Indoor Location Market size to reach worth $29.8 billion by 2028

(IT-NEWSWIRE.COM, June 28, 2023 ) According to a research report "Indoor Location Market by Component (Hardware, Solutions, and Services), Technology (BLE, UWB, Wi-Fi, RFID), Application (Emergency Response Management, Remote Monitoring, Predictive Asset Maintenance), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the indoor location market is projected to grow from USD 10.9 billion in 2023 to USD 29.8 billion by 2028, at a CAGR of 22.3% during the forecast period. The demand for indoor location solutions is anticipated to rise as a result of the growing number of applications powered by BLE tags and beacons.

Browse 289 market data Tables and 50 Figures spread through 289 Pages and in-depth TOC on "Indoor Location Market”

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Based on offerings, the hardware segment to hold the largest market size during the forecast period.

The hardware segment includes beacons, sensors, tags, gateways, fixed readers, and Wi-Fi access points. A rise in the 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. The satellite navigation system GPS has limitations for locating people or objects inside buildings due to signal loss. Emerging technologies like beacons and BLE could generate research data to create personalized, relevant, real-time experiences that lead to enhanced targeting and conversion. 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.

Based on technology, ultra-wideband is projected to register the highest CAGR during the forecast period.

UWB is an impulse, baseband, and carrier-free technology that transmits very low-duration pulses with a small power spectral density. It has an access range between 3.1 GHz and 10.6 GHz. This excessive bandwidth gives information rates for the conversion of data for decision-making. Infsoft offers an indoor tracking solution that helps manufacturers track goods with high accuracy so that it is possible to identify the exact shelf on a high rack on which the searched item can be found. The goods’ locations can be viewed on a digital map anytime. This, in turn, results in reduced search times, ideal warehousing, and efficient process management.

Based on application, the sales and marketing segment to hold the largest market size during the forecast period.

Practitioners and businesses looking to enhance the shopping experience for customers to increase sales and profitability have given indoor positioning systems a lot of attention. Geofencing is used for marketing at trade exhibitions, airports, train stations, and retail malls for sales and marketing optimization. Based on their interests and behaviors, users can give anonymous tags. For instance, Walkbase, a Finnish startup, offers a retail solution that evaluates the effectiveness of marketing campaigns indoors and the ensuing sales conversion. It investigates consumer behavior when they enter a store. As a result, it is easier for shops to create different campaigns that consider a customer's inside trip.

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Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

Asia Pacific has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The large population and developing infrastructure are the major factors contributing to the growth of the indoor location market in Asia Pacific. The rapid rise in technology adoption across verticals for enhancing customers' and visitors' experience is driving the growth of indoor locations solutions in the region. Asia Pacific constitutes major countries, including China, India, Japan, and the Rest of Asia Pacific, which are increasingly contributing toward developing indoor tracking, people and asset tracking, location analytics, and indoor navigation solutions in the indoor location market. Verticals such as transportation and logistics, media, manufacturing, government & public offices, and retail are leading the race in terms of indoor location solutions adoption in Asia Pacific.

Market Players

The major vendors covered in the indoor location market include Zebra Technologies (US), Cisco (US), Google (US), Microsoft (US), HPE (US), Apple (US), Esri (US), Acuity Brands(US), Inpixon(US), HERE Technologies (US), HID Global (US), CenTrak (US), Sonitor (Norway), Ubisense (UK), infsoft (Germany), Polaris Wireless (US), Quuppa (Finland), Securitas Healthcare (US), Navigine (US), Blueiot (China), 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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Indoor Location Market size to reach worth $29.8 billion by 2028