Covina, Aug. 12, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global micro-location technology market size and share is projected to grow from USD 34.8 Billion in 2024 and is forecasted to reach USD 231.0 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 23.1% during the forecast period (2024 - 2034).
Micro-Location Technology Market Report Overview
Micro-location technology refers to a set of techniques and technologies used to pinpoint the exact location of objects or individuals within a very small area often with a high degree of accuracy. Micro-location technology can determine positions down to a few centimeters, in contrast to regular GPS, which can determine locations within a few meters.
Accurate indoor navigation is made possible in complicated locations such as airports, malls, hospitals, and also museums via micro-location technology. The ability to obtain real-time instructions to particular sites improves visitor’s efficiency and overall experience.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Micro-Location Technology Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Cisco Systems, Inc.
- Aruba Networks, Inc.
- Humatics Corporation
- Estimote, Inc.
- Ruckus Networks, Inc.
- Zebra Technologies Corp.
- CenTrak, Inc.
- Ubisense Ltd.
- Camco Manufacturing, Inc.
- Siemens Corp.
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Analyst View:
The need for real-time data and high-precision location tracking is causing micro-location technology to become a disruptive factor in several industries. One of the main key growth factors is the emergence of smart buildings and smart cities. Intelligent infrastructure is made possible by micro-location technology, which provides accurate location data that optimizes energy use, boosts security, and increases overall efficiency.
Market Dynamics:
Drivers:
Increasing Demand for Precision
- The need for precise location tracking within confined spaces is a primary driver of the micro-location technology market. Traditional market. Traditional GPS systems lack the accuracy that is required for indoor densely populated environments. Micro-location technologies, offering precision down to centimeters meet this demand effectively.
Proliferation of IoT Devices
- The rapid adoption of Internet of things (IoT) devices in various sectors enhances the utility of micro-location technology. IoT devices rely on accurate location data to optimize operations fast asset tracking in logistics to patient monitoring in healthcare.
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Market Trends:
Growth in Wearable Technology
- Wearable devices incorporating micro-location technology are gaining traction, particularly in healthcare and fitness. These devices provide real-time location data and analytics
Segmentation:
Micro-Location Technology Market is segmented based on Type, Application, and Region.
Type Insights
- This sector includes Ultra Wide Band (UWB), Wi-Fi, RFID, and BLE. Ultra-Wide Band (UWB) segment is expected to dominate the target market growth as this technology offers exceptional precision location tracking typically within a range of 10-30 centimeters.
Application Insights
- In the target market retail & hospitality is the most dominant segment as these businesses prioritize creating a seamless and personalized experience for their customers. Micro-location technology such as Bluetooth beacons and Wi-Fi-based positioning systems, enables retailers and hospitality providers to offer personalized services and information to customers based on their exact location within a store.
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Recent Development:
- In May 2023, Humatics launched its ‘first’ robotic system with micro-location for in-motion assembly lines. Humatics aims to demonstrate what it calls "an industry first"—a multi-robotic arm, in-motion engine assembly application that operates at the same pitch simultaneously. The Humatics Microlocation technology, Milo, increases the number of labor-intensive, non-ergonomic applications that can be automated by utilizing the full potential of the UR PolyScope platform.
Regional Insights
- North America: Ultra-wideband (UWB) systems, RFID, Bluetooth beacons, and other microlocation technologies are being developed by a plethora of tech startups and enterprises in North America. Micro-location systems are becoming more accurate as well as dependable and reasonably priced as a result of these developments.
- Asia Pacific: This region’s rapidly expanding retail and hotel industries are major users of micro-location technology. Retailers use it for consumer involvement-focused marketing and smooth operations. It is used by hospitality companies to provide individualized client services and effective facility management.
Browse Detail Report on "Micro-Location Technology Market Size, Share, By Type (Ultra-wideband (UWB), Wi-Fi, RFID, and BLE), By Application (Retail & Hospitality, Healthcare, Industrial, Transportation, and Sports), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-MicroLocation-Technology-Market-By-1548
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