Impact of COVID-19 on the Global Indoor Positioning and Navigation Systems Market
Indoor positioning and navigation systems offer a central platform to track or detect the location of personnel and assets through the deployment of innovative wireless technologies. These technologies include Wi-Fi, Bluetooth low energy, and ultra-wideband. These systems also provide location analytics, mapping, navigation, asset tracking, wayfinding, and other solutions to the end-users. Moreover, they deliver better connectivity, and effective access to precise locations, workflow optimization by personnel & asset tracking, along with superior indoor navigation and routing. Furthermore, the rising demand for indoor positioning and navigation systems and related solutions in multiple commercial spaces such as airports, shopping malls, hotels, hospitals, and warehouses, is projected to boost the market growth over the forecast timeframe.
Currently, the demand for indoor positioning and navigation systems is on the rise during the COVID-19 pandemic. However, this requirement is likely to be hindered due to reductions in the budgets of electronics companies owing to full/partial lockdowns imposed worldwide. The lockdowns have caused severe losses to the global industry players and placed restrictions on public gatherings at international events, theatres, concerts, and music festivals, which is hindering the market growth. However, supportive government policies are projected to stimulate the growth of the indoor positioning and navigation systems market over the forecast period. Furthermore, the market is indicating a significant recovery rate, mainly attributed to the remote working policies adopted by many industry players to prevent the spread of COVID-19 at workplaces. The industry is, however, expected to face challenges in the future owing to the effects of COVID-19.