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Inertial Navigation System Market Size to Hit USD 15.45 Billion by 2028 | At a CAGR of 5.54%

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Pune, India, May 25, 2023 (GLOBE NEWSWIRE) — The global Inertial Navigation System Market is a navigation technology that uses a combination of accelerometers and gyroscopes to determine the position, orientation, and velocity of a moving object. It provides autonomous navigation capabilities by relying on internal sensors rather than external references such as GPS signals.

The inertial navigation system (INS) market size is projected to grow from USD 10.59 billion in 2021 to reach USD 15.45 billion by 2028 and exhibit a CAGR of 5.54% during the forecast period. The surging demand for an accurate navigation system and the growing adoption of modern technologies such as machine learning and artificial intelligence are anticipated to boost market growth in the coming years. Fortune Business Insights™ has presented this information in its report titled, “Inertial Navigation System (INS) Market Size, Forecast by 2028”. The market size stood at USD 10.38 billion in 2020.

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List of Key Players Profiled in the Inertial Navigation System (INS) Market Report:

  • Honeywell International Inc. (U.S.)
  • Northrop Grumman Corporation (U.S.)
  • Safran (France)
  • Thales Group (France)
  • Raytheon Technologies Corporation (U.S.)
  • General Electric Company (U.S.)
  • Teledyne Technologies, Inc. (U.S.)
  • VectorNav Technologies, LLC (U.S.)
  • Parker-Hannifin Corporation (U.S.)
  • Trimble Navigation Ltd. (U.S.)
  • Gladiator Technologies, Inc. (U.S.)
  • iXblue SAS (France)

Report Scope & Segmentation:

Report Coverage Details
Forecast Period 2021-2028
Forecast CAGR 5.54 %
2028 Value Projection USD 15.45 Billion
Market Size in 2021 USD 10.59 Billion
Historical Data 2017-2019
No. of Pages 200
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered
  • By Component Analysis
  • By Technology Analysis
  • By Platform Analysis
  • By End User Analysis
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa
Inertial Navigation System Market Growth Drivers Need for Highly Accurate Navigation Solution to Surge Demand for INS
Technological Advancements in Navigation Market is Driving Market Growth

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/inertial-navigation-system-ins-market-102849

Segmentation-
Based on components, the market is fragmented into gyroscopes, accelerometers, and others. On the basis of technology, the market is segmented into MEMS, fiber optics gyro, ring laser gyro, mechanical gyro, and others. On the basis of platform, the market is divided into space, maritime, ground, and airborne. On the basis of end-user, the market is bifurcated into military and commercial. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.

COVID-19 Impact-
The sudden emergence of the humanitarian crisis has drastically affected the global economic structure and hampered the growth of several industries and markets. The market for INS has witnessed a negative impact of the coronavirus pandemic due to the shutdown of manufacturing plants. The diminished demand for autonomous vehicles for commercial operations such as field mapping, windmill inspection, pipeline inspection, and oil tank testing has hindered the market’s growth. Nonetheless, the vaccines are now available to the mass population, and the market is slowly recovering. The market is expected to witness significant growth post-pandemic.

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Report Coverage-

  • It envisages an in-depth assessment of the prospected market.
  • It incorporates Porters’ Five Forces Analysis for an unerring market prediction.
  • It highlights different market segments; components, enterprise size, industry, deployment type, and others.
  • It highlights strategies of growth for companies to wade through the COVID-19 pandemic.
  • It emphasizes the market’s competitive landscape and elucidates the latest industry developments, new product launches, key market trends, etc.

Drivers & Restraints-
Growing Demand for Highly Accurate Navigation Systems to Boost Market Growth
The growing adoption of unmanned vehicles has boosted the demand for small-sized modern navigation solutions. This had led to the development of portable, cost-efficient, and miniaturized INS components, such as micro-accelerometers and micro-gyroscopes. Hence, the development of INS with these attributes is anticipated to fuel the global inertial navigation system (INS) market growth.
The demand for extremely accurate navigation systems for precise positioning has increased across military and commercial applications. The growing adoption of modern technologies such as machine learning and artificial intelligence to produce highly accurate navigation solutions is expected to boost the market growth in the coming years.
Moreover, the technological developments in the navigation industry are likely to accumulate growth for the market.
However, the high costs of INS are likely to restrict the market’s growth.

Regional Insights-
Surging Remotely Operated Vehicles Adoption to Fuel Growth in North America
North America is projected to gain the largest portion of the global inertial navigation system (INS) market share due to the surging adoption of remotely operated vehicles across military and commercial applications. Additionally, the U.S. is the largest provider and manufacturer of robotics vehicles. This is likely to foster growth for the market.
Asia Pacific is anticipated to witness immense growth due to the increasing defense investments by India, China, and others. The increasing acquisition of modern remotely operated vehicles for applications in the military is likely to garner for the market.
Europe is expected to witness moderate growth due to the presence of prominent OEMs such as Safran, Thales Group, and others.
The Rest of the World is likely to exhibit considerable growth in the coming years due to the rising defense expenditures.

Competitive Landscape-
Key Players Emphasize Developing Cost-Efficient INS to Attract Growth
The market is fairly fragmented and comprises several key players with a robust brand and product portfolios. They aim to develop a cost-efficient INS to attract growth and generate greater revenues. The key players focus on various growth strategies like partnerships, mergers, acquisitions, new product launches, technological advancements, patents, etc., to enhance market presence. For instance, The U.S. Air Force assigned a contract worth USD 59 million to Northrop Grumman Corporation in February 2019 to manufacture an upgraded inertial navigation system and GPS.

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments –Mergers, Acquisitions and Partnerships
    • Latest technological Advancements
    • Porters Five Forces Analysis
    • Supply Chain Analysis
  • Qualitative Insights
    • Impact of Covid-19 on the Inertial Navigation System Market
    • Steps Taken by the Industry/Government/Companies to Overcome the Impact
    • Potential Opportunities due to COVID-19 Outbreak
  • Inertial Navigation System Market Analysis, Insights and Forecast, 2017-2028
    • Segmental Definitions
    • Market Analysis, Insights and Forecast – By Component
      • Accelerometers
      • Gyroscopes
      • Others

TOC Continued…!

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https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/inertial-navigation-system-ins-market-102849

Industry Developments-

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  • May 2019: Northrop Grumman Corporation launched its upgraded SeaFINDTM INS for the marine platform. It is the first marine INS based on fiber optics gyro technology (eFOGTM).

Read Related Insights:

Global Navigation Satellite System Market is Projected to Hit USD 320.73 Billion in 2021-2028 | GNSS Industry Exhibit a CAGR of 9.02%

Inertial Measurement Unit Market to Hit USD 28.37 Billion by 2029 | CAGR of 8.13%

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Artificial Intelligence

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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Artificial Intelligence

CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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