Indoor Location Market Estimated to Grow at a CAGR of 22.9% During the Forecast Period 2022-2027

Indoor Location Market | IndustryARC
The Growing Need for Contact-tracing Solutions as a Result of the Covid-19 Epidemic Is Projected to Drive Indoor Location Market.

Indoor Location Market size is analyzed to grow at a CAGR of 22.9% during the forecast 2022-2027 to reach $19.7 billion by 2027. Various factors such as the growing number of applications powered by beacons and BLE tags, the increasing integration of beacons in cameras, LED lighting, Point of Sale (PoS) devices, and digital signage; the proliferation of smartphones, connected devices, and location-based apps among customers; and the inefficiency of GPS technology in the indoor environment are driving the global adoption of the Indoor location market. Fingerprinting is a relatively new technology that is being used by a variety of industries. To receive information from indoor positioning services, mobile device users often need an application offered by the service provider. In such circumstances, these users communicate their unique identification (Media Access Control [MAC] address) to the server, allowing the service provider to gather information about the user’s location, posing a major threat to the user’s privacy. Dead reckoning is a type of indoor location monitoring that is commonly employed by IMUs. To determine the position of an object using dead reckoning, one must first determine its previous location and speed. Because position mistakes accumulate over time, this approach lacks accuracy. When Global Positioning Systems were introduced to the world, they brought about a slew of changes. Because of the location-based services GPS has enabled, one can now travel anyplace faster. People all throughout the world utilize navigation, tracking, location sharing, and other such services on a daily basis. The definition of maps has shifted as a result of this. The advent of indoor locating systems has offered organizations more accuracy across various venues, regardless of the facility’s size and area. Aside from that, the technique has assisted several production units in efficiently managing their floor level. The growing variety of applications powered by beacons and Bluetooth Low Energy (BLE) tags, as well as the rising integration of beacons in cameras, remote sensing, Light Emitting Diode (LED) lighting, Point of Sales (PoS), and digital signage, are the key growth reasons for the indoor location market.

Indoor Location Market Segment Analysis – By Component

By Deployment, Indoor Location Market has been segmented into On-premises and Cloud. In the year 2021, the On-premises segment will have the largest market share. The highly secure data encryption, complete data visibility, and control features are major reasons promoting the adoption of on-premises-based indoor location software, and the market size of the on-premises deployment method is expected to be greater during the projected period. To improve customer and employee data security, on-premises-based indoor location solutions with highly secure data encryption and total data visibility and control are being adopted across sectors such as retail, transportation and logistics, media, government, and public offices.

Indoor Location Market Segment Analysis – By End User

By End-User, Indoor Location Market has been segmented into Transportation and Logistics, Travel and Hospitality, Media and Entertainment, Retail, Manufacturing, Healthcare, Government, Others. The transportation and Logistics segment is expected to grow at a faster CAGR during the forecast period. The demand to give mobile help for passengers at airports and railway stations to lead them to the correct spot to locate eateries and retailers in airports and trains can be attributed to the growth. The adoption of indoor location solutions allows the transportation industry to better understand customer behavior and provide vital information that can be used to create more effective advertising campaigns, identify the best sites, and optimize services. Furthermore, the use of indoor location solutions allows the transportation industry to better regulate inventory, track missing equipment, and save money on audits. The transportation and logistics vertical’s performance is dependent on complex and recurrent activities as well as capital-intensive processes. The logistics business is facing difficulties in tracking asset locations in warehouses. The need to track and recognize asset locations in order to reduce time wasted in asset location management is driving the development of indoor location solutions across the logistics vertical. A company can organize and interpret all complex plans with the help of location analytics solutions, allowing it to collect insights quickly and interact with them efficiently.

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Indoor Location Market Segment Analysis – By Geography

By geography, Indoor Location Market has been segmented under North America, Europe, APAC, South America, and RoW. North America is estimated to grow at the highest CAGR during the forecast period. North America is expected to have a significant share of the Indoor Location market due to rising smartphone penetration and the development of IoT technologies in the region. North America is the world’s second-largest market for tablets, smartphones, and in-vehicle navigation systems, as well as the world’s largest builder of airplanes and one of the world’s largest makers of aerospace and maritime navigation equipment. The United States has a significant market share in practically all end-user industries in North America, particularly in the consumer electronics market. The country has a high rate of smartphone penetration and sales. Furthermore, the country has various infrastructures, such as equipment makers, satellites, and supported research funding, which are linked with government assistance to increase technological penetration, and accuracy is influencing the market growth. For example, in November 2019, the US Federal Communications Commission (FCC) reserved rules to allow devices in the country to access signals sent by the Galileo Global Navigation System, prompting GNSS chip producers in the country to incorporate the capacity, hence enhancing accuracy. Other key factors driving the growth of the North American Indoor Location Market include increased investments in the development of various technologies and the adoption of indoor location solutions. The growing number of indoor location firms across geographies is expected to fuel market expansion.

