Indoor Positioning and Navigation System Market Overview
Market Research Future ( MRFR ) confirms favorable prospects for the
Indoor Positioning and Navigation 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 .
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 ultrawideband 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 .
Segmental Analysis
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