Indoor Location Market - Assessment Covering Growth Factors and Upcoming Trends (2020-2026)

 

Global Indoor Location Market generated revenue of US$ 8.9 billion in 2019. The market is expected to grow at a CAGR of 33.47% during the forecast period to reach a market valuation of US$ 68.8 billion by 2026. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period 2020-2026.

The increasing customer expectation, along with measures to control infrastructure cost, is playing a vital role in shaping the future of the indoor location market. Even though the adoption of indoor location technologies is relatively slow due to the lack of research resources, these solutions are expected to grow steadily and are expected to generate strong traction across all the emerging venues - owing to the growing need for “social connectivity,” on a real-time basis.

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According to the study conducted by IndoorAtlas 2016, the average percentage of departmental budget spend dedicated to implementing an Indoor Positioning System (IPS) is 2.47% over the next 12 months. In one to two years, 100% of these organizations will be spending on IPS. Spend is set to grow to over 3% of the department budget in the next three to five years. With both IPS usage and spend set to increase over the next two years, it showed the growth in the market as well as within organizations themselves. In just the last few years RFID tags in distribution within the retail supply chain have more than doubled. Tags in the retail space have exploded from 3 billion in 2014 to a projection of nearly 8 billion in 2017. While only a projection, these numbers prove that RFID is being seriously looked at as the omnichannel solution in retail. According to the University of Florida, retailers lose more than US$ 37 billion per year due to shrinkage, or theft. RFID can also serve as an electronic surveillance tool to prevent theft.

American Apparel’s 120 stores using RFID run at 99.8% inventory accuracy and shrinkage has been cut by 55%, on average. Wi-Fi-based indoor positioning for determining accurate wireless indoor location information has become crucial in meeting increasing demands for location-based services by leveraging the Internet of Things (IoT) and ubiquitous connectivity.

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 facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst type, software tools segment holds the major share”

Based on type, the market is fragmented into technology, software tools and services. Software tools dominated the market in 2019 and are expected to maintain its dominance during the forecast period. Among the software tools, Location analytics holds the maximum market as it is a method of market intelligence, extracting information from location-based data.

“Amongst deployment type, cloud dominated the market in 2019”

The deployment type segment is further divided into the cloud and on-premises. Cloud dominated the market in 2019 and is expected to maintain its dominance during the forecast period. The adoption of cloud-based solutions on the indoor location market is expected to grow, mainly due to their advantages such as easy trading data maintenance, cost-effectiveness, scalability, and efficient management. However, on-premises deployment is anticipated to witness the highest CAGR during the forecast period (2020-2026).

“Amongst applications, sales and marketing organizations are expected to dominate the market during the analyzed period”

The application segment is bifurcated into applications include in 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 a maximum market share followed by Customer Experience Management. The sales and marketing collaboratively working toward the common goal of profitably increasing revenue and customer excellence through shared processes, resources, and metrics.

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“Amongst industry verticals, retail dominated the market in 2019”

Based on the industry verticals, the market is segmented into transportation, retail, entertainment, hospitality, public building, 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. The positioning system makes it easy to find a store and give authorities a chance to develop a better traffic flow management system.

“North America represents one of the largest markets of Indoor Location market”

For a better understanding of the market dynamics of the indoor location market, a detailed analysis was conducted for different regions across the globe 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.

Reasons to buy this report:

·         The study includes market sizing and forecasting analysis validated by authenticated key industry experts

·         The report presents a quick review of overall industry performance at one glance

·         The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments

·         Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry

·         The study comprehensively covers the market across different segments

·         Deep dive regional level analysis of the industry

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Customization Options:

The Indoor Location Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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