Indoor Positioning and Indoor Navigation (IPIN) Market - Growth, Segments 2023

Posted by Savni on February 24th, 2020

The global indoor positioning and navigation system market is forecasted to grow at a highly promising CAGR of 30.5% during the forecast period from 2018 to 2023. Indoor positioning and navigation system (IPN) is primarily a network of devices used for locating objects or people in enclosed spaces such as inside buildings. IPN is a vital technology as it helps in improving the accuracy of wireless internet connections and a number of other wireless technologies. The need for IPN is amplified by the fact that despite extensive use and advantages of GPS, it has a low availability in indoor environments thus needing to work in tandem with IPN to improve the availability of wireless connectivity. The global IPN market was valued at USD 5.21 Bn in 2017 and is expected to witness rapid appreciation to reach an estimated value of USD 24.99 Bn by the end of 2023.

The indoor positioning and navigation system market is highly dynamic due to its ongoing and swift evolution which is increasingly being used in innovative applications, services, and solutions for a number of industry verticals. Indoor navigation is extensively being used as a vital element of multi-modal door to door journeys with a specific focus on transfers between public transport vehicles in complex station buildings. IPN has been recognized as a dynamic element in seamless mobility planning and travel guidance in large metropolitan cities. The demand for indoor location services has grown drastically due to the high global sales of smartphones.

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Mobile communications have developed at a rapid pace, and the increasing prevalence of computing technology with the advancements of cloud technology has increased the need for location-aware services. Wi-Fi receiving signal strength is expected to develop considerably in the indoor positioning systems market as IPN systems have a wide coverage area and superior infrastructure. Privacy measures have been taken by players in their service offerings, thus bolstering the market and encouraging growth.

Presently there is high interest in indoor positioning systems from the scientific community and market players looking to secure top positions in the market. However, the lack of standards for indoor positioning systems and the lack of awareness among people about the benefits of this technology has made them reluctant to accept change, thus hampering market growth. However, the market which is still in its nascent stages is expected to witness several opportunities in the coming years. Indoor visual positioning with augmented reality and the potential of integration of artificial intelligence with indoor positioning services will likely yield market growth opportunities in the foreseeable future.

The global indoor positioning and navigation system market is segmented in the report on the basis of technology, component, platform, and region. By technology, the market is segmented into ultra-wideband (UWB), Wi-Fi, Bluetooth Low Energy (BLE), RFID, cellular based, and long-range wide area network (LoRaWAN). The UWB segment accounts for the largest share of the market and is expected to retain its position over the forecast period. Meanwhile, the RFID segment is expected to witness the highest growth at a CAGR of 33.3% during the assessment period.

Component segments included in the global indoor positioning and navigation system market are hardware and software. The hardware segment is sub-segmented into sensors, cameras, RFID tags, and networking devices. The hardware segment accounted for a Indoor Positioning and Indoor Navigation (IPIN) Market value of USD 3.57 Bn in 2017 and is projected to register the highest CAGR of 31.1% during the review period.

Platforms, where the technology is expected to be used, include android based, iOS-based, and others. The Android-based platform dominates the global indoor positioning and navigation system with a market share of 45%. Meanwhile, the iOS-based platform is expected to witness the highest CAGR over the assessment period. 

Regional Analysis

North America is expected to grow at a CAGR of 28.3% during the forecast period. The region has a concentration of market players and a high affinity for the adoption of advanced technology. Europe follows the North American market and has a similar growth trajectory over the forecast period. Valued at USD 1.44 Bn, the European market will grow to reach USD 6.39 Bn by the end of 2023. The Asia Pacific will likely grow at the highest CAGR of 34% during the assessment period due to the regions rapidly changing economic scenario, and the demand for advancements equal to those in the West are likely to promote the APAC market. The Rest of the World is also likely to witness high growth during the forecast period due to the potential it represents.

Competitive Tracking

Prominent players profiled in the report for their successful growth strategies include Insoft GmbH, Tersus GNSS Inc., Telit Communications PLC, Septentrio N.V., Galileo Satelite Navigation Ltd., Senion AB, Zebra Technologies Corporation, Trimble Inc., and NovAtel Inc. Innovation in existing technology, competitive pricing, and other strategies are commonly implemented by these market players to increase their respective market shares.

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Savni

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Savni
Joined: October 21st, 2019
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