Indoor Positioning & RTLS Market Future Growth Analysis by 2028
Today beacon enabled smartphone apps are used for positioning the assets within a facility. However, these apps are limited to inherent and precision latency. In order to resolve these issues, various players of indoor positioning & RTLS market are integrating new technologies into their proximity solutions. These solutions provide precise and fast location detection and made it easy for businesses to expand their customer base and generate better profit.
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Evolution from Beacons to Ultra Wideband Technology
Beacons have helped businesses to expand their brand to customers. Based on their shopping patterns, these devices helped business owners to deduce a customer centric strategy that can provide a unique shopping experience. However, the technology was not precise and had many opportunities for improvements. These opportunities were leveraged by the players of global indoor positioning & RTLS market with the help of ultra wideband technology.
The new technology guarantees precision and convenient tracking of asset in a facility. With the ultra wideband technology the players of global indoor positioning & RTLS market can now help the businesses to improve the process of policy generation that can drive their businesses better with a substantial growth.
There are various players in indoor positioning & RTLS market who have expertise in developing some of the best solutions with ultra wideband technology. These players can develop solutions that fit best to business requirements and can help them to generate better profit. Owing to these players and rising demand for proximity solutions the global indoor positioning & RTLS market is experiencing a major growth these days.
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With a growing number of organizations investing in highly efficient, streamlined business operations to combat the challenges posed by poorly optimized resources and assets resulting in less productive workflows, the demand for indoor positioning and RTLS (real-time location system) will remain on a constant high.
Demand for Interoperability among Technologies to Direct Competition in Indoor Positioning & RTLS Market
The indoor positioning and RTLS market is likely to witness the emergence of a host of large-scale product rollouts that zoom in the focus on high precision and broad-range performance. While a number of new players are keen to enter indoor positioning and RTLS market, increasing emphasis on technology interoperability will remain a factor of differentiation for established players. Strategic partnerships are also projected to trend the competitive landscape of global indoor positioning and RTLS market.
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Recently, The Bluetooth SIG (Special Interest Group) announced the introduction of an innovative direction-finding feature that reportedly has commendable potential to boost the locating performance of Bluetooth enabled indoor positioning and RTLS. While Bluetooth positioning systems are currently delivering meter-level locating accuracy, the new direction-finding feature is extending the accuracy to the centimeter level.
As a global giant in providing location platform and mapping services, HERE Technologies has collaboratively innovated an integrated real-time positioning solution, with Fathom Systems. In addition to pinpoint accuracy, this joint solution is claimed to enable stakeholders in the transportation and logistics realm to switch from the stage-to-gate process of tracking to real-time positioning.
Elico, based in India, recently launched the third-gen KIO RTLS that has been updated with a set of new devices and all new features. A few of the KIO RTLS features that contribute to the combination of excellent user experience and superior quality indoor positioning include universal tags that are shrunk twofold, improved and high-accuracy tracking capabilities, Wi-Fi and Ethernet connectivity for temporary public venues, and ultra wideband (UWB) range.
Indoor Positioning & RTLS Securing a Vital Seat at Business Tables
As businesses are prioritizing streamlined productivity at reduced costs, it is more likely that the significance of accurate, actionable, and insightful data will surge. This is cited as a predominant factor boosting revenue growth of the indoor positioning and RTLS market. The growing urge of brands to deliver improving customer experience in form of real-time personalized insights also points to the widening scope of rapid penetration of indoor positioning and RTLS. Strong applicability across a host of use cases including smart buildings and infrastructure, long-term healthcare, warehousing, data centers, hospitality, retail, manufacturing, sports, and livestock management is projected to provide an impetus to the growth of indoor positioning and RTLS market in coming years.
An Upsurge in Large-scale Installations to Boost Indoor Positioning & RTLS Market Growth
With soaring acceptance for IoT, companies are more likely to invest in the deployment of indoor positioning and RTLS with an objective to craft superior customer experience. Fostering large-scale deployments of indoor positioning and RTLS remain a significant factor sustaining demand for indoor positioning and RTLS among businesses. Booming practices of interoperability of technologies such as BLE (Bluetooth low energy) and UWB, or BLE and GPS is another strong factor elevating the prospects of indoor positioning and RTLS market.
A Paradigm Shift from Beacons to UWB Is in the Vicinity
Smartphone apps are extensively using iBeacon at present, for both indoor and outdoor positioning. However, the constant quest for higher precision and lower positioning latency has already started to make room for superior alternatives. For more precise locating demands and the growing need for more frequent updates on real-time positioning have led to the emergence of UWB popular among companies, predominantly businesses that deal with robotics, sensory data transmission, and warehousing. A paradigm shift from iBeacons to UWB is quite visible to be approaching in coming years, which is likely to be an important trend in the indoor positioning and RTLS market. Expensive price point associated with UWB usage may however remain a challenge for SMEs.
Global Indoor Positioning & RTLS Market Segmentation
By the Type of Component
Based on the Type of Technology
On the Basis of End Use Industry
Transportation & Logistics
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