In 2022, the worldwide indoor location market is anticipated to reach a market value of US$ 7530.5, and by 2032, it is anticipated to reach a market value of US$ 28,500.5, with a CAGR of 14.2%.
The development of technology to track people or things in inside spaces can be credited with the growth of the indoor location business. The market for indoor location experienced a CAGR of 11.5% from 2016 to 2021.
An indoor location is a system used to locate people or objects inside a building with the help of radio waves, acoustic signals, magnetic fields, and other sensory information which are collected through mobile devices. Indoor location is a tracking of any object which is present in indoor and also known as indoor localization.
Indoor positioning system advanced technology is used for tracing objects which can locate objects or humans situated in a company with the help of radio waves or acoustic signals collected by handheld devices including mobile phones, and other devices.
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Indoor Location Market: Drivers & Restraints
The major factors driving the growth of indoor location market are consistent support to governments for confirming public safety, increased usage of smartphones, and inadequacy of GPS technology in indoor locations. Moreover, rising usage of smartphones with innovative mobile applications, mobile commerce, trend of digitalization, and technological advancements are boosting to the growth of the indoor location market.
In addition, the government awareness to have improved positioning technology for urban security segment and public safety are enhancing the demand for indoor location solutions. In indoor location market, professional services are majorly crucial and comprise solutions offered by the service providers to increase the awareness and growth of indoor location solutions and technology for attracting customers to stores and navigation.
In terms of indoor location services segment, this segment is accounting a high adoption rate in the overall indoor location market owing to its requirement to flow with shifting technology that can be used for advance development in the market.
Indoor Location Market: Regional Outlook
Regarding geography indoor location market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. The indoor location market is expected to register healthy CAGR during the forecast period. North America is experiencing the rapid increase in the adoption of indoor location as a demand for customized indoor location solutions owing to the increasing use of proximity-based solutions in the retail sector in the region is rising at faster pace.
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The North American region continue to account a significant share in overall indoor location market due to usage of mobile media by enterprises for promoting services and products and the increasing adoption of location-enabled searches by individual users. Indoor location market for Asia Pacific is also expected to witness steady growth during the forecast period primarily attributed to the growth of indoor location technologies coupled with demand for customization in offerings, especially in China and India.
Indoor location Market: Key Players
Some of the key players identified in the indoor location market are:-
- Apple Inc.
- Broadcom Corporation
- CISCO Systems Inc.
- Ericsson, Google Inc.
- Microsoft Corporation
- Motorola Solutions
- Nokia Corporation
- STMicroelectronics N.V.
- Qualcomm.
- Others
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
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Indoor Location Market: Market Segmentation
The Indoor Location market is segmented into six parts based on the service type, technology type, by software tools type, end-users type, application type, and geography.
Based on the service type the indoor location market is segmented into:
- Manages services
- Professional services
Based on the technology type the indoor location market is segmented into:
- RF based (Wi-Fi/BLE)
- Sensor and Tag Based
- Others (Satellite/Remote Sensing and Microwave)
Based on the software tools type the indoor location market is segmented into:
- Software Tools
- Visualization (Indoor Maps, Monitoring, & Navigation)
- Location Analytics
- Context Accelerator
- Others (Data integration & ETA, database management system)
Based on the end-use type indoor location market is segmented into:
- Transportation
- Hospitality
- Entertainment
- Shopping
- Public Buildings
- Others
Based on the type of application indoor location market is segmented into:
- Risk Management
- Predictive Asset Analytics
- Emergency Response Management
- Remote Monitoring
- Marketing and Customer Experience Management
- Inventory Management
- Others (Augmented Reality and Supply Chain Optimization)
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