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Vision Positioning System Market Size

Report ID: GMI7389
Published Date: Nov 2023
Report Format: PDF

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Vision Positioning System Market Size

Vision Positioning System Market size was valued at USD 5.7 billion in 2022 and is estimated to register a CAGR of over 11% between 2023 and 2032. The rising development of autonomous vehicles, including self-driving cars and drones is driving the adoption of vision positioning system (VPS) technology for precise navigation and obstacle avoidance in the systems. The surge in the number of smart city initiatives is driving the need for applications, such as public safety, traffic management, and autonomous transportation, further boosting the market development.

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For instance, in February 2023, digital reality firm Hexagon’s Immersal Oy launched Immersal City-Scale, its innovative VPS solution to provide unmatched accuracy in outdoor location-based services to mobile network operators as well as their enterprise customers.

Vision Positioning System Market Report Attributes
Report Attribute	Details
Base Year:	2022
Vision Positioning System Market Size in 2022:	USD 5.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	11%
2032 Value Projection:	USD 16.3 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	417
Segments covered:	Component, Platform, Location, Solution, End-use Industry
Growth Drivers:	Rise in automation and robotics Growing development and testing of autonomous vehicles Increasing military budgets of governments Rising smart city initiatives across the globe Technological advancements in machine vision and computer vision
Pitfalls & Challenges:	Dependency of vision positioning systems on environmental conditions High cost of technology

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The growing usage of smartphones and the subsequent popularity of improved indoor navigation and location-based services will contribute to the vision positioning system market growth. According to Insider Monkey, China has the world’s largest smartphone user base, accounting nearly 783 million users. With the surging interest in consumer electronics worldwide, VPS technology is expected to become more accessible to wider audience.

However, VPS technology could be expensive for developing, implementing, and maintaining in high-precision applications. Limited operational range, particularly in indoor environments will also act as a restraining factor for the product uptake.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of vision positioning system reached USD 5.7 billion in 2022 and is set to witness over 11% CAGR from 2023 to 2032, due to the rising development of autonomous vehicles, including self-driving cars and drones.

The outdoor location segment is expected to account for over 60% of the market share in 2022, owing to the increased need for more reliable, accurate, and safe navigation to address challenges.

North America held 34% of the market share in 2022, driven by the rising popularity of autonomous vehicles and self-driving cars in the region.

Some of the leading vision positioning system companies are ABB Ltd., Cognex Corporation, DJI Technology Co., Ltd,Fanuc Corporation, Omron Corporation, Qualcomm Technologies, Inc., Seegrid, Sick AG, Sony Corporation, and Verizon Communications.