Indoor Location Market Drivers

Customers’ adoption of smartphones, connected devices, and location-based apps will drive market expansion:

With increased smartphone adoption and shifting consumer mobile buying behaviour, startups and established businesses are scrambling to develop location-based services to engage their indoor users. With the implementation of indoor location technology, merchants have been able to improve their user experiences and give suitable navigation for products or locations. Interior location solutions enable enterprises to engage customers inside vast indoor venues with their brands, goods, partners, or anything else that helps them boost customer relationships and sales. The spread of numerous technologies, such as Bluetooth Low Energy (BLE) and Wi-Fi, allows users to pinpoint a person’s whereabouts within a certain range. Airlines and airports can employ beacons to identify a user’s presence inside the airport using geofencing technology and determine which floor the user is on. Knowing where a passenger is before transmitting information allows for more effective and efficient communication.

The growing need for contact-tracing solutions as a result of the COVID-19 epidemic is projected to drive market expansion:

Several businesses and offices throughout the world have resumed operations after being halted owing to the COVID-19-induced lockout. Because early research suggests that COVID-19 spreads far more aggressively indoors than outside, numerous companies have launched attempts to track workers’ activities and trace interactions in order to prevent offices and factories from becoming new epicenters of infection. A single case of COVID-19, on the other hand, has the ability to close an entire plant and necessitate decontamination before activities can resume. Companies are taking different preventive measures, including the usage of contact-tracing systems, to avert such a disaster. Several indoor location solution providers have launched new products or enhanced current products to meet the needs of their customers during the COVID-19 epidemic in order to capitalize on the increased demand for contact-tracing solutions. For example, Ubisense will introduce its new enterprise contact-tracing solution in May 2020 in order to protect employees and reduce business downtime. Ubisense has introduced the aforementioned solution for businesses to reclaim control of productivity and income in order to protect workers and boost productivity. Similarly, Sewio is providing businesses with free consulting services and software licenses to assist them in putting in place the technology required to save lives through ultra-wideband RTLS employee location tracking.

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Indoor Location Market Challenges

Market expansion will be hampered by a lack of uniform standards and interoperability, as well as system incompatibility: 

End-users must choose from a broader choice of available solutions, yet, the lack of universal standards makes integrating the available solutions problematic. End users are hampered by the incompatibility of numerous infrastructures and the lack of interoperability. Indoor location solutions that support more than one protocol are provided by companies such as Zebra Technologies, HID Global, and Inpixon, nevertheless, the majority of market competitors generally focus on a single protocol. Because different technologies operate on different protocols and frequency bands, there is no interoperability between different indoor location solutions, with the exception of solutions provided by a few vendors, such as Zebra Technologies, which offer multiple indoor location technologies supported by the same middleware.

Indoor Location Industry Outlook

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Indoor Location market. In 2021, the market of Indoor Location Market share has been fragmented by several companies. Indoor Location top 10 companies include

Zebra Technologies

Inpixon

Mist

HID Global

Google

Microsoft

Apple

Cisco

HPE

Esri

Recent Developments

In July 2021, HERE announced that Lyft Inc. has chosen HERE Map Content and HERE Location Services to support its location queries and real-time road closures data. Any trip booked through the Lyft platform now includes a more accurate driver ETA and a richer search database for places and addresses.

In July 2021, Esri opened a new office within the T-REX Geospatial Innovation Center in St. Louis, Missouri. Esri will provide qualifying startup enterprises at the centre with free access to the company’s cutting-edge ArcGIS Developers tools and services as part of the Esri Startup initiative.

In May 2021, Inpixon has announced the acquisition of Design Reactor (The CXApp), a well-known SaaS app platform, as well as its outstanding capital stock. The CXApp enables corporate enterprises to provide a custom-branded, location-aware employee app targeted at improving the workplace environment and hosting virtual and hybrid events. As a result of the transaction, revenue and profitability are likely to rise. 

Key Takeaways

During the projected period, the transportation and logistics sectors are expected to grow at the fastest CAGR. The demand to give mobile help for passengers at airports and railway stations to lead them to the correct spot to locate eateries and retailers in airports and trains can be attributed to the growth.

North America is estimated to grow at the highest CAGR during the forecast period. North America is expected to have a significant share of the Indoor Location market due to rising smartphone penetration and the development of IoT technologies in the region.

With increased smartphone adoption and shifting consumer mobile buying behaviour, startups and established businesses are scrambling to develop location-based services to engage their indoor users. With the implementation of indoor location technology, merchants have been able to improve their user experiences and give suitable navigation for products or locations.

COVID-19 has had an impact on the railway industry since governments around the world announced that they would avoid congested areas. As a result, there is a greater interest in smart solutions in the railway industry for the smooth operation of railway services.

Relevant Report:

Indoor Positioning and Navigation Market

https://www.industryarc.com/Report/43/global-indoor-positioning-navigation-market.html

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