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Strong Growth Ahead: Micro-Location Technology Market Size To Grow At Arecord 16.8% Cagr By 2029
Micro-Location Technology
How Big Is the Micro-Location Technology Market Size Expected to Be by 2034?
In recent times, the market size for micro-location technology has experienced rapid growth. The market is projected to expand from $29.83 billion in 2024 to $34.93 billion in 2025, noting a compound annual growth rate (CAGR) of 17.1%. The significant growth during the historical period has been driven by factors such as the incorporation of augmented reality, the advent of indoor navigation, the prevalence of mobile devices, personalization trends in retail, and the emergence of smart building solutions.
The market size for micro-location technology is anticipated to experience rapid expansion in the upcoming years. By 2029, it is predicted to reach $64.97 billion, growing at a compound annual growth rate (CAGR) of 16.8%. The escalation projected for this period can be linked to the 4th industry revolution and logistics, initiatives for creating smart cities, innovation in healthcare, transformation in the retail sector, the increasing need for indoor navigation and fast-paced developments in IoT. Some notable trends anticipated during this projected period are the rise of new use cases, the adoption of edge computing and edge analytics, solutions for safety and security, the integration of augmented reality (AR) and optimisation of supply chains.
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What Are the Emerging Segments Within the Micro-Location Technology Market?
The micro-location technology market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: Bluetooth Low Energy, Wi-Fi, 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
Subsegments:
1) By Hardware: Beacons (Bluetooth, Wi-Fi), Sensors (RFID, NFC), Location Tags, Mobile Devices, Other Tracking Devices
2) By Software: Location Analytics Software, Mapping And Navigation Software, Asset Management Software, Mobile Applications, Cloud-Based Solutions
3) By Services: Consulting Services, Installation And Integration Services, Maintenance And Support Services, Data Management Services, Training And Education Services
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What Long-Term Drivers Are Shaping Micro-Location Technology Market Trends?
The expansion of the micro-location technology market is anticipated to be driven by the increasing utilization of mobile devices. These are portable handheld gadgets with touchscreen interfaces and various features. Micro-location technology is applied in these devices to identify the in-house position of individuals, assets or other equipment. For example, a report from Uswitch Limited, a UK firm providing online and telephone comparison and transfer services, observed in February 2023 that there were 71.8 million active mobile connections in 2022. This represents a rise of 3.8% from 2021. By 2025, the UK's population will reach 68.3 million, with 95% predicted to own smartphones. Consequently, the rising popularity of mobile devices is a significant factor propelling the micro-location technology market's growth.
Who Are the Top Competitors in Key Micro-Location Technology Market Segments?
Major companies operating in the micro-location technology market 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
What Micro-Location Technology Market Trends Are Gaining Traction Across Different Segments?
The rise of product innovation in micro-location technology is an emerging trend observed among major industry players. Aiming to solidify their standing, these companies are concentrating on creating innovative technological solutions. Smith Micro Software, Inc., a firm from the US that offers software solutions to wireless and cable service providers, is a case in point. In March 2022, they introduced their Micro's SafePath 7 platform. The platform will allow wireless carriers to provide subscribers with enhanced family safety digital tools including potent parental controls, real-time location services, and app evasion features. The SafePath platform, which encompasses SafePath Family, SafePath IoT, and SafePath Home, delivers a broad, easy-to-use suite of features for safeguarding digital lifestyles and managing connected devices via a single app.
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Which Regions Are Becoming Hubs for Micro-Location Technology Market Innovation?
North America was the largest region in the micro-location technology market share in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Micro-Location Technology Market?
2. What is the CAGR expected in the Micro-Location Technology Market?
3. What Are the Key Innovations Transforming the Micro-Location Technology Industry?
4. Which Region Is Leading the Micro-Location Technology Market?
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