Vision Positioning System Market
A new market study, titled “Vision Positioning System Market ” has been featured on Market Research Future.
Global Vision Positioning System market intends to high its valuation over the next six years with its growing applications across the world. Market Research Future reveals that the market has high potential to gain valuation worth USD ~$13.32 Billion by 2023 while staggering at ~10.87% of CAGR in the course of years from 2017 to 2023, which has also been considered as forecast period of the market.
Market Top Drivers & Key Challenges
The market of vision positioning is characterized by the positioning of a system that uses optical sensors, ultrasonic, and image data to identify its current position. The optical sensors used are mainly for confirming distance information for collision avoidance. Therefore, the market is observing a substantial rise from previous years by witnessing mounting usage of vision positioning systems, mostly in industrial automation and indoor navigation, to handle various kinds of operations. The new technology of Vision Positioning System has leveraged the market of it to an exceptional level, resulting in substantial growth of the market.
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Some of the factors becoming influential for the market’s rise is the budding applications of Automated Guided Vehicles (AGVs) that are used for commercial and defense purposes, growing used of Unmanned Aerial Vehicles (UAVs), as well as the upsurge in demand for Artificial Intelligence (AI), -enabled optical sensors. These have significantly contributed the most to the market’s growth and will continue in the forecast period, as per the research conducted.
Continued technological innovations, on the other side, are keeping pace with changing industrial needs. In the case of point, Google, Inc. broadcasted about developing a ‘visual positioning service’ using its Tango 3D sensing computer technology. This was to offer a comprehensive indoor location positioning system. With the help of augmented reality technology coupled with real-world information, the action to locate the distinct visual features of an area might become accessible, which can eventually be also used to create a map of the location.
Apart from this, the study also discovered that commercial drones play a pivotal part in capitalizing on the market. Its global demand has essence the market of rising at a substantial rate during the assessment period set. The principal use of drones comes for security and law enforcement as well as agricultural purposes, and due to its efficiency, the market got a considerable drive and growth happened, which expects to expand during the market’s forecast period further.
Furthermore, renowned companies such as the U.S., the U.K, France, Germany, China, Japan, and South Korea are capitalizing heavily on the development of sensors intending to reduce human workload. This is yet another factor leading the global vision positioning market to expand in the future. On the contrary, factors such as intensive training and education and essential requirement, enabling entry of machine vision in newer markets is posing as a kind of restrain towards the growth of vision positioning system market growth.
Market Segmentation
The segmental analysis of the global vision positioning system market has been studied among various segments such as solution, component, platform, type, location, and end-user.
Depending on the component segment, the market includes sensors, camera systems, markers, and more.
Also, the region of Asia-Pacific is counting factors for the market’s rise. The growth of the market comes from countries like China, Japan, and India, that have an impartial share in the Vision Positioning System market backing with a high commercial segment. This reason is projecting the growth of the market at the highest CAGR during the forecast period.
Top Companies
Omron Corporation (Japan), DJI (China), Sick AG (Germany), Cognex Corporation (U.S.), Parrot SA (France), ABB (Switzerland), Senion AB (Europe), Seegrid Corporation (U.S), Pepperl+Fuchs GmbH (Europe), are the protruding players in the Vision Positioning System Market.
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