Indoor Location Market is Projected to Grow Significantly to Reach US$ 24,601.1 million by 2027: Ericsson AB, Geomoby, IndoorAtlasIndoor location Market to 2027 - Global Analysis and Forecast by Deployment Type, technology, component and verticals, indoor location market is expected to grow US$ 24,601.1 million by 2027 from US$ 3,493.8 million in 2018.
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An indoor location is a system that is used for locating people or object in a closed infrastructure with the help of radio waves, lights, magnetic fields, or other sensory information. There are a numerous commercial systems available in the market. However, there isn't any specific standardization for indoor location system. The indoor location solution and services were introduced in order to fill the gap that existed with the use of GPS. The GPS loses substantial power indoors, which in response affects the potential of the GPS technology to provide expected service indoor.
The continuous advancement in technology coupled with improved hardware efficiencies has resulted in adoption of multiple technologies such as beacons (RFID, tags, and nodes), Wi-Fi, and geomagnetic for offering superior indoor location services with enhanced accuracy levels. Thus, the growing scope of application for indoor location for tracking, monitoring, and identifying, of various assets within enterprise, manufacturing plant, and infrastructure is also fueling the market growth across various industry verticals. Currently, the major application of indoor location includes asset monitoring, enabling exclusive customer experience through optimizing marketing & sales offers, inventory management and emergency response management. Thus, industrial hubs such as manufacturing, automotive & transportation, aerospace & defense, and healthcare along with utilities are major end-users propelling the market growth across various countries on a global scale.
The implementation of indoor location system has recently witnessed a significant adoption in diverse verticals ranging from manufacturing to logistics to security to sports. The growth in adoption of indoor location system is attributed to several factors such as 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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Research Report Highlights:
oMarket Trends And Outlook
oValue Chain Analysis
oMarket Segments And Sub-Segments
There has been constant development in indoor location industry. For instance, Here company enhanced its HERE Positioning by integrating it with GiPStech's inertial sensors technology. The advancement is expected to provide enhanced smartphone experience for users when they are locating themselves. Also, Zebra Technologies introduced PS20, a new Android-based mobile barcode scanner that allows shoppers to pay for items without going through traditional checkout. The device supports Visible Light Communication (VLC) that can transmit location data with the help of fluorescent light to create indoor position systems.
Some of the key companies operating in indoor location market across the globe include 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 among various other leading market players. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
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The application for indoor location 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, security. The demand for warehouse space has exploded in recent years as eCommerce continues to grow. But it's not just about the space. Customer expectations have evolved, which means warehouses need to operate more efficiently and extend services that reflect the customer journey. Often, this means embracing innovation and establishing new processes quickly.
The research provides answers to the following key questions:
What is the estimated growth rate of the market for the forecast period 2020-2027? What will be the market size during the estimated period?
What are the key driving forces responsible for shaping the fate of the Indoor location market during the forecast period?
Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Indoor location market?
What are the prominent market trends influencing the development of the Indoor location market across different regions?
What are the major threats and challenges likely to act as a barrier in the growth of the Indoor location market?
What are the major opportunities the market leaders can rely on to gain success and profitability?
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