Global Indoor Location Market Is Expected to Foresee Significant Growth During the Forecast Period

 Global Indoor Location Market is expected to reach the market valuation of US$ 68.8 billion by 2026 expanding at a reasonable CAGR of 33.47% during the forecast period (2020-2026) from US$ 8.9 billion in 2019. Indoor location enables locating the position of objects or people within buildings. Since GPS is unreliable in interior spaces because there is no visual contact with the GPS satellites, an IPS (indoor positioning system) must use other positioning methods. These include, for instance, the common consumer standards Wi-Fi or Bluetooth Low Energy (BLE), but also solutions based on Ultra-wideband (UWB) or passive RFID.

Location detection has been very successfully implemented in outdoor environments and now indoors as well as using GPS technology. GPS has made a tremendous impact on our everyday lives by supporting a wealth of applications in guidance, mapping, and so forth. The various factors driving the indoor location market include the rising demand for energy-efficient solutions, increasing adoption of connected devices, the inefficiency of GPS technology, reliable assistance from the government. However, lack of awareness and limited accuracy of indoor location tracking is expected to hinder the growth of the indoor location market.

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Indoor tracking localizes and follows the movement of entities inside buildings. The indoor tracking is enabled by indoor positioning systems, a network of electronic devices and computer software that is used to locate people or objects where and when GPS lacks precision or fails. Good wayfinding has led to a 41% increase in foot traffic in a shopping mall which translated into measurable sales growth in 4 out of 5 stores. Also, 52% of shoppers think getting deals on their smartphone while in stores is a shopping trend that is both cool and something they would use.

Technology, software tools and services are the major types in an indoor location. The technology segment is further subdivided into radio frequency-based, sensor and tag-based, and others (satellite/ remote sensing and microwave). Moreover, the software tools segment is divided into visualization, location analytics, context accelerator. The services segment is also further bifurcated into managed services, professional services. The radio frequency-based sub-segment dominated the technology segment market in 2019 and is anticipated to maintain its dominance during the forecast period.

Based on the deployment type, the market is segmented into on-premise and cloud. In 2019, the cloud accounted for revenue share and dominated the market and is expected to maintain its dominance during the forecast period. Because of the various benefits offered, such as increased capacity, scalability, versatility, protection, portability and compliance, cloud technology is widely embraced by companies. Due to its cost-effectiveness and advanced performance, SMEs are increasingly embracing the cloud deployment model. However, the on-premise segment is expected to witness the highest CAGR during the forecast period.

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The major applications of the indoor location market include sales and marketing optimization, customer experience management, remote monitoring, inventory management, predictive asset analytics, risk management, emergency response management and others (augmented reality and supply chain optimization). In 2019, Sales and Marketing Optimization holds maximum market share followed by Customer Experience Management. The field of Marketing Automation is growing at an astonishing rate. On average 51% of companies are currently using Marketing automation. With more than half of B2B companies (58%) plan to adopt the technology. More than half of marketers (56%) think the martech industry is evolving faster as the companies now have focused on technology for its marketing purposes.

The indoor location is implemented in various industry verticals such as banking, financial services & insurance (BFSI), healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others (manufacturing, healthcare, enterprises). In 2019, retail accounted for 17.6% of market revenue share and is expected to dominate the market during the forecast period as it guides the shoppers the quickest route to reach a store of their choice. Studies show that more than 65% of consumers conduct online product research before stepping foot in a physical store and during the Christmas season this number increases to 78% of in-store shoppers.

Additionally, the report provides detailed initiatives that are being taken in the field of indoor location. The market is classified into distinct regions including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and Rest of Asia-Pacific), Latin America and MEA has been conducted. North America dominated the market and generated revenue of US$ 2.61 billion in 2019 owing to the availability of advanced connectivity wireless technology and technologies such as 3D based indoor positioning system. However, due to the adoption of an indoor location by users and different industry verticals in the region, Asia-Pacific is expected to have the highest growth rate during the forecast period.

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Cisco Systems, Apple, Broadcom, Ericsson, Google, Microsoft, Qualcomm, STMicroelectronics, SAP SE and Zebra Technologies are some of the prominent players operating in the global indoor location market. Several M&A’s along with partnerships have been undertaken by these players to develop the indoor location.

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