Indoor Location Market to Reach US$ 68.8 Billion by 2026, Globally |CAGR: 33.5% | UnivDatos Market Insights
NOIDA, India, May 11, 2021 /PRNewswire/ -- A comprehensive overview of the Indoor Location market is recently added by UnivDatos Market Insights to its humongous database. The Indoor Location market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Indoor Location market. The Indoor Location market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Indoor Location market at the global and regional levels. Global Indoor Location Market is expected to grow at a CAGR of 33.5% from 2020-2026 to reach USD 68.8 billion by 2026.
Market Overview
Indoor tracking localizes and follows the movement of entities inside buildings. Indoor tracking is enabled by indoor positioning systems, a network of electronic devices and computer software that is used to locate people or objects where and when GPS lacks precision or fails. Good wayfinding has led to a 41% increase in foot traffic in a shopping mall which translated into measurable sales growth in 4 out of 5 stores. Also, 52% of shoppers think getting deals on their smartphone while in stores is a shopping trend that is both cool and something they would.
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Covid-19 Impact
COVID-19 has increased awareness of the value of mapping our indoor spaces and has accelerated the process. The pandemic has a huge effect on consumer conduct. People nowadays do not want to waste time in confined spaces such as malls, and they want to get what they require as quickly as possible. Users can conveniently locate stores in a location using indoor navigation without having to call someone. Indoor location technology, such as social distancing, touch tracing, wayfinding, and real-time analytics on building occupancy and room use, are helping to tackle the spread of the COVID-19 as companies continue to find ways to safely reopen offices, warehouses, and campuses. For instance, a recent Inpixon State of Indoor Intelligence 2021 survey of 143 leaders from organizations largely based in North America concluded that timelines for adoption of indoor location technologies have been accelerated by the COVID-19 pandemic. Job site worker protection, building energy conservation, asset monitoring, and indoor navigation/wayfinding were the top use cases deployed in 2020 and prior.
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Indoor Location Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
- Technology
- Radio Frequency based
- Sensor and Tag-based
- Others (Satellite/ remote sensing and microwave)
- Software Tools
- Visualization
- Location Analytics
- Context Accelerator
- Others
- Services
- Managed Services
- Professional Services
Services segment dominated the by type of the global digital payment market and will grow at 30.2% CAGR to reach US$ 26 billion by the year 2026.
By Deployment, the market is primarily studied into
- Cloud
- On-Premises
Amongst deployment types, cloud accounted for the largest share and is expected to grow at 33.3% CAGR during the forecast period 2020-2026. In 2019, the cloud segment accounted for a revenue share of almost 80.4%.
By Application, the market is primarily studied into
- Sales and Marketing Optimization
- Customer Experience Management
- Remote Monitoring
- Inventory Management
- Predictive Asset Analytics
- Risk Management
- Emergency response management
- Others (Augmented reality and supply chain optimization)
In 2019, the customer experience management segment dominated the global Indoor Location market with nearly 18% of the market share and it is anticipated by 2026, the segment will garner US$ 11.9 billion of the market.
By industry verticals, the market is primarily segmented into
- Transportation
- Retail
- Entertainment
- Hospitality
- Public Buildings
- Others (Manufacturing, Healthcare, Enterprises, etc.)
Amongst industry verticals, retail accounted for the largest share and is expected to grow at 34.1% CAGR during the forecast period 2020-2026. In 2019, the retail segment accounted for a revenue share of 17.6%.
Indoor Location Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific)
- Latin America
- Middle East and Africa
Based on the estimation, the North America region dominated the Indoor Location market with almost US$ 2.6 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 35.1% over the forecast period on account of the internet penetration & growing awareness about its benefits.
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The major players targeting the market includes
- Cisco Systems
- Apple
- Broadcom
- Ericsson
- Microsoft
- Qualcomm
- STMicroelectronics
- SAP SE
- Zebra Technologies
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Indoor Location market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Indoor Location market?
- Which factors are influencing the Indoor Location market over the forecast period?
- What are the global challenges, threats, and risks in the Indoor Location market?
- Which factors are propelling and restraining the Indoor Location market?
- What are the demanding global regions of the Indoor Location market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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