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.
For a detailed analysis of the deployments in
Indoor Location Market browse through https://univdatos.com/report/global-indoor-location-market-current-analysis-and-forecast-2020-2026
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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