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Visual Positioning System Global Market 2024 - Top Manufacturers, Latest Trends, Future Prospects And Outlook By 2033
Visual Positioning System Market Size
As per the report, the visual positioning system market size has grown rapidly in recent years. It will grow from $10.92 billion in 2023 to $12.49 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The visual positioning system market size is expected to see rapid growth in the next few years. It will grow to $21.43 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
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Autonomous Vehicles Driving Growth In Visual Positioning Systems Market
The increasing number of autonomous vehicles is expected to propel the growth of the visual positioning systems market going forward. Autonomous vehicles are self-driving cars 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. Visual positioning systems are a crucial supporting technology that offers the accuracy, integrity, and shared reference frame required for safe, dependable self-driving capabilities as autonomous vehicles become more popular. 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 driving the growth of the visual positioning systems market.
Augmented Reality Platforms Drive Innovation In Visual Positioning Systems
Major companies operating in the visual positioning system market are focusing on developing augmented reality (AR) platforms to gain a competitive advantage. Augmented reality-based VPS enhances the user's understanding of their environment by seamlessly integrating virtual information with the real world, providing an immersive and contextually rich experience. For instance, in May 2022, Niantic, a US-based software development company, launched the Lightship VPS system. The system allows for persistent AR content, allowing multiple users to see the same content in the same location. This is achieved by having both devices share the same map, ensuring they see the same thing happening in the same place in the real world.
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
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Major companies operating in the visual positioning system market are Google LLC, Qualcomm Inc., Broadcom Inc., ABB Ltd., MediaTek Inc., STMicroelectronics, Infineon Technologies AG, Omron Corporation, Fanuc Corporation, Hexagon AB, Trimble Inc., Sick AG, MiTAC Digital Technology Corporation, Topcon Corporation, Pepperl + Fuchs Inc., Cognex Corporation, Niantic Inc., Twin Disc inc., Sonardyne International Ltd., Navis Engineering, Praxis Automation Technology BV
Contents of the report:
1. Executive Summary
2. Visual Positioning System Market Report Structure
3. Visual Positioning System Market Trends And Strategies
4. Visual Positioning System Market - Macro Economic Scenario
5. Visual Positioning System Market Size And Growth
…..
27. Visual Positioning System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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