New York, USA, July 25, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Visual Positioning System Market Information by Solution, By Component, By Platform, By Type, By End-User, By Region – Market Forecast Till 2032”. The global visual positioning system market will touch USD 27,419.6 million at an 11.7% CAGR by 2032, as per the recent Market Research Future report.
Visual Positioning System Industry Key Players:
Eminent industry players profiled in the visual positioning system market report include
- Apple
- Huawei
- Samsung,
- Sony,
- Qualcomm
- MediaTek
- Infineon
- STMicroelectronics
- Broadcom
- Texas Instruments
- NXP Semiconductors
- Infineon Technologies
- Epson
- Zebra Technologies
- Niantic.
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Scope of the Report – Visual Positioning System Market
| Report Metrics | Details |
| Market Size 2032 | USD 27,419.6 Million |
| CAGR during 2023-2032 | 11.7% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | The rapid increase in automation applications of industries is evolving. |
| Key Market Dynamics | The enabling systems to operate in an automated way for providing location information with collision avoidance. |
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Drivers:
Increase in Drones and Autonomous Vehicles to Boost Market Growth:
In order for driverless vehicles and drones to be developed and used safely, very precise positioning systems are needed. Precision localization & mapping for the autonomous vehicles & drones are made possible using VPS technology in conjunction with other sensor fusion techniques. The need for drone applications and autonomous vehicles is growing, and this trend is a major market driver for VPS.
Opportunities:
Rising Need for Location-Based Services to Boost Market Growth:
A growing number of businesses, including retail, healthcare, hospitality, transportation, and logistics, are incorporating location-based services (LBS) into their operations. VPS technology allows more accurate and exact location, enabling businesses to provide their clients with customized and context-aware services. The market for VPS is significantly being driven by the rising need for location-based services.
Restraints and Challenges:
High Cost to Act as Market Restraint:
The high cost of installation & maintenance coupled with the need for reliable & secure communication infrastructure may act as market restraints over the forecast period. Besides, the COVID-19 impact may also impede market growth.
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Market Segmentation:
The global visual positioning system market is bifurcated based on component, location, type, solution, platform, and application.
By component, camera systems will lead the market over the forecast period. Cameras, as the name implies, became the market's main category in 2022, accounting for the biggest revenue share. Because they gather photographs of a space or monitor the location of automated machinery to provide input data to the system, cameras are crucial parts of positioning systems.
By location, outdoor positioning will domineer the market over the forecast period. This is a result of the rising demand for outdoor AGVs and UAVs, notably in the industrial, commercial, retail, and retail-related industries.
By type, 2D will spearhead the market over the forecast period for the burgeoning need for 2D cameras.
By solution, industrial solutions will head the market over the forecast period. This occurs as a result of the fast growth of industrial automation. While big data analytics & navigation technologies are routinely used to operate these websites in the healthcare and retail industries.
By platform, robotics will spur the market over the forecast period. Industrial robots are becoming more and more common in corporate settings since they are more productive than humans at any mechanized task. These are far more competent than home robots, which justifies greater investment on such machinery.
By application, commercial will command the market over the forecast period. These systems are quite popular in the commercial areas of retail, industrial, transportation & logistics, healthcare, and hospitality.
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Regional Analysis:
North America to Command Visual Positioning System Market:
North America accounted for 35.6% of the global market for visual positioning systems in 2022, and it is anticipated that it would continue to dominate over the forecast period. This is due to the region's large player base and diverse customer base. In addition, the use of AGVs, UAVs, industrial robots, & spacecraft has significantly increased. Companies like Google, Apple, & Qualcomm are heavily funding the development of VPS technology, and it is anticipated that they will control the industry in the upcoming years. Research and development have received significant funding from the US government. The University of California received a $10 million grant from the US Department of Defense in 2016 to develop a VPS system for military applications. In North America, factors like being a leader in technological advancement and investing heavily in R&D to develop effective manufacturing processes are also major market drivers for visual positioning systems. Furthermore, the regional market is anticipated to expand substantially over the course of the projection period due to the quick adoption of the industrial automation & the existence of a sizeable number of market vendors with local roots.
APAC to Have Admirable Growth in Visual Positioning System Market:
Asia Pacific is projected to become regions with favorable market growth. Among manufacturers of drones, DJI is a Chinese company that leads the world in developing high-precision positioning systems. Its "Guidance" product truly is a visual sensing system with integrated visual cameras, ultrasonic sensors, and a highly developed computer vision algorithm. Five sensor modules and a central CPU are included in the set. Because of its very accurate stereo algorithms, it can provide position-based information on any terrain and instantly detect any barrier. To address specific requirements, developers can create specialized apps for the ultrasonic and visual sensors. Due to strong foreign investment in the Chinese drone business, positioning device producers like Yuneec International & Hover Camera anticipate future growth in demand.
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