Positioning Services Market Growth Outlook Through 2024-2033

Positioning services refer to technologies and systems that determine the geographic location or position of a device, object, or person. These services typically calculate the precise location coordinates expressed in latitude and longitude. Positioning services provide location information with varying degrees of accuracy, depending on the technology and environment.

Sizing and Forecast
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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Segmentation & Regional Insights
The positioning services market covered in this report is segmented –
1) By Type: Indoor Positioning, Outdoor Positioning
2) By Application: Navigation, Surveying And Mapping, Fleet Management, Geotagging, Other Applications
3) By End-User: Transportation And Logistics, Defence And Military, Healthcare, Aerospace, Agriculture, Consumer Electronics, Other End-Users

North America was the largest region in the positioning services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the positioning services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing number of autonomous vehicles is expected to propel the growth of the positioning services market going forward. Autonomous vehicles are self-driving vehicles that employ advanced sensor technologies, computer systems, and artificial intelligence to operate and navigate without constant human intervention or monitoring. The increasing number of autonomous vehicles is 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. Highly accurate and reliable positioning services are critical for developing and operating autonomous and self-driving vehicles, improving the functionality and safety of automotive vehicles. 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 services market.

Key Industry Players
Major companies operating in the positioning services market are  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.

The positioning services market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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