The global navigation, imaging, and positioning solutions market is projected to reach a valuation of over US$ 7 Bn in 2022. Increasing adoption of these solutions in homes, hospitals, and warehouse management will drive sales at a stupendous 27% CAGR, pushing the market valuation to approximately US$ 24 Bn in 2032.
Navigation, imaging, and positioning solutions are based on connective technologies such as global positioning system (GPS), magnetic positioning simultaneous localization and mapping (SLAM), WiFi, radio-frequency identification (RFID), and Bluetooth low energy (BLE) beacons.
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Increasing availability of these technologies in developing nations is expected to drive sales in the market. Applications of these technologies include modeling, surveying, and mapping of infrastructures, asset tracking, real-time monitoring, location-based promotion, and emergency services.
In the aviation sector, these solutions are used for passenger navigation, emergency services, baggage tracking, and other airport-related operations. In addition to this, these solutions are being utilized in the advertising industry for location-based promotions, eCommerce, and digital retail.
Further, the expansion of the eCommerce and logistics sectors is expected to boost sales in the market. These solutions are used in the logistics sector for automating inventory tracking, asset tracking, packaging, and warehousing. Increasing sales through online channels worldwide will continue boosting the adoption of navigation, imaging, and positioning solutions in the forthcoming years.
What is Driving the Navigation, Imaging, and Positioning Solutions Market?
Rising awareness regarding the operational efficiency achieved by using navigation, imaging, and positioning solutions across various sectors is anticipated to augment the growth in the market in the forthcoming years.
The healthcare sector is utilizing RFID and Wi-Fi in hospitals to help navigate patients and healthcare providers to desired wards. These solutions are finding applications in the tourism and transport sector as well. They are being adopted in hotels and resorts for navigating tourists to hotels, lounges, restaurants, and parking lots.
In the transport sector, navigation, imaging, and positioning systems are used are railway stations, bus stations, and airports to navigate passengers to ticket counters, loungers, inquiry centers, ATMs, etc.
Further, the expansion of the automotive sector across the globe is also projected to drive sales of navigation, imaging, and positioning solutions over the forecast period. Manufacturers are using these solutions to track automotive components and vehicles, for effective quality control and asset management.
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What are the Challenges in the Navigation, Imaging, and Positioning Solutions Market?
Limited awareness regarding the functionality of navigation, imaging, and positioning solutions in emerging economies is expected to hamper sales in the market. As the technology is relatively nascent in these countries, demand is expected to rise at a moderate pace over the forecast period.
In addition to this, changes in the allocation of radiofrequency tags and bands, increasing costs of sensors, low availability of technical knowledge, and high investments in the deployment of these solutions will hinder the growth in the market.
What is the North America Navigation, Imaging, and Positioning Solutions Market Outlook?
As per FMI, the North America navigation, imaging, and positioning solutions market is projected to expand at an impressive pace over the forecast period. Increasing spending and investments in the defense sector in the U.S. are boosting sales in the North America market, and the trend is expected to continue over the forecast period.
Further, the expansion of end-use industries such as the healthcare sector, packaging, eCommerce, tourism, and aviation will continue pushing sales in the market over the forecast period.
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How Will the Europe Navigation, Imaging, and Positioning Solutions Market Fare?
Demand in the Europe navigation, imaging, and positioning solutions market is forecast to remain high over the assessment period. Expansion of the tourism sector across the U.K., Germany, France, and Italy is driving the adoption of these solutions for navigational and tracking purposes, thereby augmenting the growth in the market.
Besides this, increasing influx of medical tourists in Germany and the U.K. is boosting the adoption of these solutions in the healthcare sector. These solutions help in navigating patients and healthcare providers to designated wards, track assets such as medication, medical equipment, and tools, and improve the overall operational efficiency. ;
BlackRoc Technology, Trimble Navigation Limited, Leica Geosystem, Topcon Positioning Systems INC, Sonardyne, Kongsberg Maritme, NovAtel Inc., and iXBlue, are some of the key players operating in the global navigation, imaging, and positioning solutions market.
Players are launching effective and innovative connective technology-based navigation, imaging, and positioning solutions to expand their product portfolios. Manufacturers such as Trimble Navigation Limited and Leica Geosystems are offering custom solutions for land surveying and the defense sector to cater to the growing demand.