The visual positioning system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Visual Positioning System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Visual Positioning System Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Visual Positioning System Market Overview
Market Drivers –
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.
Market Trends –
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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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Visual Positioning System Market characterstics
3. Visual Positioning System Market Trends And Strategies
4. Visual Positioning System Market – Macro Economic Scenario
5. Global Visual Positioning System Market Size And Growth
…..
32. Global Visual Positioning System Market Competitive Benchmarking
33. Global Visual Positioning System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Visual Positioning System Market
35. Visual Positioning System Market Future Outlook and Potential Analysis
36. Appendix
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