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Indoor Location Global Market Growth will Exceed $33.58 Billion By 2028 with a Projected CAGR of 24.2% | Apple Inc., Google LLC, Microsoft Corporation, Cisco Systems Inc., Mist Systems Inc.
Indoor Location Global Market
According to The Business Research Company's, The indoor location market size has grown exponentially in recent years. It will grow from $11.37 billion in 2023 to $14.09 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth in the historic period can be attributed to growing number of applications powered by beacons and Bluetooth low energy tags, increasing use of proximity-based solutions in the retail sector bolstering growth, increasing adoption of IoT and connected devices such as wearables and smartphones, rising emphasis on consumer preference and consumer behavior.
The indoor location market size is expected to see exponential growth in the next few years. It will grow to $33.58 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The growth in the forecast period can be attributed to government initiatives for smart cities, inefficiency of the GPS technology in indoor premises, demand for navigation, growing need for accurate and real-time location services, increasing adoption of data analytics in the retail sector. Major trends in the forecast period include technological developments, integration with augmented reality, real-time location systems (RTLS), augmented reality (AR) indoor navigation, cloud-based indoor location platforms.
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Market Drivers and Trends:
The increasing use of smartphones is expected to propel the growth of the indoor location market going forward. A smartphone refers to a mobile phone that offers advanced computing capabilities and connectivity, typically including features such as internet access, touchscreen interfaces, and the ability to run third-party apps. Smartphone usage is increasing due to its multifunctionality, accessibility, improved technology, app ecosystem, role in work and education, and entertainment capabilities. Smartphones play a crucial role in indoor location by leveraging a combination of sensors, wireless technologies, and mapping apps to provide accurate indoor positioning and navigation services. For instance, in March 2023, according to a report published by Cybercrew, a UK-based cybersecurity solutions provider, the percentage of UK households using smartphones reached 91.43% in 2021 and is projected to rise to 93.8% by 2026. Therefore, the increasing use of smartphones is driving the growth of the indoor location market.
Major companies operating in indoor location markets are developing innovative products such as ArcGIS Indoor Positioning System (IPS) to mark a competitive edge in the market. The ArcGIS Indoor Positioning System (IPS) is a sophisticated technology that enables real-time indoor location services within buildings. For instance, in July 2022, Esri, a US-based software company, developed the ArcGIS Indoor Positioning System (IPS) to provide real-time indoor location services through Esri's ArcGIS Indoors mobile application and custom apps built with the ArcGIS Runtime software development kit (SDKs). Using Bluetooth beacons installed inside buildings, the ArcGIS IPS collects radio signals to locate user mobile devices, displaying their location as a blue dot on the map. This technology enhances indoor wayfinding, provides location information data capture and analytics for GIS teams, facility managers, and executives, and supports managing flexible seating arrangements and ensuring safety for in-person workers within hybrid workplace models.
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Major Key Players of the Market:
Apple Inc, Google LLC, Microsoft Corporation, Cisco Systems Inc, Mist Systems Inc, Broadcom Inc, Hewlett Packard Enterprise Company (HPE), Nokia Corporation, CommScope Inc, Secure Energy Services Inc, Zebra Technologies Corporation, Acuity Brands Inc, Halma plc, HERE Global B.V, Environmental Systems Research Institute Inc. (Esri), STANLEY Healthcare, Orient Electric Limited, Polaris Wireless Inc, Ubisense Limited, Inpixon, Sonitor Technologies AS, IndoorAtlas Ltd, HID Global Corporation, Quuppa Oy, InnerSpace Technology Inc, AiRISTA Flow Inc, Pozyx Labs NV, Mapxus Limited, Kontakt.io Inc, infsoft GmbH
Indoor Location Market 2024 Key Insights:
• The indoor location market size is expected to see exponential growth in the next few years. It will grow to $33.58 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%.
• Role Of Smartphones In Driving Growth Of The Indoor Location Market
• Innovative Products In The Indoor Location Market
• North America was the largest region in the indoor location market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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