Indoor
Positioning and Navigation System Market Overview
Market Research Future (MRFR) confirms favorable
prospects for the Indoor Positioning and Navigation System Market 2020, as it is set to cross
USD 24 Bn by 2023. Between 2018 and 2023 (evaluation period), the market can
advance at a rate of 30.50%, also says MRFR. We will provide COVID-19 impact
analysis with the report, along with the developments post the coronavirus
disease outbreak.
Key Drivers and Top Challenges
Since the COVID-19 outbreak, the deployment rate of
indoor positioning and navigation systems has surged considerably in various
commercial spaces like shopping malls, airports, hospitals, warehouses and
hotels. Even though the lockdown following the pandemic has led to significant
revenue losses and restrictions have been levied on theatres, events, music
festivals and concerts, strong support in the form of favorable government
policies could help promote the use of indoor positioning and navigation
systems in the coming period.
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The market’s recovery rate has been appreciable post
SARS-CoV-2, mainly owing to the rising adoption of the work from home model
among companies. The introduction of efficient sensors as well as wireless
connection systems has led to emergence of highly advanced IPN systems, with
increasing applications in warehouses, large-scale manufacturing facilities and
massive buildings. Another key development could be the rising trend of
cloud-based indoor location services and solutions and their growing use among
leading firms in the global market. In a way, the novel coronavirus has
highlighted the importance of cloud as companies have been shut down since the
worldwide lockdown.
Many of the prominent vendors are increasingly
adopting growth strategies like new launches, collaborations, partnerships
acquisitions and mergers to boot their market presence. For instance, in July
2020, Trumpf, a renowned machine and laser tool vendor partnered with
STMicroelectronics, a leading semiconductor manufacturer, to work together in
the ultra-wideband positioning technology field. As part of the partnership,
STMicroelectronics is expected to acquire a major stake in Trumpf's UWB systems
vuilder called BeSpoon. In other news, Google launched an indoor positioning
and navigation technology called Visual Positioning Service/VPS that is based
on the concept of Tango Augmented Reality system. It works be letting a mobile
device know its location indoors.
Impact of COVID-19 on the Global Indoor
Positioning and Navigation Systems Market at: https://www.marketresearchfuture.com/report/covid-19-impact-indoor-positioning-and-navigation-systems-market
Segmental Analysis
The global indoor positioning and navigation system
market can be considered for technology, component and software/apps.
The key technologies discussed in the market study
are ultra-wideband (UWB), Wi-Fi, Bluetooth low energy (BLE), cellular-based,
Lo-Ra and RFID. Out of these, the biggest market share has been taken by the
UWB segment, while it is anticipated that the RFID segment could progress at
the fastest rate of 33.3% over the next few years. RFID technology market has
soared immensely owing to its growing deployment across several technological
applications.
The market, depending on component, caters to
hardware as well as software/apps. The types of hardware IPN system are RFID
tags, cameras, networking devices and sensors. In terms of share, the leading
segment could be hardware, which can also garner a significant expansion rate
of 31.1% during the conjectured period.
Considering the platform segments, the global market
can be narrowed down to Android, iOS-based and more. The dominant segment could
be android while the fastest expanding segment could be iOS in the forecast
period.
Regional Outlook
The indoor positioning and navigation system
industry has been covered extensively in the MRFR report, with respect to
certain regions, namely South America, the Middle East & Africa/MEA,
Europe/EU, Asia Pacific/APAC and North America.
MRFR experts confirm that the biggest gainer in the
global market has been North America, which can advance further at a lucrative
rate of 28.3% in the ensuing years. The key reasons cited for the market
attractiveness include the significant number of renowned players present in
the region, especially in the U.S. as well as Canada. As the world’s leading
technological hub and the early implementation of the latest technologies, the
United States remains the most profitable market in the region.
As the second highest gaining market, Europe is
zooming ahead to touch USD 6.39 billion by 2023-end. Increasing spending on
innovations in technologies, in addition to the growing application scope of
indoor navigation systems, has been favorable for the European market. The
burgeoning pool of technically skilled indoor positioning and navigation
vendors in the region also contributes majorly to the revenue growth.
With the fastest expansion rate of 34%, the APAC
market for indoor positioning and navigation system market is set to race ahead
backed by the rapid economic growth in emerging countries like India, China,
Japan, and more. The accelerated demand for cutting edge IT products, services
and technologies among diverse sectors has resulted in fast growth of the
regional market. The substantial increase in the use of smartphone connected
devices as well as location-based deployment has also done wonders for the
regional market.
Prominent Industry Vendors
Prominent industry vendors listed in the study are
Trimble Inc., Zebra Technologies Corporation, Telit Communications PLC, Tersus
GNSS Inc., Senion AB, Septentrio N.V., Insoft GmbH, Galileo Satelite Navigation
Ltd., NovAtel Inc., to name a few.
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