Vision Positioning System Market Size

Vision Positioning System Market Size

Vision Positioning System Market size was valued at USD 5.7 billion in 2022 and is estimated to register a CAGR of over 11% between 2023 and 2032. The rising development of autonomous vehicles, including self-driving cars and drones is driving the adoption of vision positioning system (VPS) technology for precise navigation and obstacle avoidance in the systems. The surge in the number of smart city initiatives is driving the need for applications, such as public safety, traffic management, and autonomous transportation, further boosting the market development.

For instance, in February 2023, digital reality firm Hexagon’s Immersal Oy launched Immersal City-Scale, its innovative VPS solution to provide unmatched accuracy in outdoor location-based services to mobile network operators as well as their enterprise customers. 

The growing usage of smartphones and the subsequent popularity of improved indoor navigation and location-based services will contribute to the vision positioning system market growth. According to Insider Monkey, China has the world’s largest smartphone user base, accounting nearly 783 million users. With the surging interest in consumer electronics worldwide, VPS technology is expected to become more accessible to wider audience.
 

However, VPS technology could be expensive for developing, implementing, and maintaining in high-precision applications. Limited operational range, particularly in indoor environments will also act as a restraining factor for the product uptake.