Indoor Location Market worth $29.8 billion by 2028- Exclusive Report by MarketsandMarkets™

CHICAGO, June 13, 2023 /PRNewswire/ -- With technological developments, integration with IoT and upcoming technologies like AR/VR, and industry-specific applications, the Indoor Location Market has a bright future. The market will be shaped by data analytics, privacy concerns, the introduction of 5G, and edge computing, which will enable better consumer engagement, navigation, and operational efficiency across a variety of industries.

The Indoor Location Market is projected to grow from USD 10.9 billion in 2023 to USD 29.8 billion by 2028, at a CAGR of 22.3% during the forecast period, according to a new report by MarketsandMarkets™. The demand for indoor location solutions is anticipated to rise as a result of the growing number of applications powered by BLE tags and beacons.

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250 - Tables
55 - Figures
300 - Pages

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Scope of the Report

Based on offerings, the hardware segment to hold the largest market size during the forecast period.

The hardware segment includes beacons, sensors, tags, gateways, fixed readers, and Wi-Fi access points. A rise in the demand for BLE, sensors, and Wi-Fi technologies among users to determine the location within the building has influenced vendors to develop indoor location hardware. The satellite navigation system GPS has limitations for locating people or objects inside buildings due to signal loss. Emerging technologies like beacons and BLE could generate research data to create personalized, relevant, real-time experiences that lead to enhanced targeting and conversion. Companies such as Zebra Technologies, Inpixon, Cisco, Apple, infsoft, Ubisense, and Sonitor offer various indoor location hardware for customers with advanced technologies to track and locate people and objects and increase customer experience.

Based on technology, ultra-wideband is projected to register the highest CAGR during the forecast period.

UWB is an impulse, baseband, and carrier-free technology that transmits very low-duration pulses with a small power spectral density. It has an access range between 3.1 GHz and 10.6 GHz. This excessive bandwidth gives information rates for the conversion of data for decision-making. Infsoft offers an indoor tracking solution that helps manufacturers track goods with high accuracy so that it is possible to identify the exact shelf on a high rack on which the searched item can be found. The goods' locations can be viewed on a digital map anytime. This, in turn, results in reduced search times, ideal warehousing, and efficient process management.

Based on application, the sales and marketing segment to hold the largest market size during the forecast period.

Practitioners and businesses looking to enhance the shopping experience for customers to increase sales and profitability have given indoor positioning systems a lot of attention. Geofencing is used for marketing at trade exhibitions, airports, train stations, and retail malls for sales and marketing optimization. Based on their interests and behaviors, users can give anonymous tags. For instance, Walkbase, a Finnish startup, offers a retail solution that evaluates the effectiveness of marketing campaigns indoors and the ensuing sales conversion. It investigates consumer behavior when they enter a store. As a result, it is easier for shops to create different campaigns that consider a customer's inside trip.

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Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

Asia Pacific has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The large population and developing infrastructure are the major factors contributing to the growth of the Indoor Location Market in Asia Pacific. The rapid rise in technology adoption across verticals for enhancing customers' and visitors' experience is driving the growth of indoor locations solutions in the region. Asia Pacific constitutes major countries, including China, India, Japan, and the Rest of Asia Pacific, which are increasingly contributing toward developing indoor tracking, people and asset tracking, location analytics, and indoor navigation solutions in the Indoor Location Market. Verticals such as transportation and logistics, media, manufacturing, government & public offices, and retail are leading the race in terms of indoor location solutions adoption in Asia Pacific.

Top Key Companies in Indoor Location Market:

The major vendors covered in the Indoor Location Market include Zebra Technologies (US), Cisco (US), Google (US), Microsoft (US), HPE (US), Apple (US), Esri (US), Acuity Brands(US), Inpixon(US), HERE Technologies (US), HID Global (US), CenTrak (US), Sonitor (Norway), Ubisense (UK), infsoft (Germany), Polaris Wireless (US), Quuppa (Finland), Securitas Healthcare (US), Navigine (US), Blueiot (China), Kontakt.io (US), AiRISTA (US), InnerSpace (Canada), Syook (India), Oriient (Israel), Navenio (England), Situm (Spain), Pozyx (Belgium), Azitek (Portugal), and Mapxus (China).

Recent Developments:

• In January 2023, Apple launched Apple Business Connect. Apple Maps gained a new tool Apple Business Connect: It will now allow business owners to update and manage their own information on the platform, including key details like business hours and location, photos, logos, special offers and promotions, and more.
• In April 2022, Google partnered with Oriient, to create a joint offering for in-store navigation and proximity marketing.
• In January 2022, Cisco acquired Opsani. The acquisition will further enable Cisco AppDynamics to grow its product and engineering team and expand its platform's capabilities.
• In January 2022, HERE launched Indoor Map as a service: a one-stop shop for indoor mapping solutions that includes indoor map data, routing, and positioning, all available through the HERE SDK and seamlessly connected with its base map.

Indoor Location Market Advantages:

• In interior settings like airports, retail centres, and hospitals, indoor location technology offer precise real-time positioning information. This makes it easier for people to move around intricate indoor surroundings, locate particular points of interest, and get where they're going. It improves the user experience, lessens annoyance, and saves time.
• Solutions for indoor locations are essential for improving safety and security in indoor areas. They make it possible to track and monitor resources, employees, and visitors in real-time. Indoor location technologies assist in promptly locating persons in need of assistance, guiding emergency responders to the exact area, and ensuring a prompt and coordinated reaction in emergency circumstances such as fires or other accidents.
• Businesses can get useful information about client behaviour, preferences, and movement patterns inside their facilities thanks to indoor location solutions. Delivering personalised marketing messages, focused promotions, and specialised recommendations are all possible with the use of this data. Businesses may increase customer engagement, boost revenue, and boost general customer happiness by knowing the requirements and interests of their customers.
• The use of indoor location solutions can increase operational effectiveness and optimise resource use. For instance, indoor location systems may manage and monitor inventory, assets, and equipment in sizable warehouses or industrial facilities, resulting in streamlined operations and less downtime. These technologies can improve store layout planning, inventory management, and personnel deployment in retail settings.
• It is possible to analyse the data produced by indoor location technology to learn important things about customer behaviour, business operations, and facility management. Businesses may make wise decisions, spot areas for development, and streamline processes by analysing patterns and trends. These suggestions can be useful for improving workflow, utilising space more effectively, and managing crowds.

Report Objectives

• To determine and forecast the global Indoor Location Market by offering (hardware, solutions, and services), application, technology, vertical and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Indoor Location Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Indoor Location Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Indoor Location Market.
• To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
• In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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