Global Visual Positioning System Market Projected to Grow at 14.4% CAGR, Reaching $24.49 Billion by 2029

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What Will the Visual Positioning System Industry Market Size Be by 2025?_x000D_
In recent years, the market size for visual positioning systems has experienced a swift expansion. The market is projected to escalate from a value of $12.49 billion in 2024 to approximately $14.32 billion in 2025, marking a compound annual growth rate (CAGR) of 14.6%. The previous growth can be associated with several factors namely, a spike in initiatives towards smart cities, necessity for precise applications in fields such as public safety and traffic control, amplified investments in the automotive sector, higher requisition for drones, and surging demand for precise navigation solutions._x000D_
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What's the Long-Term Growth Forecast for the Visual Positioning System Market Size Through 2029?_x000D_
The market size of the visual positioning system is set to experience fast-paced expansion in the coming years, eventually reaching $24.49 billion in 2029 at a CAGR of 14.4%. This surge during the prediction period is largely due to an increase in the implementation of automated guided vehicles (AGVs), widespread usage of unmanned aerial vehicles (UAVs), escalating urban advancements, the proliferation of smartphones and internet connectivity, and the evolution of autonomous vehicles. The forecast period also sees trends such as the requirement for artificial intelligence (AI) equipped optical sensors, technological progression and industrialisation, improvements in visual simultaneous localisation and mapping, a call for innovative solutions, and breakthroughs in machine vision technology._x000D_
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What Are the Key Growth Drivers Fueling the Visual Positioning System Market Expansion?_x000D_
The growth of the visual positioning systems market is anticipated to be propelled by the emerging number of autonomous vehicles. Self-driving cars, also known as autonomous vehicles, leverage cutting-edge sensor technologies, computer systems, and artificial intelligence to operate and navigate without continuous human oversight. The rise in the number of such vehicles can be attributed to advancements in sensor technology and artificial intelligence, coupled with substantial backing and investment from private enterprises and governments to enhance transportation safety and efficiency. As autonomous vehicles become more prevalent, visual positioning systems, that provide the necessary accuracy, reliability, and shared reference framework for safe, reliable autonomous driving, become increasingly important. For example, in December 2022, the National Association of Insurance Commissioners, a non-profit organization based in the United States, projected that by 2025, there would be 3.5 million autonomous vehicles on American roads, and this figure is expected to reach 4.5 million by 2030. Consequently, the growth of the visual positioning systems market is being driven by the proliferating number of autonomous vehicles._x000D_
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What Are the Key Trends Driving Visual Positioning System Market Growth?_x000D_
Prominent companies in the visual positioning system market are making strides to develop platforms based on augmented reality (AR) to achieve a competitive edge. A VPS that uses AR can improve the user's perception of their surroundings by flawlessly blending virtual data with real-world elements, resulting in a richly contextual and captivating experience. To illustrate, Niantic, a software development company based in the US, unveiled the Lightship VPS system in May 2022. The system facilitates the constant availability of AR content, enabling numerous users to view identical content at the same locale. They accomplish this by allowing both devices to access the same map, guaranteeing that they perceive the same events taking place in the same real-world area._x000D_
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How Is the Visual Positioning System Market Segmented?_x000D_
The visual positioning system market covered in this report is segmented - _x000D_
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1) By Component: Sensors, Camera Systems, Markers, Other Components_x000D_
2) By Type: 1D (One-Dimensional), 2D (Two-Dimensional), 3D (Three-Dimensional)_x000D_
3) By Solution: Navigation, Analytics, Tracking, Industrial Solutions, Other Solutions_x000D_
4) By Location: Indoor Positioning System, Outdoor Positioning System_x000D_
5) By Application: Commercial Application, Retail, Healthcare, Industrial, Transportation And Logistics, Hospitality, Defense Application, Other Applications_x000D_
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Subsegments:_x000D_
1) By Sensors: Optical Sensors (Photodetectors), Lidar Sensors (Light Detection And Ranging), Inertial Measurement Units (Imus) (Gyroscopes, Accelerometers), Ultrasonic Sensors (For Distance Measurement), Magnetic Sensors (For Orientation And Positioning), Gps Sensors (For Hybrid Systems) _x000D_
2) By Camera Systems: Monocular Cameras (Single Lens For Positioning), Stereo Camera Systems (Two Cameras For Depth Perception), 360-Degree Cameras (Panoramic Cameras For Complete Spatial Coverage), Depth Cameras (Time-Of-Flight Cameras), Infrared Cameras (Used For Low-Light Or Night-Time Positioning), Rgb Cameras (Standard Cameras For Image Processing) _x000D_
3) By Markers: Qr Code Markers (For Machine Vision-Based Positioning), Fiducial Markers (Distinct Visual Patterns For Positioning), Barcodes (For Indoor Navigation And Item Tracking), Ar (Augmented Reality) Markers (Used In Ar-Based Positioning Systems), Optical Flow Markers (For Dynamic And Real-Time Positioning), Custom Visual Markers (Designed For Specific Positioning Needs) _x000D_
4) By Other Components: Processing Units (Microcontrollers, Gpus For Data Processing), Software And Algorithms (For Image Processing, Position Estimation), Communication Modules (Wi-fi, Bluetooth, Li-Fi), Power Supply Units ( Batteries, Power Management Systems), Mounting Hardware (Brackets, Supports For Sensors And Cameras), Calibration Tools (To Ensure Accurate Measurements And Alignment)_x000D_
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Which Companies Are Leading the Charge in Visual Positioning System Market Innovation?_x000D_
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_x000D_
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Which Regions Are Leading the Global Visual Positioning System Market in Revenue?_x000D_
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._x000D_
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