Tractors that steer themselves, property that knows it’s been stolen, airplanes that land without pilots – that sounds like science fiction. It’s all a result of the global positioning system which is mind-boggling. The industry is set to skyrocket and opportunities for the entrepreneur are there.

This spring the U.S. government will launch its first next generation GPS satellite to complement the 30 older models already in use. The aim is to create stronger signals, increased bandwidth, and lots of potential for smart entrepreneurs.

Since the Defense Department made its GPS signals available for commercial use in 1993, the market for location-based services has swelled to nearly $5 billion, and that’s just the beginning. The demand for these services is expected to double in the next few years. The three hot growth areas – tracking, navigation, and hardware promise to be multibillion dollar markets by 2010.

Though startups are springing up all over the place, plenty of technologies remain untapped. One of the untapped areas are automated navigation systems in family cars that keep drivers a safe distance from other vehicles.

Huge companies such as UPS plan to outfit 75,000 drivers with GPS-enabled handhelds this year to help them reach destinations more efficiently. Some savvy entrepreneur who offered similar navigation and tracking services could also make out nicely.