Overview and Scope
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.
Sizing and Forecast
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 growth in the historic period can be attributed to the surge in smart city initiatives, the need for precise applications like public safety and traffic management, increased investments in automotive, increased demand for drones, rise in demand for precise navigation solutions.
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%. The growth in the forecast period can be attributed to the growing adoption of automated guided vehicles (AGVS), increasing use of unmanned aerial vehicles (UAVs), growing urbanization, increasing use of smartphones and internet connectivity, and development of autonomous vehicles. Major trends in the forecast period include demand for artificial intelligence (AI)-enabled optical sensors, technological developments and industrialization, advancements in visual simultaneous localization and mapping, demand for innovative solutions, and advancements in machine vision technology.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The visual positioning system market report table of contents includes:
- Executive Summary
- Visual Positioning System Market Characteristics
- Visual Positioning System Market Trends And Strategies
- Visual Positioning System Market – Macro Economic Scenario
- Global Visual Positioning System Market Size and Growth
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- Global Visual Positioning System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Visual Positioning System Market
- Visual Positioning System Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Visual Positioning System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Visual Positioning System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Visual Positioning System Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 76: Google LLC Financial Performance
Table 77: Qualcomm Inc. Financial Performance
Table 78: Broadcom Inc. Financial Performance
Table 79: ABB Ltd. Financial Performance
Table 80: MediaTek Inc. Financial Performance
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