According to a new report, published by KBV research, The Global Vision Positioning System Market size is expected to reach $11.2 billion by 2030, rising at a market growth of 12.2% CAGR during the forecast period.
The Outdoor segment is leading the Global Vision Positioning System Market by Location in 2022; thereby, achieving a market value of $7.6 billion by 2030. Outdoor location services involve using VPS technology to determine objects or devices' precise location and orientation in outdoor environments. The outdoor location services' applications are diverse and essential for various industries and use cases. The outdoor location segment of the market is constantly evolving, propelled by advancements in technology, growing demand for autonomous solutions, and the need for efficient outdoor navigation.
The Sensor segment is experiencing a CAGR of 12.7% during (2023 - 2030). Increasing demand for precise and dependable positioning solutions across multiple industries is one of the primary factors driving the development of the sensors segment. Sensors, specifically cameras, and LiDAR, are essential components that allow VPS systems to collect visual and contextual information about their surroundings. Using this information, VPS systems can precisely determine the position and motion of objects, enabling applications like robotics, autonomous navigation, augmented reality, and industrial automation.
The Unmanned Aerial Vehicle segment is generating the highest revenue in the Global Vision Positioning System Market by Platform in 2022; thereby, achieving a market value of $4.2 billion by 2030. The substantial expansion rate of the UAV platform is attributable to its broad range of applications in a variety of industry verticals, such as homeland security, the military, retail, and agriculture. The demand for UAVs in military applications is substantially greater than in commercial applications.
The Retail segment would exhibit a CAGR of 12.7% during (2023 - 2030). VPS technology provides shoppers with precise indoor navigation and wayfinding services within large shopping malls, department stores, and retail outlets. Customers can use their smartphones to locate specific stores, products, or departments, making it easier to navigate the store and find what they're looking for. VPS can help customers find specific products on store shelves. Using a store's mobile app, customers can scan or search for items, and the app provides real-time directions to the product's location.
The North America region dominated the Global Vision Positioning System Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $3.9 billion by 2030. The Europe region would witness a CAGR of 11.8% during (2023 - 2030). Additionally, The Asia Pacific region is anticipated to grow a CAGR of 13% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/vision-positioning-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB LTD., Sick AG, Cognex Corporation, Omron Corporation, FANUC Corporation, MDA Ltd. (Northern Private Capital Inc.), SZ DJI Technology Co., Ltd. (iFlight Technology Company Limited), Parrot Drone SAS, Seegrid Corporation, and Verizon Communications, Inc. (Senion AB)
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