LONDON--(BUSINESS WIRE)--According to the latest research report released by Technavio, the global IPIN market is expected to grow at a CAGR of over 42% until 2020.
This report titled ‘Global IPIN Market 2015-2019‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. This market study also presents up to date analysis and forecasts for its various application segments, including retail, healthcare, aviation, and government organizations and public places.
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“The global IPIN market is expected to witness steady growth during the forecast period due to increased awareness and improved efficiency of indoor location services. The technology finds wider implementation, particularly in healthcare, retail, aviation, and manufacturing sectors. However, during the forecast period, the market is likely to be dominated by the retail segment on account of heavy investments by retailers in brand awareness and promotion activities. IPIN technology is therefore emerging as a cost-effective solution to cut down operating expenses involved with marketing and infrastructure management in retail stores, shopping malls, and small and medium-sized enterprises,” said Rakesh Kumar Panda, one of Technavio’s lead industry analysts for M2M and connected devices research.
Some of the other driving forces behind the growth of the global IPIN market are as follows:
- Increased adoption of beacons
- High demand for natural and organic products
- Increase in marketing and promotions
Increased adoption of beacons
The market is witnessing widespread adoption of location-based services for reaching out to potential customers with relevant advertisements and content. To achieve this, marketers are resorting to beacon-based low-cost advertising. A beacon is a low-cost device that is attached to store shelves to ensure effective communication with customers through their smartphones. Beacons are also used to enhance indoor maps, payment services, and location-sensitive product catalogues. Beacon-triggered marketing, a highly accurate type of proximity marketing works by utilizing Bluetooth signals from beacons located in stores. As beacons are easy to deploy and have inexpensive features, their adoption rate has significantly increased over the years. A typical beacon cost ranges from USD 30 to 40. Other expenses include the cost of creating content.
Marketers and store owners intend to keep shoppers engaged inside the store through promotional offers and notifications that result in higher sales. Passive notifications help track a shopper's smartphone and send relevant push messages that provide reviews and other place-related information as the user movement around the store. The beacon management platform allows retailers to track the effectiveness of their marketing campaigns with real-time data. In addition, it also allows retailers to distribute digital content effectively.
Low-cost BLE beacon technology
BLE beacons are designed in such a way that it can be installed at any location or near objects that broadcast radio signals. These signals are received and interpreted by a user's smartphone thus increasing contextual awareness. BLE beacon technology offers an affordable way to obtain indoor location information useful for developing innovate apps that serve customers effectively. As many retailers are showing keen interest in deploying BLE beacons, it has increased shipments and helped the market gain close to 55 million units sales in 2015.
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