Indoor positioning and Indoor navigation systems Market Overview:
Global indoor positioning and indoor navigation market is expected to reach USD 28.2 billion by 2024 from USD 4.82 billion in 2016, growing at a CAGR of 38.2% during the forecast period. Indoor positioning and indoor navigation system help in the location of objects or humans inside a building using the wireless technology. IPIN system also uses lights, radio waves, magnetic field, acoustic signals and information provided by the sensors that are collected in the mobile devices. These systems are having applications in museums, university buildings, commercial buildings, healthcare, hospitality, oil & gas, mining, shopping malls and others.
GPS devices offer efficient navigation support for the outdoor connectivity, whereas, in the indoors, GPS signals may not be accurate. In order to fulfil that navigation demand inside any structure, IPIN systems are implemented. Bluetooth low energy (BLE) technology offered by these IPIN systems are used in tracking users inside the building. The beacons inside the system transmit the signals to the smartphones and are easy to implement in any location. Some leading companies that are using the services of BLE positioning system are American Airlines, Walmart, Coca-Cola, Apple, Macy’s stores, Lord & Taylor stores, and Nivea.
Growth Drives and Challenges:
Several factors are supporting the growth of global indoor positioning and indoor navigation (IPIN) market such as the increasing demand for navigation inside large buildings, growing adoption of wireless technology, improved customer security, the rise in the cloud-based big data analytics, increasing investments of retailers and other industries, growing penetration of smartphones, more preference for customer-oriented services and so on. The capital expenditure for the implementation of these IPIN devices and the cyber-attacks are the major restraints for the expansion of the market.
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Geographically, North America dominates the global indoor positioning and indoor navigation market owing to the presence of key players in the market, increasing adoption of technology and growing investments in different industries. Nevertheless, the Asia Pacific and Europe regions are also expected to witness the rapid growth rate of the market in the forecast period.
The leading contributors to the global market are Apple Inc., Google, Cisco system Inc., Microsoft Corporation, Qualcomm Technologies, Senionlab AB, Ericsson, STMicroelectronics N.V, and Zebra Technologies.
Scope of the report:
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The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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