Indoor Location Market worth $19.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 31, 2021 /PRNewswire/ -- According to a new market research report "Indoor Location Market by Component (Hardware, Solutions, and Services), Technology (BLE, UWB, Wi-Fi, RFID), Application (Emergency Response Management, Remote Monitoring), Organization Size, Vertical, and Region – Global Forecast to 2026", published by MarketsandMarkets™, the Indoor Location Market size to grow from USD 7.0 billion in 2021 to USD 19.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.9% during the forecast period.
Various factors such as the increasing number of applications powered by beacons and BLE tags; the growing integration of beacons in cameras, LED lightings, Point of Sale (PoS) devices, and digital signage; the proliferation of smartphones, connected devices, and location-based app among customers and the inefficiency of the GPS technology in the indoor environment are driving the adoption of the Indoor Location Market across the globe.
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The COVID-19 pandemic has affected the Indoor Location Market, but companies are still leveraging indoor location solutions and hardware for facility management, virus tracking, people tracking and management, and smart quarantining. Governments and private companies across verticals are adopting indoor location solutions to keep citizens indoors and to track them. For instance, Inpixon is offering its location-based technology applications and services without additional costs or at reduced rates (depending on the solution) to healthcare providers and other organizations that are looking for solutions to assist in controlling the spread of COVID-19 or in managing the impact of the pandemic to ensure the safety and well-being of citizens. Quarantine and other enforced measures are intended to save lives by containing the spread of the virus. Once these restrictions are lifted, the pressure to restart business operations will increase. This, in turn, would bring along the risk of a COVID-19-positive employee introducing the virus to the workplace, thus increasing the risk of infecting the workforce, endangering lives, and placing businesses under quarantine again. Vendorsare is projected to offer smart quaranting solutions consulting to businesses. For instance, Sewio, a company based in Czechia, offers UWB RTLS solutions, is providing free consulting and software licenses to companies to help them install employee tracking technology and enable smart quarantining.
The services segment to hold higher CAGR during the forecast period
Based on components, the Indoor Location Market is segmented into hardware, solutions and services. The services segment has been further divided into professional and managed services. These services are essential for the successful operation of indoor positioning and tracking of people and assets. The overall cost of the indoor location technology installation depends on the complexity of the application and the type of technology used. It comprises hardware, software, and middleware, and services cost.
The cloud segment to hold the larger market size during the forecast period
Deployment mode segment for the Indoor Location Market are segmented into cloud and on-premises. On-premises deployment mode segment to hold larger market share during the forecast period. The highly secure data encryption, complete data visibility, and control features are key factors encouraging the adoption of on-premises-based indoor location software. Highly secure data encryption and complete data visibility and control feature boost the adoption of on-premises-based indoor location solutions across verticals, such as retail, transportation and logistics, media, and government, and public offices to have a better customer and employee data security.
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UWB segment to account for highest CAGR during the forecast period
The Indoor Location Market is bifurcated on the basis of technology such as BLE, Wi-Fi, UWB, RFID, magnetic positioning, and other technologies (satellite/remote sensing, microwave, WLAN, and SLAM). The ultra-wideband (UWB) segment to gain traction in coming years. With the adoption of UWB technology, the user can get better distance information than determining the distance based on the signal strength with iBeacons. UWB is an accurate and promising technology for people and asset tracking indoor.
The large enterprises segment to hold a larger market size during the forecast period
The Indoor Location Market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period as cloud-based solutions and services help them improve business performance and enhance productivity. Whereas the large enterprises segment is expected to hold a larger market share in the Indoor Location Market during the forecast period. The availability of indoor location technologies, such as beacons, Wi-Fi, and UWB, will enable large enterprises to track objects and people within a building. Large enterprises have already started implementing the indoor location software and are focusing on implementing advanced technologies for managing the overall supply chain management process across channels.
Remote monitoring segment to have highest CAGR during the forecast period
The Indoor Location Market by application has been categorized into emergency response management, sales and marketing optimization, remote monitoring, predictive asset maintenance, supply chain management, inventory management, and other applications (AR, Security, customer experience management, and workflow management). The remote monitoring application segment is expected to have highest CAGR during the forecast period. The increasing adoption of smartphone devices that can implement remote monitoring applications to generate real-time tracking information on people and objects located indoor. The need to prevent loss of data and the increase in system performance efficiency led to the adoption of remote monitoring applications.
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North America to hold the largest market share during the forecast period
North America to hold largest market size during the forecast period. This growth can be attributed to the increasing investments on the development of various technologies and applications of indoor location to drive the growth of vendors the region. Moreover, the growing adoption of the BLE beacons technology across the US and Canada country to enhance object and people tracking and navigation ability to contribute to the market growth. The growing challenges faced by various verticals, such as manufacturing, transportation and logistics, retail, and government and public sectors, for data security concern and wastage of time for finding a particular product in the store or warehouse would drive the adoption of indoor location solutions in North America.
Major vendors in the global Indoor Location Market Zebra Technologies (US), Inpixon (US), Mist (US), HID Global (US), Google (US), Microsoft (US), Apple (US), Cisco (US), HPE (US), Acuity Brands (US), Esri (US), CenTrak (US), Sonitor (Norway), Ubisense (UK), infsoft (Germany), Polaris Wireless (US), HERE (US), STANLEY Healthcare (US), Quuppa (Finland), Navigine (US), Kontakt.io (US), AiRISTA (US), InnerSpace (Canada), Syook (India), Oriient (Israel), Navenio (England), SITUM (Spain), Pozyx (Belgium), Azitek (Portugal), and Mapxus (Japan).
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