According to the new research report published by The Insight Partners, titled “Indoor location Market to 2027 by Deployment Type (On-Premise and On-Cloud); by Technology (Tags, Nodes, Ultra-Wideband, Bluetooth, Wi-Fi, Visible Light Communication and Radiofrequency Identification); by Components ( Hardware, Software, and Services); by Application (Remote Monitoring, Customer Experience Management, Inventory Management, Emergency Response Management, Sales and Marketing Optimization, Risk Management, Predictive Asset Analytics, and Others) and Verticals (Hospitality, Retail, Transportation & Logistics, Entertainment, Public Buildings, Manufacturing, and Others) – Global Analysis and Forecast”, the indoor location market is estimated to reach US$ 24,601.1 million by 2027 from US$ 3,493.8 million in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The implementation of an indoor location system has recently witnessed significant adoption in diverse verticals ranging from manufacturing to logistics to security to sports. The growth in adoption of indoor location systems is attributed to several factors such as the widespread availability of low-cost sensors and tags, the sophistication of the sensing and connectivity capabilities in devices that do not impact battery life, and the introduction of open ecosystems that allow organizations to construct more flexible business models without locking them into hardware or software.
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Growing Popularity of Location Enabled Services
The implementation of an indoor location system has recently witnessed significant adoption in diverse verticals ranging from manufacturing to logistics to security to sports. The growth in adoption of indoor location systems is attributed to several factors such as the widespread availability of low-cost sensors and tags, the sophistication of the sensing and connectivity capabilities in devices that do not impact battery life, and the introduction of open ecosystems that allow organizations to construct more flexible business models without locking them into hardware or software.
Through advancements in positioning technologies, location positioning and navigation capabilities have improved significantly in the past decade. Further, the growing popularity of location-based services especially for smartphones has gained substantial momentum in the past few years. As a result, the leading retailers and luxury retail brands are increasingly focusing on optimizing marketing strategies for their loyal customers through the adoption of indoor location services for offering more exclusive offers. Subsequently, the retail industry is anticipated to be one of the major market driving forces in the coming years.
Indoor Location Market Deployment Type Segment Insights
Based on deployment type, the indoor location market is segmented into on-premise and on-cloud. A cloud-based indoor location is a web-based software as a service (SaaS) model utilizing enterprise cloud technology. Whereas an on-premises type system is the one deployed on the native hardware and network of the business. Over the years the on-premises location tracking infrastructure has decreased, while the demand for cloud-based systems continues to achieve a substantial growth rate. This is major because the cloud-based indoor location offers enhanced flexibility, scalability, disaster recovery, and security to its users. Further, it also offers the end-users the ability to receive automatic software updates without additional capital expenditures, providing better technology competitiveness. Owing to these factors, the cloud-based indoor locations is expected to receive the main market attraction resulting in a principle growth rate.
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Indoor Location Market Technology Segment Insights
Based on technology, the indoor location market is bifurcated into tags, nodes, ultra-wideband, Bluetooth, wi-fi, visible light communication, and radiofrequency identification. The majority of the indoor location systems in the market use a combination of technologies in order to accomplish their functions efficiently. Some of these technologies include Wi-Fi, Ultra-Wideband, Bluetooth, RFID, and VLC. Owing to the wide-scale use of multiple technologies, the indoor location networks in the coming years are anticipated to become highly heterogeneous.
Indoor Location Market Component Segment Insights
Based on components, the indoor location market is bifurcated into hardware, software, and services. There is a myriad method in which an indoor location system can be deployed and a range of technologies that an enterprise can choose from. However, implementation of the indoor system requires a basis of three components that include hardware, software, and services. The hardware basically comprises of nodes components, networking devices, sensors, receivers, and transmitters. The software segment comprises of the APIs that support the functioning of the system along with providing analytical insights. Designing and implementation of indoor locations require managed and professional services, which also contribute to the overall indoor location market revenue.
Indoor Location Market Application Segment Insights
Based on application, the indoor location market is bifurcated into remote monitoring, customer experience management, inventory management, emergency response management, sales and marketing optimization, risk management, predictive asset analytics, and others. The application for indoor locations in recent years has witnessed a drastic increase across the globe. These applications vary from customer assistance and marketing to disaster management and recovery, asset management & tracking, and security.
Indoor Location Market: Competitive Landscape and Key Developments
BROADCOM, Cisco Systems Inc., Ericsson AB, Geomoby, IndoorAtlas Ltd., Infsoft GmbH, Micello Inc., Qualcomm Technologies Inc., Senion, Sensware Ltd., Sonitor Technologies, Spreo, STMicroelectronics, and Zebra Technologies Corporation are among the key players profiled in the global Indoor Location market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
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2018: LocusLabs announced a strategic partnership with IndoorAtlas with the aim of providing enhanced indoor location-based experiences. The partnership is aimed to develop an end-to-end digital wayfinding solution to power location-based applications and experiences in venues like airports, offices, and railway stations among others.
2018: Cisco announced the acquisition of July Systems a mobile application platform provider. The acquisition is expected to help Cisco to enhance its enterprise Wi-Fi platform to enable better indoor location services capabilities.
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