Global Indoor Location Market is expected to register growth at a CAGR of 42.72% forcast period 2020-2026 According to Blueweave Consulting
Published | 13 April 2020
The global Indoor Location market estimated to reach USD 171 Billion by 2026 from USD 14.2 Billion in 2019 at a significant CAGR of 42.72% during the forecast period 2020-2026. The growth of the market on a global scale is driven by increasing adoption of connected devices and demand for indoor location technology to improve the lean automation and robotics processes.
Products and assets are also tracked with the help of Tags in the retail and manufacturing verticals. Adoption of the sensor and tag-based technology has considerably grown over the years, as the adoption of the technology is relatively easy. The awareness to have improved positioning technology for urban security segment and public safety are accelerating the demand for indoor location solutions. Professional services are crucial in indoor location market as it comprise solutions offered by the service providers to spread the awareness & growth of indoor location solutions and technology for attracting customers to stores and navigate.
In terms of indoor location services segment, hospitality segment is accounting a high adoption rate in the overall indoor location market due to its requirement to flow with shifting technology that can be used for advance development in the market. The increase in adoption of indoor location system is accredited to various factors such as extensive availability of low-cost sensors and tags, the advancements of the sensing and connectivity capabilities in devices that do not affect battery life, and the introduction of open ecosystems that allow organizations to construct flexible business models without locking them into hardware or software. All these factors are contributing to propel the market growth.
Increasing application of indoor location and increasing internet connected devices drives the market growth
The application for indoor location in recent years has went through a drastic increase across the globe. These applications vary from customer assistance and marketing to disaster management and recovery, asset management & tracking, security. The demand for warehouse space has exploded in recent years as eCommerce continues to grow. But it's not just about the space. Customer expectations have evolved, which means warehouses need to operate more efficiently and extend services that reflect the customer journey. Often, this means embracing innovation and establishing new processes quickly. Indoor mapping and positioning technology for the inventory management streamlines the steps involved, cutting down on the time it takes to complete them. As a result, the growing scope of application is anticipated to drive the market growth of indoor location market in the forecast period.
The retail segment is expected to grow at highest rate in the global Indoor Location market.
The data of a magnetic sensor of a given smartphone is utilized to locate certain object or people wirelessly inside the retail store. It utilizes geomagnetic field of the earth to pinpoint the corresponding location inside the retail store and used to provide positioning of location accuracy. This provides the effective management and tracking of the objects as well as people which leads to drive the growth of this segment.
Asia Pacific is expected to witness rapid growth in the Global Indoor Location market
Asia Pacific represented the largest share of the Global Indoor Location market and is projected to witness rapid growth over the forecast period. SMEs are implementing digital technologies at a rapid speed, which is leading to huge data creation. The rising adoption would lead to the increasing demand for handling digital data efficiently so as to enable the faster availability of relevant data during legal cases. Moreover, the adoption of cloud-based solutions by various vendors in APAC is expected to increase the demand for Indoor Location solutions. The region is rapidly growing owing to the increased adoption and growing applications of indoor positioning and navigation in aviation, healthcare, logistics sectors. The growing application of indoor location and navigation systems along with customers demand is driving the market growth in the region.
Global Indoor Location Market: Competitive Landscape
The major market players in the Indoor Location market are Apple, Broadcom, Cisco Systems, Ericsson, Geomoby, Google, Micello, Microsoft, Qualcomm Technologies, Senion, Stmicroelectronics, Zebra Technologies, HERE, Glopos Technologies, IndoorAtlas Ltd., Navizon Inc, AeroScout Industrial, Hewlett Packard Enterprise Development LP, Sensewhere, and Other Prominent Players. These vendors have adopted various startegies to expand their offerings in the market.
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