Visual Positioning System Market Overview:
The visual positioning system (VPS) market is expected to grow at a CAGR of 11.7 %during the forecast period of 2023 to 2032 is expected to reach USD 27,419.6 million by 2032.
The increasing applications in the end user industries globally are escalating the growth of vision positioning system market. The key factors driving the growth of the VPS market include the increasing adoption of VPS in smartphones, tablets, and other devices, the growing demand for indoor navigation systems, and the rising popularity of augmented reality (AR) and virtual reality (VR) applications.
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 held the majority share in 2022, contributing around 51.8% to the market revenue. As the name suggests, Cameras emerged as the key component in VPS as they are used to capture images and videos of the surrounding environment.
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By location, the market is segmented into indoor positioning and outdoor positioning. The indoor positioning segment is expected to dominate the market during the forecast period. This is due to the increasing adoption of VPS in smartphones and tablets for indoor navigation applications.
By solution, the market is segmented into infrastructure-based and device-based. The infrastructure-based segment is expected to dominate the market during the forecast period. This is due to the increasing adoption of VPS in smartphones and tablets for indoor navigation applications.
By platform, the market is segmented into cloud-based and on-premises. The cloud-based segment is expected to dominate the market during the forecast period. This is due to the increasing adoption of cloud computing services for VPS applications.
By application, the market is segmented into commercial, defense, and consumer. The commercial segment is expected to dominate the market during the forecast period. This is due to the increasing adoption of VPS in smartphones and tablets for indoor navigation applications.
By region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America is expected to dominate the market during the forecast period. This is due to the early adoption of new technologies in the region.
The key players in the VPS market include Google, Apple, Qualcomm, Huawei, and Infineon Technologies.
The VPS market is facing some challenges, such as the lack of standardization and the high cost of implementation. However, the market is expected to grow due to the increasing adoption of new technologies, such as 5G and cloud computing.
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Here are some of the key trends in the VPS market:
- The increasing adoption of VPS in smartphones and tablets is driving the growth of the market.
- The growing demand for indoor navigation systems is another key trend in the VPS market.
- The rising popularity of AR and VR applications is also expected to drive the growth of the market in the coming years.
Overall, the VPS market is expected to grow at a healthy pace during the forecast period. The growth of the market is attributed to the increasing adoption of new technologies, rising demand for indoor navigation systems, and growing popularity of AR and VR applications.
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