PORTLAND, Oregon, January 22, 2019 /PRNewswire/ --
Surge in adoption of Bluetooth beacons, rise in demand for proximity marketing and indoor location-based services (LBS), and increase in need for connected devices are expected to propel the growth of the global IPIN market.
Allied Market Research published a report, titled, "Indoor Positioning and Indoor Navigation (IPIN) Market by Component (Software, Hardware, and Services), Technology (Ultra-Wideband Technology, Bluetooth Low Energy, Wi-Fi, and Others), Application (Asset & Personnel Tracking, Location-Based Analytics, Navigation & Maps, and Others), and End-Use Industry (Healthcare, Retail, Manufacturing, Travel & Hospitality, Office Spaces, Public Spaces, Logistics & Warehouses, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025". The study provides insights on the competitive intelligence, key market trends, growth factors & opportunities, industry segments, Porter's five forces analysis, and CXOs' perspective about the industry. According to the report, the global indoor positioning and indoor navigation (IPIN) market accounted for $2.64 billion in 2017 and is projected to reach $43.51 billion by 2025, registering a CAGR of 42% through 2025.
Rising adoption of Bluetooth beacons coupled with increasing demand for proximity marketing has boosted the growth of the global IPIN market. However, implementation and operational challenges associated with IPIN hamper the market growth. On the contrary, surge in demand for connected devices is expected to create lucrative opportunities for the market players in the coming years.
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Services segment to retain the largest market share through 2025
The services segment held the largest share in 2017, contributing more than two-fifths of the total market revenue, owing to increased adoption of cloud-based IoT services and growing need for seamless integration of IPIN devices. However, the software segment is expected to register the fastest CAGR of 44.6% during the forecast period, owing to the rising demand for innovative and cost-effective solutions and growing adoption of connected devices. Moreover, the hardware segment would grow at the steady growth during the forecast period.
Bluetooth low energy segment to portray fastest growth by 2025
The Bluetooth low energy segment is projected to manifest the fastest CAGR of 45.9% during the study period, owing to low installation costs, ease of installation, better customer outreach, and energy efficient components. However, the Wi-Fi segment held the largest share in 2017, contributing more than one-third of the market share, owing to vast area of available network and seamless integration capabilities with existing network. The other segments analyzed in the report include ultra-wideband technology and others.
Location-based analytics segment to hold lion's share through 2025
The location-based analytics segment dominated the global market in terms of revenue in 2017, contributing more than two-fifths share of the market, as this analytics solution allows owners and operators of physical spaces to address customers in real-time. However, the asset and personnel tracking segment is projected to witness the fastest CAGR of 46% during the forecast period, as it helps in determining the location of pallets, vehicles, equipment with employees with great accuracy. The report also analyzes navigation & maps and others segments.
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Retail segment to accrue highest revenue through 2025
The retail segment held the lion's share in the global market in 2017, contributing more than one-fifth of the market revenue, owing to the growing adoption of location-based technology & asset tracking in the retail industry and augmented need to increase operational efficiency and boost revenue generation. However, the healthcare segment is projected to manifest the fastest CAGR of 47.8% during the study period, owing to rise in adoption of navigation system for impaired people and integration with electronic healthcare, and real-time location system (RTLS) providers. The report analyzes segments such as manufacturing, travel & hospitality, office spaces, public spaces, logistics, and warehouses among others.
Asia-Pacific region to register fastest CAGR through 2025
The Asia-Pacific region is expected to register the fastest CAGR of 48.1% during the forecast period, owing to growing adoption of positioning technology among retail, logistics, healthcare, public, and office spaces coupled with increasing demand for indoor location-based services & real-time location systems in the Asia-Pacific countries. However, the North America region held the largest share, contributing more than one-third share of the total market revenue in 2017, owing to rise in applications of IPIN solutions among retail, public spaces, logistics & warehouses in this region. It is projected to retain its dominance throughout the forecast period. The report also analyzes Europe and Rest of the World (ROW).
Major market players
The report analyzes key market players including HERE Technologies, IndoorAtlas Ltd., Sensewhere, Steerpath Ltd., Pointr, Nextome srl, Senion AB, SPREO, indoo.rs, and AirFinder.
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