Chicago, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Indoor Location Market size is projected to grow from USD 8.8 billion in 2022 to USD 24.0 billion by 2027, at a CAGR of 22.4% during the forecast period, according to a new report by MarketsandMarkets™. The increased number of applications powered by beacons and BLE tags is projected to drive the demand for indoor location solutions.
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On-premises deployment mode estimated to lead Indoor Location Market in 2022.
The on-premises deployment mode offers enterprises the power to manage risks, business processes, and industry policies. The adoption of on-premises indoor location solutions reduces the security risk of managing location-based data. Its secure feature leads to the adoption of on-premises mode by various verticals, such as BFSI, healthcare, retail and e-commerce, government and public offices, and transportation.
Ultra-wideband (UWB) expected to register the fastest growth rate during forecast period.
The adoption of UWB technology for indoor localization across industries is increasing at a high rate. UWB is an accurate and promising technology for the indoor tracking of people and assets. UWB positioning is always useful where the position of objects in buildings must be determined with high precision. With UWB, both server-based (asset tracking) and client-based (indoor navigation) applications can be implemented. UWB has very high sampling rates, which greatly reduces latency.
Sales and marketing application segment estimated to account for largest market share in 2022
Indoor positioning systems have attracted considerable attention from practitioners and firms seeking to optimize the consumer shopping experience to attain increased revenue and profitability. Sales and marketing optimization include geofencing for marketing in shopping centers, airports, train stations, and trade shows. Users can assign anonymous tags that are based on their interests and behaviours. For instance, Walkbase, a company in Finland, provides a retail tool that analyses the indoor performance of marketing campaigns and consequent sales conversion. It studies the behaviour of customers when they come into a store. This, in turn, helps retailers plan various campaigns that are influenced by a customer’s indoor journey.
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Asia Pacific likely to emerge as fastest-growing market during forecast period.
Asia Pacific is projected to be the fastest-growing market for indoor location solutions due to the increase in the adoption of new technologies, rising investments in digital transformation, and growing GDP in Asia Pacific countries. Major economies in the region, including Australia, Singapore, China, South Korea, Hong Kong, and India, are rapidly investing in technological transformations. The competition in this region is fragmented, and indoor location solution providers are looking at expanding the base of their operations to most countries in the region. China leads the region in terms of the adoption of indoor location solutions due to various investments in smart building developments. Key industry players, such as Zebra Technologies, Apple, HPE, and Microsoft, are expected to increase their investments and improve their presence in the region. According to Microsoft, Asia Pacific’s GDP gained an extra USD 387 billion in 2021 and will grow by an extra one percent annually if the region’s manufacturing sector embraces digital transformation.
Market Players
The major vendors covered in the Indoor Location Market include Zebra Technologies (US), Inpixon (US), HID Global (US), Google (US), Microsoft (US), Apple (US), Cisco (US), HPE (US), Acuity Brands (US), Esri (US), CenTrak (US), Sonitor (Norway), Ubisense (UK), infsoft (Germany), Polaris Wireless (US), HERE (US), STANLEY Healthcare (US), Quuppa (Finland), Navigine (US), Kontakt.io (US), AiRISTA (US), InnerSpace (Canada), Syook (India), Oriient (Israel), Navenio (England), Situm (Spain), Pozyx (Belgium), Azitek (Portugal), and Mapxus (China).
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