the aim to boost transportation safety and efficiency. Positioning systems play an indispensable supportive role that provides the precision, reliability, and common reference frame indispensable for secure, reliable self-driving abilities as autonomous vehicles gain increased acceptance. For example, the National Association of Insurance Commissioners, a non-profit organization located in the US, has forecasted in December 2022 that there will be about 3.5 million autonomous vehicles on the roads of America by 2025, and 4.5 million by the year 2030. Hence, the growth in autonomous vehicle numbers enhances the demand for positioning systems in the market.

What are the key segments defining 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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Who are the key players steering the development 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

How are evolving market trends shaping positioning systems Strategies?

Leading firms in the positioning systems market are leveraging the latest positioning technology breakthroughs, like visual positioning systems (VPS), to establish a strong market presence. The VPS technology uses visual cues from cameras or sensors to accurately locate and navigate objects or devices in the real world. As an example, in February 2023, the Finland-based augmented reality firm, Immersal Oy, rolled out the Immersal City-Scale Visual Positioning System. Taking advantage of computer vision and machine learning, this trailblazing solution provides highly precise and trustworthy indoor and outdoor positioning, creating flawless augmented reality experiences. The Immersal system integrates sophisticated features like automatic 3D mapping, real-time location identification, and support for several devices, making it a precious asset across varied applications such as smart city programs, facility management, and retail experiences.

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Which regions are most influential in expanding 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.

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