Vision Positioning System Market Size - By Component (Sensor, Camera Systems, Markers), Platform (Unmanned Aerial Vehicle, Automated Guided Vehicle, Space Vehicle, Industrial Robots), Location, Solution, End-user Industry & Global Forecast, 2023 - 2032

Vision Positioning System Market Size - By Component (Sensor, Camera Systems, Markers), Platform (Unmanned Aerial Vehicle, Automated Guided Vehicle, Space Vehicle, Industrial Robots), Location, Solution, End-user Industry & Global Forecast, 2023 - 2032

The global Vision Positioning System (VPS) market is expected to register a CAGR of 11% during 2023-2032, driven by technological advancements, increased demand for automation, and the burgeoning applications of VPS in various industries.

According to a study by AI Multiple in 2023, 16% of individuals express comfort in entrusting a fully autonomous car to drive them. In contrast, a notable 55% of small business owners envision a future where their fleets will be entirely autonomous within the next 20 years. Moreover, by 2030, global annual production of robotic cars is anticipated to reach 800,000 units. As the automotive industry embraces autonomy, VPS plays a crucial role in enhancing navigation accuracy, obstacle detection, and overall safety. The convergence of VPS with artificial intelligence and machine learning is unlocking unprecedented possibilities, encouraging innovations in smart and self-navigating systems.

The overall Vision Positioning System (VPS) industry is classified based on component, platform, location, solution, end-user, and region.

The Automated Guided Vehicle (AGV) segment is poised for decent growth during 2023-2032 driven by their utility in warehouses and manufacturing facilities, material handling, and logistics operations. The efficiency gains, cost-effectiveness, and enhanced safety offered by AGVs underscore their significance in modernizing industrial processes.

The Indoor Positioning System (IPS) segment is set for steady growth through 2032, owing to its capability to provide precise location tracking and navigation within confined indoor spaces, revolutionizing how individuals and devices move within buildings. From enhancing the visitor experience in shopping malls to optimizing workflow efficiency in hospitals, IPS solutions are gaining prominence across diverse sectors.

Asia Pacific Vision Positioning System (VPS) market is set for increased demand during the forecast period, attributed to the burgeoning manufacturing sector, a rapid influx of technological investments, and the increasing integration of VPS in various industries. Countries like China, Japan, and South Korea are at the forefront of adopting VPS technologies across applications ranging from smart manufacturing to autonomous vehicles.