Continued Growth Seen in the GPS Services Market
Expansion Has Been Robust in the Previous Year
The GPS services market has experienced robust growth in recent years, expanding from $27.25 billion in 2023 to $30.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. According to a new report from The Business Research Company in London, the market is projected to continue its strong growth, reaching $51.03 billion in 2028 at a CAGR of 13.4%.
While the growth over the previous years can be attributed to rapid urbanization, robust automotive industry, utilization of digital marketing and online channels, increasing reliance on location-based data, which shifted focus towards the customers' perspective in product positioning, the growth in the forecast period will more likely be due 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.
The report finds that 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.
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.