Overview:
According to the latest report of Market Research Future (MRFR), the Global Indoor Positioning and Navigation (IPN) System Market is expected to surpass the substantial market valuation of USD 24 billion by the year 2023, at a remarkable CAGR of 30.5%. IPN has garnered incredible commercial interest, which has reflected positively on its global market.
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Investments have continued to rise in towards the research and development activities to enhance and explore the IPN technology, consequently improving the service quality and functionality offered by providers. IPN is anticipated to witness a rapid adoption over the review period, owing to its various advantages. Such technologies can substantially benefit large-scale manufacturing facilities, warehouses, and massive buildings. Furthermore, the accessibility of advanced sensors and wireless connection systems has allowed the advancement of more effective IPN systems. These influential factors are expected to contribute significantly towards the growth of the global indoor positioning and navigation system market over the review period.
Segmentation:
In MRFR’s report, the global indoor positioning and navigation system market has been segmented based on the technology, component, and software/apps.
Based on technology, the indoor positioning and navigation system market has been segmented into Wi-Fi, ultra-wideband (UWB), cellular-based, Bluetooth low energy (BLE), RFID, Lo-Ra. Among these, the UWB segment accounts for the largest market share over the forecast period. The RFID segment is also anticipated to observe healthy growth during the forecast period, at the highest CAGR of 33.3% over the review period. This can be attributed to its rapid implementation in various technological applications.
Based on the component, the market has been segmented into hardware and software/apps. The hardware segment has been sub-segmented into cameras, RFID tags, sensors, networking devices. The hardware segment is expected to surpass the software/app segment in terms of market share during the evaluation period. The hardware segment is projected to reach a substantial valuation at a CAGR of 31.1% over the review period.
Based on the platform, the market has been segmented into iOS-based, Android, and others. The android-based segment dominates the Indoor Positioning and Navigation System Market share over the review period. Meanwhile, the iOS segment is projected to display the highest CAGR during the forecast period.
Regional Analysis:
On the basis of region, the indoor positioning and navigation system market has been segmented into South America, North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is observed as the largest region in the global positioning and navigation system market and is expected to retain its leading market share over the review period, at a CAGR of 28.3%. This growth can be accredited to the presence of significant market players in the region, especially in developed countries such as the U.S. and Canada. THE U.S. is also known as the global technological hub, which has led to the early adoption of innovative technologies in the region.
Europe is considered one of the significant regions in the global indoor positioning and navigation system market and is accounted for the second-largest market share of USD 6.39 billion by the end of 2023.
The Asia Pacific is assessed as the fastest-growing region of the global indoor positioning and navigation system market and accounts for the highest CAGR of 34% over the review period. This can be attributed to the positive economic expansions taking place in the region, especially in developing countries such as China, India, Japan, among others. Moreover, the demand for advanced IT products and services from several industrial sectors is also likely to contribute substantially towards the market share acquired from the Asia Pacific over the forecast period.
Key Players:
The major market players identified in the global indoor positioning and navigation system market are Galileo Satelite Navigation Ltd., Senion AB, Septentrio N.V., Telit Communications PLC, Trimble Inc., Tersus GNSS Inc., NovAtel Inc., Zebra Technologies Corporation, and Insoft GmbH.
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