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Indoor Positioning And Indoor Navigation (IPIN) Market 2024 - By Share, Top Companies, Revenue Outlook And Growth Forecast By 2033
Indoor Positioning And Indoor Navigation (IPIN) Market
According to The Business Research Company's, the indoor positioning and indoor navigation (IPIN) market size has grown exponentially in recent years. It will grow from $13.24 billion in 2023 to $18.91 billion in 2024 at a compound annual growth rate (CAGR) of 42.8%. The growth in the historic period can be attributed to increase in demand for proximity marketing, surging adoption of smartphones, augmentation in internet connectivity, increasing penetration of IoT, increasing use of GPS navigation systems.
The indoor positioning and indoor navigation (IPIN) market size is expected to see exponential growth in the next few years. It will grow to $76.72 billion in 2028 at a compound annual growth rate (CAGR) of 41.9%. The growth in the forecast period can be attributed to surge in adoption of IoT in indoor positioning, rise in adoption of Bluetooth beacons, confinement of GPS utility to outdoor environments, increasing the use of iBeacon for businesses, growing demand for real-time location systems (RTLS). Major trends in the forecast period include integration of augmented reality (AR), ultra-wideband (UWB) technology, multi-sensor fusion, indoor mapping and digital twins, integration with internet of things (IoT) devices.
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Market Drivers and Trends:
The surging adoption of smartphones is expected to propel the growth of the indoor positioning and indoor navigation (IPIN) market going forward. Smartphones are handheld electronic devices that combine communication, computing, and multimedia capabilities, typically featuring touchscreens and mobile operating systems. The increasing adoption of smartphones enhances indoor positioning and navigation capabilities through built-in sensors, such as GPS, accelerometers, and gyroscopes, enabling more accurate and efficient indoor navigation solutions. For instance, in February 2023, according to Uswitch Limited, a UK-based price comparison and switching service company, there were 71.8 million mobile connections in the UK, a 3.8%, or around 2.6 million, increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. Therefore, the surging adoption of smartphones is driving the growth of the indoor positioning and indoor navigation (IPIN) market.
Major companies operating in the indoor positioning and indoor navigation (IPIN) market focus on developing advanced solutions, such as indoor mapping, to enhance location-based services. Indoor mapping solutions involve creating detailed digital representations of interior spaces to facilitate accurate and efficient building navigation. For instance, in January 2022, HERE Technologies, a Netherlands-based location data and technology platform provider, launched Indoor Map as a Service, a one-stop shop for indoor mapping solutions that includes indoor map data, routing, and positioning, all available through the HERE SDK and seamlessly connected with our base map. The service includes indoor map data, routing, and positioning, all available through the HERE SDK and seamlessly connected with the company's base map. The Indoor Map as a Service aims to enable wayfinding, indoor asset tracking, and space usage optimization use cases. The Indoor Map as a Service has enabled HERE to expand its offerings and provide a comprehensive solution for indoor mapping needs. It caters to a growing market for location technologies that power wayfinding, indoor asset tracking, and space usage optimization.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corp., Siemens AG, Cisco Systems Inc., Qualcomm Inc., Broadcom Inc., Telefonaktiebolaget LM Ericsson, Nokia Corporation, STMicroelectronics N.V., Inpixon, Motorola Solutions Inc., HERE Global B.V. (HERE Technologies), Navigine Corp., Pointr Labs Limited, Sensewhere Limited, Link Labs Corporation, Oriient Labs Ltd., Situm Technologies SL, SPREO, IndoorAtlas Oy, GiPStech Srl, MazeMap AS, Pinmicro K K, Mapsted Corporation, indoo.rs GmbH, Insiteo SAS, Nextome S.r.l, Steerpath Ltd.
Indoor Positioning And Indoor Navigation (IPIN) Market 2024 Key Insights:
• The indoor positioning and indoor navigation (ipin) market is expected to grow to $76.72 billion in 2028 at a compound annual growth rate (CAGR) of 41.9%.
• Smartphone Adoption Fuels Growth In Indoor Positioning And Navigation (IPIN) Market
• HERE Technologies Leads Indoor Mapping Innovation With Indoor Map As A Service
• North America was the largest region in the indoor positioning and indoor navigation (IPIN) market in 2023
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