Indoor positioning system or IPS is a highly popular network service for wireless access at indoor locations. Rather than satellites, these services depend on nearby internet anchors that locate tags and create environmental context for the devices. Indoor location positioning and navigation equipments (IPINs) are gaining demands in the global market spread across various business verticals. This has created positive atmosphere in the indoor location market as well. This increase in demand is mainly observed in the verticals where these equipments already existed.
Segmentation in Indoor Positioning and Navigation Market
The indoor location market is segmented based on the types of hardware devices, software programs, variety of applications and services and the business verticals where they are used. Geographical demand for these services is also a crucial factor to consider. Hardware devices are segmented into handheld devices, proximity devices and network devices. Software programs consist of indoor maps, navigation software packages and indoor location based analytical tools. Positioning system segment covers network based positioning, hybrid positioning and independent positioning. These three services are divided into various sub-segments.
Network based segments include Wi-Fi, WLAN, Ultra-Wide Band, RFID, Bluetooth, etc. While independent positioning based segment includes assisted global positioning system (AGPS) and microelectronic mechanical system (MEMS). Hybrid positioning segment on the other hand uses all these methods in combination. Real time indoor tracking and navigation, indoor location based services, navigation pattern based analytics and monitoring and emergency services are the varied applications of indoor location services. These services have a great reach across various business verticals ranging from aviation, education, mining, hospitality, healthcare, commercial building, public buildings and public safety.
According to the geographical demands, North America is leading the market, which is followed by Europe and Asia Pacific regions. Middle East and Latin America are also estimated to record excellent growth in this market. Increasing customer expectations, absence of satellites inside the buildings and lowering costs are the three basic drivers for the indoor navigation market. According to the forecasting reports, the Indoor Location Market is expected to grow at a CAGR of 42.1% for the next five years. The market is currently poised at $448.56 million, which will reach beyond $2.60 billion at the end of 2018.
Increasing customer demands in new regions, technological advancements and measures to provide excellent infrastructure are some of the basic reasons for such explosive growth of this market.
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