iCrowd Newswire – Jun 15, 2020
New market study on “Indoor location Market to 2027 by Deployment Type (On-Premise and On-Cloud); by Technology (Tags, Nodes, Ultra-Wideband, Bluetooth, Wi-Fi, Visible Light Communication and Radiofrequency Identification); by Components ( Hardware, Software and Services); by Application (Remote Monitoring, Customer Experience Management, Inventory Management, Emergency Response Management, Sales and Marketing Optimization, Risk Management, Predictive Asset Analytics and Others) and Verticals (Hospitality, Retail, Transportation & Logistics, Entertainment, Public Buildings, Manufacturing and Others) – Global Analysis and Forecast”, the indoor location market is estimated to reach US$ 24,601.1 million by 2027 from US$ 3,493.8 million in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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Growing popularity of location enabled services will escalate the Indoor location Market at a CAGR of 25.3%
The implementation of indoor location system has recently witnessed a significant adoption in diverse verticals ranging from manufacturing to logistics to security to sports. The growth in adoption of indoor location system is attributed to several factors such as widespread availability of low-cost sensors and tags, the sophistication of the sensing and connectivity capabilities in devices that do not impact battery life, and the introduction of open ecosystems that allow organizations to construct more flexible business models without locking them into hardware or software.
Factors such as growing emphasis towards enhanced customer experience coupled with increase in number of connected devices are expected to the major factors expected to boost the growth of indoor location market in the coming years. Also, North America and Asia-Pacific region are anticipated to provide numerous profitable opportunities for the market players operating in the indoor location market in the coming years.
Parnership was observed as the most adopted strategy in global indoor location market. Few of the recent strategies by some of the palyers are listed below:
2018: LocusLabs announced strategic partnership with IndoorAtlas with the aim of providing enhanced indoor location-based experiences. The partnership is aimed to develop an end-to-end digital wayfinding solution to power location based applications and experiences in venues like airport, offices, and railway stations among others.
2018: Cisco announced acquisition of July Systems a mobile application platform provider. The acquisition is expected to help Cisco to enhance its enterprise Wi-Fi platform to enable better indoor location services capabilities.
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Keywords: Indoor location Market, Indoor location, Indoor location Market 2020, Indoor location Market 2027