LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global indoor positioning and indoor navigation (IPIN) market to grow to USD 7.8 billion by 2021, at a CAGR of close to 59% over the forecast period, according to their latest report.
The research study by Technavio on the global indoor positioning and indoor navigation (IPIN) market for 2017-2021 provides detailed industry analysis based on the application (retail, aviation, healthcare, manufacturing and logistics, and government organizations and public spaces) and geography (the Americas, EMEA, and APAC).
|An indoor positioning and indoor navigation (IPIN) system is a wireless network of devices to locate people and objects in a building.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global indoor positioning and indoor navigation (IPIN) market:
- Declining cost of RFID tags
- Low-cost BLE beacon technology
- Growth of the geomarketing business
Declining cost of RFID tags
“RFID tags are broadly used across different sectors such as healthcare, transportation, retail, aviation, government, and public agencies for asset tracking and workforce management. The tags help these sectors to enhance the efficiency and effectiveness of operations,” says Abhishek Sharma, a lead analyst at Technavio for M2M and connected devices research.
RFID tag prices are currently declining rapidly due to intense competition among the vendors in the market space. The decline in prices combined with the tag’s ability to resist critical conditions of various application sectors is expected to rapidly boost the growth of the market over the forecast period.
Low-cost BLE beacon technology
Bluetooth low energy (BLE) beacon technology has been specifically designed to be attached to any object and transmit tiny radio signals from its location. These BLE beacons are used within buildings and are received and interpreted by the user's smartphone to unlock micro-location and contextual awareness. Since the technology is very affordable and can easily be integrated into any indoor location and innovative new apps, it is rapidly increasing its consumer and application base. Global shipments of BLEs are expected to hit 55 million by 2019, indicating a huge change for the retail industry.
Growth of the geomarketing business
“Geomarketing is an integrated geographical intelligence platform capable of providing various opportunities for businesses and a multitude of benefits for customers. The technology also provides a rich customer experiences and engagement in shopping activities, which is driving for its increasing adoption,” says Abhishek.
Geomarketing tools not only provide relevant information about the nearest restaurants, services, shopping malls, bars, and lounges, but can also provide proximity-based solutions, relevant offers and information to customers. The advent of technology has enabled the introduction of digital maps, which are helping users streamline business processes such as procurement, processing, storage, employee satisfaction, and supply chains.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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