According to a new report, published by KBV research, The Global Indoor Positioning And Navigation Market size is expected to reach $208.6 billion by 2031, rising at a market growth of 37.2% CAGR during the forecast period.
The Software segment generated the highest revenue in the Global Indoor Positioning And Navigation Market by Component in 2023; thereby, achieving a market value of $81.3 billion by 2031. Innovations in algorithms, machine learning, and artificial intelligence have significantly improved indoor positioning systems' accuracy, efficiency, and usability, making them essential tools for retail, healthcare, logistics, and hospitality industries.
The Bluetooth Low Energy segment is registering a CAGR of 36.2 % during the forecast period. It is possible to easily install Bluetooth Low Energy (BLE) beacons in various interior environments, such as retail stores, airports, hospitals, and office buildings. Bluetooth Low Energy beacons are both tiny and fairly priced.
The Asset & Personnel Tracking segment led the Global Indoor Positioning And Navigation Market by Application in 2023; thereby, achieving a market value of $68.4 billion by 2031. The critical need for real-time visibility and management of assets and personnel in various industries such as manufacturing, healthcare, logistics, and corporate environments drives this segment's prominence.
The Retail segment is growing at a CAGR of 34.3 % during the forecast period. Retailers leverage indoor positioning systems to enhance customer experience, optimize store layouts, and implement targeted marketing strategies. By tracking customer movements and behaviors, retailers gain valuable insights into shopping patterns, enabling them to place high-margin products in high-traffic areas and improve overall store navigation.
Full Report: https://www.kbvresearch.com/indoor-positioning-and-navigation-market/
The North America region dominated the Global Indoor Positioning And Navigation Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $75 billion by 2031. The Europe region is anticipated to grow at a CAGR of 36.8% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 37.9% during (2024 - 2031).
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