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.
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.
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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.
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.
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