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Enterprise Indoor Location-Based Services Global Market Expected to hit $3.67 Billion by 2028, Top Factors Leading The Industry Worldwide
Enterprise Indoor Location-Based Services Global Market
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According to The Business Research Company's, The enterprise indoor location-based services market size has grown exponentially in recent years. It will grow from $0.66 billion in 2023 to $0.93 billion in 2024 at a compound annual growth rate (CAGR) of 40.7%. The growth in the historic period can be attributed to enhanced passenger comfort, demand for privacy and security, increased passenger traffic, increased focus on operational efficiency, and operational efficiency for airports.
The enterprise indoor location-based services market size is expected to see exponential growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 40.1%. The growth in the forecast period can be attributed to advancements in location-based technologies, adoption of Internet of Things (IoT) Devices, development of Industry 4.0, increasing indoor positioning using light, and growing usage of analytics for business process optimization. Major trends in the forecast period include adopting Internet of Things (IoT) devices, indoor positioning technologies, integrating smart building technologies, technological advancement, and increasing partnerships.
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Market Drivers and Trends:
The growing adoption of internet of things (IoT) devices is expected to drive the growth of the enterprise indoor location-based services market. Internet of things (IoT) devices are physical objects or devices embedded with sensors, software, and other technologies to connect and exchange data over the Internet or other networks without human intervention. The adoption of internet of things (IoT) devices is due to technological advancements, increasing connectivity options such as 5G, and expanding applications across industries. Enterprise indoor location-based services (LBS) leverage internet of things (IoT) devices to enhance operational efficiency, customer experience, and safety within indoor environments such as office buildings, warehouses, retail stores, and healthcare facilities. For instance, in January 2022, data from the GSM Association, a UK-based non-profit organization, global IoT connections are projected to reach 23.3 billion by 2025, up from 15.1 billion in 2021. Therefore, growing adoption of internet of things (IoT) devices drives the growth of the enterprise indoor location-based services market.
Major companies operating in the enterprise indoor location-based services market focus on developing innovative solutions, such as geolocation platforms, to deliver real-time geolocation services that can reach tall buildings. Geolocation platforms are software systems or services that utilize various technologies to determine and manage the geographic location of devices, assets, or individuals. For instance, in February 2023, Radisys Corporation, a US-based company that provides telecom solutions, announced the launch of Radisys ReachPoint, a geolocation platform based on smart networks. This innovative platform offers precise indoor navigation capabilities, enabling employees and visitors to navigate complex office spaces effortlessly. The solution enables enterprises to get the location of any connected device without relying on GPS, using geospatial data from cell towers and Wi-Fi nodes.
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Major Key Players of the Market:
Zebra Technologies Corporation, HPE Aruba Networking, Cisco Meraki, Geotab Inc., DecaWave Limited, Shopkick, Cisco DNA Spaces, Navigine, Ekahau, Ubisense, Pointr, Inpixon, IndoorAtlas Oy, Navizon Inc., Aisle411 Inc., Senion AB, Steerpath Oy, MazeMap AS, Infsoft GmbH, Airista Flow Inc., Locatify
Enterprise Indoor Location-Based Services Market 2024 Key Insights:
• The enterprise indoor location-based services market size is expected to see exponential growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 40.1%.
• Impact Of IoT Devices On Enterprise Indoor Location-Based Services Market
• Geolocation Platform Innovations For Precise Enterprise Indoor Navigation
• North America was the largest region in the enterprise indoor location-based services market in 2023
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