The Global Indoor Positioning and Navigation System Market was valued at USD 6.54 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 39.45% between 2021 to 2028.It is a system that uses magnetic fields, light, radio waves, acoustic signals and other sensory information for navigating people. Moreover, these systems are extremely useful in detecting magneto metric information within buildings or locations with iron ore mines. The indoor positioning and navigation system provides an opportunity for businesses and organizations to boost their sales and enhance their relationships with customers. Beacons are very useful in airports and airlines as they can detect the user’s presence with the help of geofencing technology and location of the user is identified. Hence, this enables better communication as customers location is collected before sending any information.
Rise In The Demand For Navigation System To Spur The Market Growth.
The indoor positioning and navigation systems possess a wide range of applications. Day-by-day the demand for these solutions increasing in warehouses, airports, hotels, train stations, hospitals, university buildings and shopping malls. In addition, the utilization of these solutions in hospitals is increasing as it helps track all the activities that is one can integrate the booking of additional services and treatment schedules can be maintained. Furthermore, these solutions play a crucial role for the train authorities as with the help of indoor Positioning and Navigation System the authorities can inform the passengers about ongoing tracks and details about delays of trains. Moreover, adoption of new technologies is contributing in market growth. The growing demand for proximity marketing and rise in the adoption of Bluetooth beacons further drives the market. The use of internet of things has increased and is expected to grow the market, the rise in use of smartphones, location-based applications and connected devices will have a positive impact on the indoor positioning and navigation system market.
Whereas, the major challenge that will obstruct the market growth for indoor positioning and navigation system is due to implementation of strict government regulations and rules. Also, the lack of awareness among the population and the growing concerns about security will obstruct market growth. The information about user that is provided to the service provider might be leaked because of external cyber-attacks and this causes threat to the privacy of customer and the data leaks is major factor that blocks the adoption of Indoor Positioning and Navigation Solutions.
On the basis of technology, the market is bifurcated into Bluetooth low energy and wi-fi.
The North American region is the dominating region. This is attributable to the technological advancements and growing investments in the development of different applications of indoor positioning and navigation solutions.
Some of the major players operating in the global indoor positioning and navigation system market include Etonesystem, Zebra, Siemens, indooratlas, Midmark Corporation, Innerspace and Sparkyo Technology Pvt. Ltd, among other global players.