Indoor Positioning Systems Market Continues Growth Due to Lower Costs
Advancements in technology have proven to be the boost that the indoor positioning system and indoor navigation (IPIN) market needed. For those who don’t know, IPIN systems are made up of a series of devices that are used to track objects and people inside buildings using wireless devices. Companies find these systems useful when tracking employee movement and keeping up with products. These systems are used in buildings all over the world, including universities, museums and malls.
Improvements in Accuracy
As technology continues to improve, so do IPIN systems. When these systems were first used, they required intensive work to set up and robust hardware because GPS devices didn’t work indoors. Now that technology has improved to a point where GPS for indoors is possible, IPIN systems are a much more cost-effective solution for businesses.
With the improvement in technology, the cost to manufacturer IPIN systems has also become more manageable. Indoor maps can be generated without a series of devices being set up throughout an entire building. This makes the installation of these systems less expensive. Companies are also excited to show off new technology, which is why many manufacturers offer deals and promotions to increase awareness of their products.
While the IPIN systems market has already shown substantial growth, experts say that it will continue to grow well into 2024 as GPS technology continues to improve. The first big growth in the market was in 2013, spurring the creation of several startup IPIN companies. Many industries are starting to rely on IPIN technology to make their jobs easier, including the oil, gas, hospitality and healthcare industries.
The IPIN industry has proven successful for North American markets. However, other markets are showing an interest in IPIN technology as well, including Europe and Asia. Both of these areas of the world are filled with developing nations that want to use technology to promote further growth.
The eventual goal of the IPIN systems industry is to break into the personal market. As the technology becomes affordable, it could develop indoor GPS technology to track movement inside your house when you’re away. This could make it easy to keep an eye on your home while you’re on vacation or to check on your kids while you’re at work. While the cost of this technology still isn’t financially practical for all families, most manufacturers believe that the expense will drop enough in the next few years to make it a possibility.