The Latin America, Middle East and Africa Vision Positioning System Market would witness market growth of 14.8% CAGR during the forecast period (2023-2030).
The adoption of autonomous technologies, such as self-driving vehicles, delivery drones, and industrial robots, continues to rise. It enables these technologies to navigate, avoid obstacles, and maintain precise positioning, driving market expansion. VPS technology is continually advancing. Improved sensor technology, machine learning algorithms, and computer vision techniques are enhancing the accuracy and reliability of VPS systems, making them more versatile and capable of functioning in a broader range of environments. VPS applications are expanding into new industries and use cases. Beyond automotive and robotics, VPS is integrated into agricultural equipment, consumer electronics, aerospace, healthcare, and more. This diversification of applications is contributing to market growth.
The need for efficient environmental and infrastructure monitoring is expanding, with VPS being used to maintain infrastructure integrity and track ecological changes in remote and challenging locations. Continued investments in research and development by companies and governments and collaboration among technology companies and universities drive innovation in the market. Governments and regulatory bodies in various regions are gradually developing frameworks to support the testing and deployment of autonomous and robotics technologies, which rely heavily on VPS. Clear regulations can foster market growth by providing guidelines and safety standards.
Under Vision 2030, the Kingdom launched the National Transport and Logistics Strategy to improve all transport services and transform Saudi Arabia into a leading trans-regional logistical hub. This will require expanding, digitally transforming, and interconnecting the entire transportation ecosystem (ports, rail and road networks, shipping lines, and air). The development of the transportation and logistics sector in Saudi Arabia is propelled by factors such as economic development, increased trade activities, and a growing e-commerce sector. VPS technology plays a vital role in enhancing the efficiency and safety of these operations, which is crucial for Saudi Arabia's logistics and supply chain industry. As the sector continues to expand, the adoption of VPS technology is expected to grow. All these aspects will drive the market expansion in this region in the upcoming years.
The Brazil market dominated the LAMEA Vision Positioning System Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $211.8 million by 2030. The Argentina market is showcasing a CAGR of 15.4% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 14.5% during (2023 - 2030).
Based on Location, the market is segmented into Outdoor, and Indoor. Based on Component, the market is segmented into Camera, Sensor, Marker, and Others. Based on Platform, the market is segmented into Geospatial Unmanned Aerial Vehicle, Automated Guided Vehicle, Industrial Robots, Space Vehicle, and Others. Based on Application, the market is segmented into Defense, Industrial, Retail, Transportation & Logistics, Hospitality, Healthcare, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Vision Positioning System Market is Projected to reach USD 11.2 Billion by 2030, at a CAGR of 12.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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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