The Indoor Positioning System Market Analysis (2023 - 2030)
The Indoor Positioning System Market was valued at $7 billion in 2021, and it is projected to grow at a CAGR of 32.94 percent to $ 29.07 billion by the end of 2027. (2022 - 2027).
An indoor Positioning System is a system that uses wireless technologies such as Bluetooth low energy, Wi-Fi, ultra-wideband, and others to identify and track the geographical location of assets and humans. It provides its customers with location analytics, navigation, mapping, wayfinding, asset tracking, and other services.
During the COVID-19 pandemic, demand for indoor positioning systems is increasing. However, due to budget cuts in electronics businesses as a result of worldwide full/partial lockdowns, this demand is likely to be hampered. The lockdowns have resulted in significant losses for global industry players and have imposed restrictions on public gatherings at international events, theatres, concerts, and music festivals, slowing market growth. Over the projection period, however, supporting government regulations are estimated to boost the market for indoor positioning systems.
Inside multistory buildings, airports, parking garages, museums, and underground locations, GPS and other satellite technologies do not work well or with sufficient precision to locate the position. This is one of the key reasons driving market expansion by increasing demand for indoor positioning and indoor navigation systems. Indoor positioning systems make use of a variety of technologies, including WiFi / LiFi access points, Bluetooth beacons, magnetic positioning, Ultra-wideband beacons, and dead reckoning, which can provide position accuracy of up to 2cm. These technologies aid in the active detection of tags and mobile devices.
Key Market Insights:
- The indoor positioning system market is predicted to increase due to factors such as low deployment costs and strong applicability across a wide variety of mobile devices. Beacons are very simple to set up and offer adequate functionality, which has resulted in a considerable increase in their adoption rate over time.
- Hardware, solutions, and services have been separated from the component segment. The market is classified into three categories based on solutions: inside tracking, indoor navigation, and database management. Asset and people tracking, as well as interior location analytics, are all part of the indoor tracking category. Managed services and professional services are two types of services in the services market. Training and consulting, system integration and implementation, and support and maintenance services are all included in the professional services section. During the projection period, the hardware category is estimated to hold the biggest market share, owing to the increasing popularity of smartphone devices across several verticals, which can quickly deploy RFID tags and Wi-Fi access points to track objects and people within a building.
- Geo-fencing, location-based promotions, and other applications connected to E-commerce and digital retail are all part of the advertising sector. In hospitals, RFID and Wi-Fi are used to guide patients to their selected wards. In warehouses, these technologies are used to automate inventory control and asset tracking. In railway stations, these technologies are used to navigate to ticket counters, inquiry counters, lounges, ATMs, and other destinations. The tourism industry employs these technologies in hotels to direct visitors to rooms, lounges, reception areas, parking lots, and other locations. These technologies are used in the automobile sector for vehicle identification and tracking, production quality control, and asset management.
- In the Indoor Positioning System market, North America is predicted to hold the greatest market share. The United States has the largest share of the market, followed by Canada. Both countries have actively invested in technologies such as Bluetooth Low Energy (BLE), Wi-Fi, and ultra-wideband, and are currently investing in ultrasound technology to increase resource utilization for better patient care, which will add to the region's market growth. Organizations, particularly in the United States, have begun to use indoor navigation and tracking solutions to improve people and asset tracking in huge buildings. Organizations in North America, on the other hand, place a greater emphasis on innovation to keep up with the latest market advances.Due to increased smartphone penetration in emerging nations such as China and India, Asia Pacific is projected to be the fastest expanding region in the market throughout the forecast period.
- Esri Announces New Indoor Positioning System ArcGIS IPS in January 2022. ArcGIS IPS offers real-time positioning and localization inside buildings, which may be utilized for a variety of indoor mapping and GIS applications.
Market Segmentation:
By Component
- Hardware
- Solutions
- Indoor Tracking
- Assets and People Tracking
- Indoor Location Analytics
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- Indoor Navigation
- Database Management System
- Services
- Professional Services
- Training and Consulting
- System Integration and Implementation
- Support and Maintenance
By Technology
- Ultra-Wideband Technology
- Bluetooth Low Energy
- Wi-Fi
- RFID
- Magnetic Positioning
- Others
By Deployment Mode
By Application
- Sales and Marketing Optimization
- Emergency Response Management
- Remote Monitoring
- Predictive Asset Management
- Inventory Management
- Supply Chain Management
- Other Applications
By End-User
- Healthcare
- Retail
- Manufacturing
- Travel & Hospitality
- Office spaces
- Public Spaces
- Logistics & Warehouses
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
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