Visual Positioning System Market: Key Trends, Future Insights, and Scope

The Business Research Company recently released a comprehensive report on the Global Visual Positioning System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=16212&type=smp

According to The Business Research Company's, 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.

Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/visual-positioning-system-global-market-report

Market Drivers and Trends:

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.

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.

Key Benefits for Stakeholders:

• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:

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

Visual Positioning System Market 2024 Key Insights:

• 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%.
• Autonomous Vehicles Driving Growth In Visual Positioning Systems Market
• Augmented Reality Platforms Drive Innovation In Visual Positioning Systems
• North America was the largest region in the visual positioning system market in 2023

We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=16212&type=smp

Contact Us:

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.