Indoor Location-Based Services Market: Strategic Insights and Growth Forecast

The Business Research Company recently released a comprehensive report on the Global Indoor Location Based Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The indoor location-based services market size has grown rapidly in recent years. It will grow from $12.87 billion in 2023 to $14.74 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increased demand for indoor navigation, enhanced customer experience, efficient resource management, and demand for indoor asset tracking.

The indoor location-based services market size is expected to see rapid growth in the next few years. It will grow to $25.63 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to growing healthcare applications, increasing efficient facility management, increasing smartphone penetration, demand for location-based services in public venues, and emergence of smart buildings. Major trends in the forecast period include integration with AI and machine learning, indoor positioning technologies, real-time location analytics, location-based personalization and cross-industry adoption.

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Market Drivers and Trends:

The increasing penetration of connected devices is expected to propel the growth of the indoor location-based services market going forward. Connected devices refer to physical objects or machines that are equipped with embedded sensors, software, and network connectivity, enabling them to collect and exchange data with other devices or systems over the Internet. The increasing penetration of connected devices is driven by advancements in technology, expanding internet connectivity, and growing demand for smart, interconnected solutions across various industries and consumer segments. These connected devices enhance indoor location-based services by providing more data points for accurate positioning, enabling seamless navigation and personalized experiences within indoor environments. For instance, in August 2022, according to the report published by the Health Sector Cybersecurity Coordination Center (HC3), a US-based part of the Department of Health and Human Services' (HHS) Cybersecurity Program, approximately 7 billion devices are connected through the Internet of Things (IoT) in 2022, and projections indicate substantial growth, with an estimated 20 billion additional devices expected to leverage this technology by the year 2025. Therefore, the increasing penetration of connected devices is driving the growth of the indoor location-based services market.

Major companies operating in the indoor location-based services market are focused on developing advanced solutions, such as indoor positioning software for facility wayfinding, to gain a competitive edge in the market. Indoor positioning software for facility wayfinding refers to specialized software solutions designed to enable users to navigate and orient themselves within complex indoor environments, such as airports, hospitals, shopping malls, and corporate campuses. For instance, in July 2022, ESRI, a US-based geographic information system (GIS) software company, launched ArcGIS IPS (Indoor Positioning Software), an advanced solution designed to enable indoor positioning and wayfinding within buildings and indoor spaces using Esri's ArcGIS platform. ArcGIS IPS supports real-time indoor wayfinding, location tracking and sharing, location data collection, and indoor analytics. The ArcGIS IPS solution uses a variety of indoor positioning technologies, such as Wi-Fi, Bluetooth Low Energy (BLE), and other sensor-based technologies, to precisely estimate users' locations within buildings. ArcGIS IPS, which integrates indoor maps, location data, and routing algorithms, gives users real-time navigation and wayfinding capabilities similar to outdoor GPS navigation devices.

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Major Key Players of the Market:

Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Huawei Technologies Co. Ltd., CenTrak, Siemens AG, International Business Machines Corporation (IBM), Cisco Systems Inc., Qualcomm Technologies Inc., Nokia Corporation, Ericsson AB, Baidu Inc., CommScope Inc., Zebra Technologies Corporation, Garmin Ltd., Trimble Inc., Environmental Systems Research institute (ESRI) Inc, TomTom N.V., Telit Communications PLC, Foursquare Labs Inc., Ubisense, HERE Technologies, YOOSE Pte. Ltd., Aruba Networks Inc., Invigor Group Limited, IndoorAtlas Oy, Navizone Limited

Indoor Location Based Services Market 2024 Key Insights:

• The indoor location-based services market size is expected to see rapid growth in the next few years. It will grow to $25.63 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%.
• The Impact Of Increasing Penetration Of Connected Devices On The Indoor Location-Based Services Market
• Increasing Focus On Enhancing Indoor Navigation With Precise Positioning Technologies
• North America was the largest region in the indoor location-based services market in 2023

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