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The indoor location market 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. GPS technology has failed to accurately locate and track objects and individuals in an indoor environment, as it is unable to receive signals from satellites. Owing to the signal attenuation caused by construction materials, satellite-based GPS loses significant power indoors and satellite positioning could not function in closed areas.
New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Indoor Location Market by Component, Technology, Application, Organization Size, Vertical and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05164656/?utm_source=GNW
This led to the emergence of new technologies, such as indoor location or IPS. Hence, the need for research on new indoor technologies results in the inception of a combination of technologies to bring solutions that offer accuracy and reliability in the indoor location market.
By organization size, the SMEs segment is projected to register a higher CAGR during the forecast period
SMEs are also implementing indoor location hardware and solutions, which enable better orientation in a complex building, providing location-based analytics and tracking functionalities.SMEs are at the early stage of adopting indoor location solutions, with most small enterprises in the exploratory stage; however, they have started showing a greater interest in getting an analytics platform to reap the desired outcome.
Most SMEs are now viewing indoor location solutions more as a strategic initiative and an opportunity to increase business revenue.
• By component, the hardware segment is estimated to account for the largest market share in 2022
The hardware segment includes beacons, sensors, tags, gateways, fixed readers, and Wi-Fi access points.A rise in demand for BLE, sensors, and Wi-Fi technologies among users to determine the location within the building has influenced vendors to develop indoor location hardware.
Emerging technologies, such as beacons and BLE, could generate research data to create personalized, relevant, real-time experiences that lead to enhanced targeting and conversion.Various retail stores integrate beacons and Wi-Fi with an in-store signage system, giving customers the ability (through remote control) to decide which product information or details they want to see.
Companies such as Zebra Technologies, Inpixon, Cisco, Apple, infsoft, Ubisense, and Sonitor offer various indoor location hardware for customers with advanced technologies to track and locate people and objects and increase customer experience.
Among regions, the market in Asia Pacific is projected to register the highest CAGR during the forecast period
The growth of the indoor location market in Asia Pacific is highly driven by technological advancements across the region.China is anticipated to be the leading market for indoor location solutions in this region.
The existence of a large population and developing infrastructure and technology are major factors contributing to the growth of the indoor location market in Asia Pacific.The rapid rise in technology adoption by various verticals to enhance customers’ and visitors’ experiences is driving the demand for indoor location solutions in the region.
Verticals such as transportation and logistics, media, manufacturing, government and public offices, and retail are leading the race in terms of indoor applications’ adoption in this region. The transportation and logistics verticals are investing significantly in indoor location solutions to easily track passengers, people, and assets in a building.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the indoor location market.
• By Company Type: Tier I: 35%, Tier II: 45%, and Tier III: 20%
• By Designation: C-Level Executives: 35%, Directors: 25%, and others: 40%
• By Region: North America: 45%, Europe: 20%, Asia Pacific: 30%, RoW: 5%
The report includes the study of key players offering indoor location solutions and services.It profiles major vendors in the indoor location market.
The major vendors 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)
Research Coverage
The market study covers the indoor location market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as component, organization size, application, technology, deployment mode, vertical, and region.
It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall indoor location market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05164656/?utm_source=GNW
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