Indoor Positioning and Navigation System Market Overview
The indoor positioning and navigation system market is growing at a rapid pace. Indoor positioning and navigation (IPN) systems garner substantial market prominence, becoming a prominent position-awareness technology. IPN systems are viewed as an important and must-have feature in communication devices. Besides, IPN has garnered tremendous commercial interest, which has reflected favorably on its market globally.
Moreover, substantial R&D investments continued to rise in IPN technology, alongside the inevitably improving service quality and functionality escalate the market valuation. According to Market Research Future (MRFR), the global indoor positioning and navigation system market valuation is expected to reach USD 92.36 Billion by 2030, growing at 32.56% CAGR throughout the forecast period (2022-2030).
Additionally, the market growth attributes to various advantages of IPN systems in mega-size manufacturing facilities, warehouses, and massive buildings. The emergence of a range of powerful sensors and wireless connection systems has allowed the development of more effective IPN systems. Also, healthy growth in the RFID segment and rapid implementations in various technological applications substantiate market growth.
However, compared to GPS, IPN is a complex position awareness system. Moreover, ease of accessibility that leads to cyber threats and issues regarding unstructured data storage are the major factors predicted to impede market growth. Nevertheless, the emergence of adept technologies, advanced equipment, and the availability of emergency communication services would support market growth throughout the review period.
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Recent developments in indoor positioning and navigation systems have been rapid and diverse. There have been advances in the use of Global Navigation Satellite System (GNSS) receivers and pseudolites, in the development of high sensitivity receivers, in the use of sensors and communication technologies, and in the evaluation of systems. Additionally, there has been research into the use of machine learning and artificial intelligence for indoor navigation and positioning. New approaches such as the use of context-aware mapping and probabilistic modelling have also been explored. These advances have enabled more accurate and reliable indoor navigation and positioning solutions, as well as allowing for the development of new applications.
Indoor Positioning and Navigation System Market – Segments
The report is segmented into four dynamics;
By Technology : Wi-Fi, UWB, Bluetooth Low Energy (BLE), Cellular based, RFID, Lo-Ra, and others.
By Component : Hardware (Cameras, Sensors, RFID tags, Networking devices, others) and Software/Apps.
By Platform : Android-based, iOS-based, and others.
By Regions : Asia Pacific, North America, Europe, and Rest-of-the-World.
Indoor Positioning and Navigation System Market – Regional Analysis
North America dominates the global indoor positioning and navigation system market. The largest market share attributes to the vast technological advances and the strong presence of notable market players in the region. Mexico, Canada, and the US drive the IPN system market in North America.
Among these countries, the US, with its indoor positioning and navigation system named NAVSTAR GPS, accounts for the largest share in the regional market. The US is also known as the global technological hub, which has led to the early adoption of innovative technologies in the region. The North American positioning and navigation system market is projected to retain its dominance, growing at 28.3% CAGR throughout the review period.
Europe stands second in the global indoor positioning and navigation system market. Market growth is driven by the increasing adoption of GPS services and cloud-based services. Additionally, the proliferation of smart connected devices boosts the market growth, providing enormous opportunities across businesses.
The increasing use of navigation services and solutions in the region provides a better scope for the European countries to advance in location-based services. Germany, Netherlands, and the UK are rapidly growing markets for navigation systems. The European indoor positioning and navigation system market is anticipated to show a rapid rate through the forecast period, creating a valuation of USD 6.39 BN by the end of 2023.
The Asia Pacific region is gradually emerging as a promising market for indoor positioning and navigation systems globally. Factors such as the demand for advanced IT products and services from several industrial sectors and the positive economic expansions in developing countries such as China, India, Japan, and others influence the regional market growth.
Furthermore, the presence of large telecom industries and the proliferation of smartphones increase the application scope for navigation systems in the region. The region is also showing immense potential for increased investments in new satellite programs. The APAC indoor positioning and navigation system market is expected to create a substantial revenue pocket, growing at 34%CAGR over the forecast period.
Global IPN System Market – Competitive Analysis
The indoor positioning and navigation system market appears to be competitive, owing to the presence of numerous well-established players. Mergers & acquisitions, innovation, and collaborations are the key trends for the leading players to gain a larger competitive share in the market.
Players leading the global indoor positioning and navigation system market include Trimble Inc., Septentrio N.V., NovAtel Inc., Telit Communications PLC, Insoft GmbH, Senion AB, Galileo Satelite Navigation Ltd., Tersus GNSS Inc., and Zebra Technologies Corporation, among others.
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Industry/ Innovation/ Related News
April 24, 2020 —– Apple Inc. (the US), a multinational technology company, announced its partnership with a UK-based augmented reality startup, Dent Reality, to become a driving force in indoor navigation. Dent Reality is an augmented reality platform that helps users find their favorite products on the market.
The new partnership with Apple Maps could have wide-ranging implications for the Apple Indoor Maps program and augmented reality programs. Apple has been rigorously working on AR systems for years, developing platforms like ARKit. Apple is still working on bringing AR to applications like cars and head-mounted devices.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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