Micro-Location Technology Market 2024 Future Trends, Scope, Industry Analysis And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Micro-Location Technology Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $25.66 billion In 2028 At A CAGR Of 21.3% :

The micro-location technology market size has grown rapidly in recent years. It will grow from $25.75 billion in 2023 to $30.46 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to augmented reality integration, emergence of indoor navigation, mobile device ubiquity, retail personalization trends, smart building solutions.

The micro-location technology market size is expected to see rapid growth in the next few years. It will grow to $55.72 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth in the forecast period can be attributed to industry 4.0 and logistics, smart cities initiatives,, healthcare innovation, retail transformation, rising demand for indoor navigation, rapid advancements in iot. Major trends in the forecast period include emerging use cases, edge computing and edge analytics, safety and security solutions, augmented reality (ar) integration, supply chain optimization.

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Micro-Location Technology Market Major Segments
The micro-location technology market covered in this report is segmented -

1) By Component: Hardware, Software, Services
2) By Technology: Bluetooth Low Energy, WiFi, Near Field Communication, Beacons, Other Technologies
3) By Application: Proximity Marketing, Asset Management
4) By End Use: Healthcare, Transportation and Logistics, BFSI, Sports and Entertainment, Commercial

Key Driver - Surging Mobile Device Usage Fuels Expansion Of The Micro-Location Technology Market

The growing use of mobile devices is expected to propel the growth of the micro-location technology market going forward. A mobile device is a compact hand-held gadget with a touch-screen display and other capabilities. Mobile devices utilize micro location-based technology to determine the in-house location of any assets, persons, or other equipment. For instance, in February 2023, according to a report published by Uswitch Limited, a UK-based online and telephone comparison, and switching service, 71.8 million mobile connections were active in 2022, which is an increase of 3.8% from 2021. There will be 68.3 million people living in the UK by 2025, and 95% of them will have smartphones in their hands. Therefore, the growing use of mobile devices is driving the growth of the micro-location technology market.

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Prominent Trend - Innovative Products Drive Advancements In The Micro-Location Technology Market

Product innovation is a key trend gaining popularity in micro-location technology. Major companies operating in the micro-location technology market are focused on developing new technological solutions to strengthen their position. For instance, in March 2022, Smith Micro Software, Inc., a US-based company providing software solutions to wireless and cable service providers, launched Micro's SafePath® 7 platform. The wireless carrier will offer its subscribers enhanced digital family safety functionalities such as powerful parental controls, real-time location services, and app evasion features. The SafePath platform includes SafePath Family, SafePath IoT, and SafePath Home provides comprehensive and simple-to-use capabilities for protecting digital lifestyles and managing connected devices through a single app.

Micro-Location Technology Market Players
Major companies operating in the micro-location technology market report are Apple Inc., Cisco Systems Inc., Google LLC, CenTrak Inc., Humatics Corporation, Hewlett Packard Enterprise Development LP, Sewio Networks, Siemens AG, Zebra Technologies, Ubisense Group, Aruba Networks, Kontakt.io, Ruckus Networks, Estimote Inc., Camco Technologies nv, Quuppa Intelligent Locating System, Mist Systems, Inc., DecaWave Limited, Redpine Signals, Visible Assets Inc, Gimbal Inc., Bluvision, Pole Star, Inpixon, Pointr, IndoorAtlas Oy, KIO RTLS, Locatify, MERIDIAN, Navisense GmbH, sensewhere Ltd., Hexagon AB, Broadcom Inc., MiTAC Digital Technology Corporation

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Largest And Fastest Growing Region In The Market
North America was the largest region in the micro-location technology market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the micro-location technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Micro-Location Technology Market Report Structure
3. Micro-Location Technology Market Trends And Strategies
4. Micro-Location Technology Market - Macro Economic Scenario
5. Micro-Location Technology Market Size And Growth
…..
27. Micro-Location Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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