Market Research Future (MRFR) confirms favorable prospects for the indoor positioning and navigation (IPN) 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.
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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.
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.
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.
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 global 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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