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“The global indoor location market size to grow at a CAGR of 22.5% during the forecast period”
The indoor location market size is projected to grow from USD 6.1 billion in 2020 to USD 17.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period. The major factors driving the growth of the indoor location market are the increased number of applications powered by beacons and Bluetooth Low Energy (BLE) tags and growing integration of beacons in cameras; and Light Emitting Diode (LED) lightning, Point of Sales (PoS), and digital signage. The proliferation of smartphone connected devices and location-based application is also expected to drive market growth.
Services segment to grow at the highest CAGR during the forecast period
The indoor location market, by component, is segmented into hardware, solutions, and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed and professional services. The growth of this segment can be attributed to the increasing adoption of indoor location software and services, which leads to the increasing demand for pre- and post-deployment services.
Transportation and logistics vertical to grow at the highest CAGR during the forecast period
The indoor location market by vertical is segmented into eight categories: transportation and logistics, travel and hospitality, entertainment, retail, government and public sectors, manufacturing, healthcare, and others (education, Banking, Financial Services and Insurance [BFSI], and energy and utilities). The transportation and logistics vertical is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to the need to provide mobile support for travelers at railway stations and airports to guide them to the right locate stores and restaurants at airports and railway stations. Indoor location solution adoption helps the transportation industry to understand customer behavior and offer valuable information that could assist in building enhanced advertising campaigns, optimizing services, and selecting the right locations.
Additionally, the adoption of indoor location solutions allow the transportation vertical to manage inventory effectively, save costs on audits, and track missing equipment. The success of the transportation and logistics vertical depends on complex and frequent capital-intensive processes and operations. The logistics vertical are facing challenge in terms of tracking asset locations in the warehouses. The need to track and identify asset locations to reduce wastage of time in asset location management to lead to the adoption of indoor location solutions across the logistics vertical. With the help of location analytics solution, a firm can organize and understand all complex plans, enabling it to gain insights quickly and communicate with them effectively.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region is expected to record the highest growth rate during the forecast period, as the logistics vertical is expected to grow at a faster rate and are needed to enhance its supply chain process, which would drive the adoption of indoor location solutions and services in APAC region. APAC constitutes major countries, including China, India, Japan, and the rest of APAC region, which are increasingly contributing toward the adoption of BLE and UWB technologies in the indoor location market. Verticals such as transportation and logistics, entertainment, travel and hospitality, retail, government and public offices, manufacturing, and healthcare are leading the race in terms of the cloud adoption in the APAC region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the indoor location market.
- By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
- By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
- By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
The report includes the study of the key players offering indoor location hardware, solutions, and services. It profiles major vendors in the global indoor location market. The major vendors includes Zebra Technologies (US), Inpixon (US), Mist Systems (US), HID Global (US), Google (US), Microsoft (US), Apple (US), Cisco (US), HPE (US), Acuity Brands (US), Centrak (US), Sonitor (Norway), Ubisense (UK), infsoft (Germany), HERE (US), IndoorAtlas (Finland), STANLEY Healthcare (US), Midmark (US), Quuppa (Finland), AiRISTA Flow (US), InnerSpace (Canada), Esri (US), and Syook (India). It also includes an in-depth competitive analysis of the key players in the indoor location market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the indoor location market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component, deployment mode, organization size, technology, application, vertical, and region. The study further includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall indoor location market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.