Indoor Positioning and Navigation System Market to Reach USD 35.65 Billion by 2028

Vantage Market Research

Nov 12, 2021

According to analysts at Vantage Market Research, the Indoor Positioning and Navigation System Market is expected to reach USD 35.65 Billion by 2028, growing at a CAGR of 39.45% from 2021 to 2028.

The introduction of IoT-empowered gadgets in indoor situating, multiplication of cell phones, associated gadgets, and location-based applications among consumers, and expanding customer mindfulness emphatically influence the indoor positioning and navigation system market. Moreover, rising interest for indoor area innovations to help lean automated cycles, high accentuation on industry 4.0 smart cities communities, and smart production.

Key Findings:

  • The navigation & maps segment is projected to expand at the fastest CAGR exceeding 23% over the forecast period owing to a rise in the demand for solutions in shopping malls, university buildings, hospitals, hotels, train stations, warehouses, and airports among others driving the market.
  • The travel & hospitality segment held a market share of around 30% in 2020. This share is due to the rising usage of these solutions by train authorities to inform about ongoing track changes and delays to visitors is also driving the market.
  • North America is expected to expand at a CAGR of over 15% from 2021 to 2028. This surge is attributed to the rising demand for the indoor positioning and navigation system market in developed economies such as U.S. and Canada.

With the rising cell phone entrance and the changing customer portable purchaser conduct, new businesses and set up associations are rapidly searching for ways of giving location-based applications to bringing in their indoor clients. The arrangement of indoor location solutions has empowered retailers to improve their customer relationships and give appropriate routes to objects or any areas. Indoor location solutions give a chance to associations to attract customers inside huge indoor spaces with their brands, their various technologies, or anything that assists them with advancing help consumer associations and sales. The increase of different advances, like BLE and Wi-Fi, empowers customers to find a personal space inside a particular reach.

North America region is poised to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico coupled with the growth of the region's overall indoor positioning and navigation system market. The dominance of this region is primarily due to the availability of advanced connectivity wireless technology and indoor technologies among retail, travel, hospitality, healthcare, and public spaces.

 

Some of the key players in the indoor positioning and navigation system market include HERE Technologies, Nextome, IndoorAtlas, Senior AB, Sensewhere, SPREO, Steerpath, indoo.rs, Point, AirFinder, Zebra, Etonesystem, Hi-Target, TSINGOAL, Baidu Inc., Qihoo 360, Siemens, AutoNavi, among others.  The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.