Indoor Location Market is estimated to grow from USD 7.11 billion in 2017 to USD 40.99 billion in 2022 at a CAGR of 42.0% during the forecast period. Increased adoption of connected devices and inefficiency of the GPS technology in indoor premises are the market drivers of the indoor location market.
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Indoor location technology enables locating and tracking of the objects inside the building where global positioning signals from the satellite are unable to reach because of various obstacles such as tall buildings and tress. In the retail vertical, indoor location technology is used to locate customers and track their activities in stores and malls. The indoor location solution gives insights into customer buying patterns, products they touch, routes they follow, and shops they visit. Hence, the need for indoor location technology is observed by both customers and owners.
Among the technologies, sensor and tag-based technology segment is expected to hold the largest market during the forecast period. With the rising eCommerce market across the globe, the demand for sensors and tag-based technologies is expected to increase due to the growing use of tag-based indoor location technologies in eCommerce and logistics services by the companies to track the locations of the products in real-time.
Among the software tools, context accelerator software tool is expected to grow with highest CAGR during the forecast period. Software tools help in providing real-time visualization and analysis of the captured data by hardware devices employed such as cameras, sensors, and tags. The software tools segment helps businesses to monitor and control their entire network infrastructure. Context accelerator enables organizations to recognize their customers’ location-based needs while respecting their privacy. It transforms location from a simple latitude and longitude to an essential actionable data of context.
Services segment in the indoor location market plays a vital role in the efficient and effective functioning of the network infrastructure. The services segment comprise professional and managed services. Professional services are essential for the indoor location market and include solutions provided by service providers to boost the growth and awareness of the indoor location technology for navigation and to attract customers to their stores. Professional services segment is expected to grow at a higher CAGR than the managed services.
In the indoor location market, deployment modes include cloud and on-premises. Cloud is expected to hold a larger market than on-premises. Cloud deployment mode provides additional flexibility for business operations and real-time deployment ease to the companies that are implementing predictive analytics.
Among the applications, sales and marketing optimization is projected to grow at the highest CAGR during the forecast period, due to the increased adoption of indoor location technology by retailers and shoppers for sales and marketing activities such as sending discount offers, coupons, and messages related to a particular product which the customer is looking for. Additionally, Indoor location technologies help identify the response for customers to campaigns for sales and marketing optimization.
The indoor location market has been segmented by vertical into transportation, hospitality, entertainment, retail, public building, and others which include Banking, Financial Services, and Insurance (BFSI), manufacturing, and oil and mining. Among verticals, transportation vertical is projected to grow at the highest CAGR during the forecast period due to the usage of indoor location technology by travelers of navigation as airports and railway stations are spread over large geographic areas with many entry and exit points.
Among regions, APAC is expected to grow at the highest rate, and the trend is expected to continue during the forecast period, because of the proliferation of mobile subscribers and increasing adoption of indoor location technology. Additionally, the deployment of indoor location across countries in the APAC region is growing rapidly. Advancement in the indoor location ecosystem is one of the major factors driving the growth of the indoor location market in the APAC region.
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