Visual Positioning System Market Size Will Grow Profitably By 2032
Visual Positioning System Market Overview:
The growth of the market is attributed to the increasing demand for VPS in various applications such as augmented reality (AR), virtual reality (VR), robotics, and drones. VPS size has a number of advantages over other positioning systems such as GPS. It is not affected by environmental factors such as buildings or trees, and it can be used indoors and outdoors. The Visual Positioning System market is projected to grow from USD 10,123.2 Million in 2023 to USD 27,419.6 million by 2032, exhibiting at a CAGR of 11.7% during the forecast period (2023 – 2032).
VPS is a technology that uses cameras and computer vision algorithms to determine the location and orientation of a device in the physical world. It does this by comparing the images captured by the camera to a pre-existing database of images. The difference between the two images is used to calculate the device's position.
The following are the key applications of VPS:
- Apple
- Huawei
- Samsung
- Sony
- Qualcomm
- MediaTek
- Infineon
- STMicroelectronics
- Broadcom
- Texas Instruments
- NXP Semiconductors
- Infineon Technologies
- Epson
- Zebra Technologies
- Niantic
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The VPS market is segmented by component, location, solution, platform, application, and region.
- By component, the market is segmented into sensors, camera systems, markers, and others. The camera systems segment is expected to hold the largest share of the market during the forecast period. This is due to the increasing use of cameras in VPS systems.
- By location, the market is segmented into indoor positioning and outdoor positioning. The indoor positioning segment is expected to grow at a higher CAGR during the forecast period. This is due to the increasing demand for VPS in AR and VR applications, which are mostly used indoors.
- By solution, the market is segmented into hardware and software. The software segment is expected to grow at a higher CAGR during the forecast period. This is due to the increasing demand for advanced software solutions that can improve the accuracy and performance of VPS systems.
- By platform, the market is segmented into mobile, wearable, and automotive. The mobile segment is expected to hold the largest share of the market during the forecast period. This is due to the increasing use of smartphones and tablets in AR and VR applications.
- By application, the market is segmented into commercial, defense, and industrial. The commercial segment is expected to grow at a higher CAGR during the forecast period. This is due to the increasing use of VPS in navigation and mapping, automotive, and healthcare applications.
- By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold the largest share of the market during the forecast period. This is due to the early adoption of AR and VR technologies in the region.
- The VPS market is a rapidly growing market with a lot of potential. The increasing demand for AR and VR applications, the growing use of robotics in industrial automation, and the rising adoption of drones for commercial and military applications are the key drivers of the market. The market is expected to grow at a significant CAGR during the forecast period.
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