This research report categorizes the indoor location market to forecast revenues, analyze trends, offering, application, technology, vertical, and regions.
Northbrook, IL 60062 -- (SBWIRE) -- 09/21/2023 -- The global Indoor Location Market size 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 research 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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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.
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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.
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).
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Regional Analysis for Indoor Location Market:
The European economy and its businesses have struggled to integrate digital tools into their practices over the years. Some top European countries contributing to the indoor location market include the UK, Italy, France, and Germany. Though businesses in the region are witnessing slow adoption trends, they are making significant efforts to succeed in digital transformation, especially with the integration of new technologies, such as BLE Beacons and Wi-Fi. Europe is one of the major regions for R&D in the fields of indoor location or indoor positioning.
The UK is one of the strongest economies in Europe. Enterprises in the UK have readily adopted indoor location solutions and services. The technology domain in the UK has witnessed significant growth in the last few years due to mergers, acquisitions, and strategic partnerships. The adoption of cloud services in the UK has increased, leading to advancements in technology and improved tracking ability.. The growing adoption of mobile subscriptions and the increasing use of smartphones across the region have significantly increased the demand for indoor location technologies.
Germany is a growing market for indoor location technologies. The rapid digitization across industries and the increasing demand for indoor location technologies, such as Wi-Fi, BLE beacons, and UWB, have also influenced the growth of the indoor location market.
Companies are deploying location analytics solutions to optimize business decisions in determining the best area to open a new store to improve the supply chain and create engaging marketing campaigns.
France is gaining momentum with the adoption of advanced location intelligence solutions. Enterprises in the country have realized that speed and improved performance are the top benefits of using indoor location solutions and services.
The government has started investing in indoor location technologies that will help various business sectors, including manufacturing, retail, and transportation and logistics.
It will contribute to the GDP growth of the country. Toulouse-Blagnac Airport in France has installed a mobile indoor positioning solution to improve passenger comfort, better manage visitors' traffic, and help passengers reach their destination easily and on time.
"The indoor location market in Italy is expected to witness significant growth in the coming years. The market growth is attributed to the increasing adoption of indoor location technologies in various industries, such as retail, healthcare, manufacturing, and transportation.
The retail industry is one of the major drivers of the indoor location market in Italy. Retailers are increasingly adopting indoor location technologies to improve customer experience and boost sales.
The healthcare industry is another major driver of the indoor location market in Italy. Healthcare providers are using indoor location technologies to improve patient care and satety. Many organizations and startup companies invest in research and development to develop new and innovative indoor location technologies. "
The indoor location market in Spain has experienced significant growth, focusing on providing indoor location solutions and services within
indoor environments. Many leading companies in this market offer solutions based on technologies, such as Wi-Fi and BLE.
The market finds applications in various sectors, such as retail, transportation, healthcare, smart buildings, tourism, and hospitality. Key benefits include improved customer experiences, enhanced operational efficiency, and personalized services.
The ongoing advancements and the emergence of new technologies continue to shape the indoor location market in Spain.
The Nordic countries, including Denmark, Finland, Iceland, Norway, and Sweden, have embraced indoor location technologies quickly.
The indoor location market in the Nordic countries is a rapidly growing market. The market is expected to continue to grow at a significant pace in the coming years.
The market growth is being driven by a number of factors, including the increasing adoption of indoor location solutions in various industries, the growing use of smartphones and other mobile devices, and supportive government policies.
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