The report published by Market Research Future (MRFR) reveals that the global indoor positioning and navigation system market is set to grow from USD 5.21 bn in 2017 to USD 24 Bn in 2023 by the end of the forecast period 2018 to 2023. The report has estimated that the market is set to expand at 30.5% over the assessment period.
The developments in new-age mobile systems led by the advancements in telecommunication technology are likely to expedite the adoption of indoor navigation and position over the next couple of years. While outdoor location services have already gained much popularity, indoor navigation is likely to gain quick mileage in the forthcoming years. The developments in communication devices and mobile technology have unleashed opportunities for growth in the indoor positioning and navigation system market.
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The growth of wireless technology is likely to capitalize on the proliferation of the indoor positioning and navigation system market over the assessment period. On the flip side, lack of product standardization is expected to hinder market growth in the years to come.
By technology, the global indoor positioning and navigation system market has been segmented into ultra-wideband (UWB), Wi-Fi, RFID, Bluetooth Low Energy (BLE), cellular based, and long-range wide area network (LoRaWAN). Among these, the ultra-wideband (UWB) segment has been projected to secure the pole position through the assessment period. Also, the RFID segment is anticipated to proliferate exponentially in the upcoming years. The segment has been projected to strike a relatively higher CAGR of 33% during the assessment period.
By component, the indoor positioning and navigation system market has been segmented into hardware and software. The hardware segment is further sub-segmented into sensors, RFID tags, cameras, and networking devices. The hardware segment, which was valued at USD 3.57 Bn in 2017, is likely to exhibit rapid expansion at 31.1% CAGR over the assessment period.
By platform, the Global Indoor Positioning and Navigation System Market has been segmented into android based, iOS-based, and others. The Android based segment accounts for a major share of 45% currently and is poised to retain its dominant position over the next couple of years. However, the iOS-based segment has been prognosticated to exhibit a steeper growth pattern in the foreseeable future.
The global indoor positioning and navigation system market, by region, has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC). North America is anticipated to register a CAGR of 28.3% and retain the forefront position over the assessment period. Europe is poised to trail North America in terms of revenue. It is estimated to reach a valuation of USD 6.39 Bn towards the end of 2023. Asia Pacific is prognosticated to strike a relatively higher CAGR of 34% across the assessment period. The Rest of the World is also anticipated to grow considerably over the next few years.
Some of the key players profiled are NovAtel Inc., Septentrio N.V., Trimble Inc., Insoft GmbH, Senion AB, Tersus GNSS Inc., Telit Communications PLC, Galileo Satelite Navigation Ltd., and Zebra Technologies Corporation.
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