Visual Positioning System Global Market Report 2024

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 surge in smart city initiatives, alongside the demand for precise applications such as public safety and traffic management, increased investments in automotive technology, a rise in drone demand, and the growing need for accurate navigation solutions, drove growth in the historic period.

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%. Growth in the forecast period will be fueled by the increasing adoption of automated guided vehicles (AGVs), the expanding utilization of unmanned aerial vehicles (UAVs), the ongoing trend of urbanization, the widespread use of smartphones and internet connectivity, and the continued development of autonomous vehicles. Key trends expected in the forecast period include the rising demand for artificial intelligence (AI)-enabled optical sensors, ongoing technological advancements and industrialization, progress in visual simultaneous localization and mapping, a growing appetite for innovative solutions, and advancements in machine vision technology.

The expansion of autonomous vehicles is poised to drive the growth of the visual positioning systems market in the future. These vehicles, which operate without constant human intervention or monitoring, rely on advanced sensor technologies, computer systems, and artificial intelligence for navigation. The increasing adoption of autonomous vehicles can be attributed to advancements in artificial intelligence and sensor technology, coupled with substantial investments from both private companies and governments to enhance transportation safety and efficiency. Visual positioning systems play a critical role in supporting autonomous vehicle technology, offering the precision, reliability, and shared reference frame necessary for safe and reliable self-driving capabilities as these vehicles gain popularity. For example, according to the National Association of Insurance Commissioners in December 2022, it is projected that there will be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Hence, the growing number of autonomous vehicles is expected to fuel the expansion of the visual positioning systems market.

Key players in the visual positioning system market are directing their efforts towards developing augmented reality (AR) platforms to gain a competitive edge. AR-based VPS enhances users' understanding of their surroundings 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, introduced the Lightship VPS system, allowing for persistent AR content and enabling multiple users to view the same content in the same location. This is made possible by having both devices share the same map, ensuring consistent real-world experiences.

In July 2021, Hexagon, a Sweden-based technology company, acquired Immersal Oy, a Finland-based visual positioning systems manufacturer, for an undisclosed amount. This strategic acquisition positions Hexagon as a leader in delivering smart digital realities, combining inputs from reality capture sensors with advanced visualization software and tools to enable remote, location-based intelligence.

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.

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.

The countries covered in the visual positioning system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A visual positioning system (VPS) utilizes vision technology to precisely locate a device or object by analyzing visual data from its surroundings. It captures images and compares them to a database of known locations, ensuring accurate positioning. This technology improves situational awareness and navigation accuracy, particularly in areas where GPS signals are weak or unavailable.

The key components of a visual positioning system include sensors, camera systems, markers, and other elements. Sensors detect and measure physical properties or environmental changes, converting them into interpretable signals. These sensors come in various types such as 1D, 2D, and 3D, offering solutions such as navigation, analytics, tracking, and industrial applications. Visual positioning systems support different location types such as indoor and outdoor positioning systems, utilized across sectors such as commerce, healthcare, industry, transportation, hospitality, defense, and more.

The visual positioning systems market research report is one of a series of new reports that provides visual positioning systems market statistics, including visual positioning systems industry global market size, regional shares, competitors with a visual positioning systems market share, detailed visual positioning systems market segments, market trends and opportunities, and any further data you may need to thrive in the Visual positioning systems industry. This visual positioning systems research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The visual positioning system market consists of revenues earned by entities by providing services such as navigation, asset tracking, and supply chain management. The market value includes the value of related goods sold by the service provider or contained within the service offering. The visual positioning system market also includes sales of depth-sensing tools and GPS tools. Values in this market are ‘factory gate’ values, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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