What Is The Scope Of The Global Visual Positioning System Market?
A visual positioning system (VPS) is a technology that uses vision technology to determine the precise location of a device or object by analyzing visual data from the surrounding environment. It captures images and compares them to a database of known locations, enabling accurate positioning. This technology enhances situational awareness and navigation accuracy, especially where global positioning system (GPS) signals are weak or unavailable.
Visual Positioning System Global Market Report 2024 provides data on the global visual positioning system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Visual Positioning System market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Visual Positioning System?
The visual positioning system market has experienced rapid growth in recent years, expanding from $10.92 billion in 2023 to $12.49 billion in 2024, reflecting a compound annual growth rate (CAGR) of 14.3%. This historical growth is attributed to the surge in smart city initiatives, the need for precise applications such as public safety and traffic management, increased investments in automotive technologies, rising demand for drones, and the need for accurate navigation solutions. The market is expected to continue its rapid expansion, reaching $21.43 billion by 2028 with a CAGR of 14.5%. The forecasted growth is driven by the increasing adoption of automated guided vehicles (AGVs), rising use of unmanned aerial vehicles (UAVs), growing urbanization, the widespread use of smartphones and internet connectivity, and the development of autonomous vehicles. Major trends in the forecast period include demand for AI-enabled optical sensors, technological advancements and industrialization, improvements in visual simultaneous localization and mapping, demand for innovative solutions, and advancements in machine vision technology.
What Are The Leading Drivers Of Growth In The Visual Positioning System Market?
The increasing number of autonomous vehicles is expected to drive the growth of the visual positioning systems market. Autonomous vehicles are self-driving cars equipped with advanced sensor technologies, computer systems, and artificial intelligence to operate without constant human intervention. This rise is due to advancements in AI and sensor technology, substantial investment from private companies and governments, and efforts to enhance safety and efficiency in transportation. Visual positioning systems are crucial for providing the accuracy and integrity needed for dependable self-driving capabilities. For example, according to the National Association of Insurance Commissioners in December 2022, there are projected to be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Consequently, the increasing number of autonomous vehicles is propelling the growth of the visual positioning systems market.
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How Are The Segments Defined Within The Global Visual Positioning System Market?
The visual positioning system market covered in this report is segmented –
1) By Component: Sensors, Camera Systems, Markers, Other Components
2) By Type: 1D (One-Dimensional), 2D (Two-Dimensional), 3D (Three-Dimensional)
3) By Solution: Navigation, Analytics, Tracking, Industrial Solutions, Other Solutions
4) By Location: Indoor Positioning System, Outdoor Positioning System
5) By Application: Commercial Application, Retail, Healthcare, Industrial, Transportation And Logistics, Hospitality, Defense Application, Other Applications
How Are New Trends Expected To Influence The Growth Of The Visual Positioning System Market?
Major players in the visual positioning system market are focusing on augmented reality (AR) platforms to enhance user experiences. AR-based visual positioning systems integrate virtual information with the real world. For instance, in May 2022, US-based Niantic launched the Lightship VPS system, allowing persistent AR content visible to multiple users in the same location by sharing the same map, enhancing the AR experience.
Which Region Drives The Highest Growth In The Visual Positioning System Market?
North America was the largest region in the visual positioning system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the visual positioning system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
