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Market Size – USD 8.10 Billion in 2021, Market Growth – at a CAGR of 23.2%, Market Trends – Growing demand for indoor location technologies to facilitate lean
VANCOUVER, BRITISH COLUMBIA, CANADA, December 6, 2022 /EINPresswire.com/ — The Indoor Location market size reached USD 8.10 Billion in 2021 and is expected to register a revenue CAGR of 23.2% during the forecast period to the latest analysis by Emergen Research. Growing popularity of smartphones and location-based applications is a key factor driving revenue growth of the market. Indoor location technology is required for processes like lean automation and lean robotics in the manufacturing and logistics sectors to track goods, packages, and assets inside buildings for planning and control. Assets and large-volume objects are tracked using a variety of indoor location technologies, including Radio-Frequency Identification (RFID), Wi-Fi, and beacons. Since most manufacturing firms and warehouses install indoor location technologies to enable the micro-level monitoring of assets and objects, ensuring the quality assurance of the product manufactured, the indoor location market finds enormous opportunities in the manufacturing, distribution, and logistics sectors.
However, one of the major obstacles to revenue growth of the indoor location market is a rigid set of laws and regulations. The collecting, sharing, and use of location-based data are constrained by laws and policies including the Health Insurance Portability and Accountability Act (HIPAA), the World Wide Web Consortium (W3C), and the open geospatial consortium. Globally, governments place a high priority on protecting their residents security and privacy, which results in adoption of laws that limit the use of location-based data. The General Data Protection Regulation (GDPR) of the European Union (EU) is the organization's first effort to protect citizens Personally Identifiable Information (PII). The opportunity provided by GDPR for firms to increase customer trust may help to drive overall business success.
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Some Key Highlights From the Report
The solutions segment is expected to register significant revenue growth of the market. Through the use of indoor location solutions, retailers have been able to enhance customer experiences and provide precise navigation for any objects or locations. With the help of indoor location solutions, businesses can connect those inside large indoor spaces with their partners, brands, and products in a variety of ways that will strengthen their relationships with customers and increase sales.
The remote monitoring & emergency management segment is expected to register substantial revenue growth over the forecast period. The main advantage of remote monitoring is that it makes it possible to track, visualize, and manage resources, environments, and facilities without requiring humans to be on-site.
The transportation & logistics segment is expected to register moderate revenue growth over the forecast period. Adoption of indoor location solutions aids the transportation industry in comprehending consumer behavior and offers valuable information that may help in expanding advertising campaigns, picking the best sites, and improving services.
The market in North America is expected to register considerable growth. North America is expected to have a substantial revenue share of the global market during the forecast period due to growing smartphone adoption and development of IoT technologies in the region.
On 12 July 2021, Microsoft announced its partnership with NEC. With the aid of a new, multi-year strategic partnership, the companies will use Microsoft Azure, Microsoft 365, NEC's network and IT know-how, including 5G technologies, and each other's AI and IoT solutions to support enterprise customers and the public sector across numerous markets and industries in accelerating their cloud adoption and digital transformation initiatives.
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Top Major Key Players
Azitek
CenTrak
Apple Inc.
Zebra Technologies
Microsoft Corporation
Cisco Systems
HID Global Corporation
Inpixon
Hewlett Packard Enterprise
Mist Systems Inc.
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Emergen Research has segmented the Indoor Location Market market on the basis of component, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019-2030)
Solutions
Services
Application Outlook (Revenue, USD Billion; 2019-2030)
Remote Monitoring & Emergency Management
Indoor Navigation & Maps
Tracking & Tracing Application
Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Transportation & Logistics
Healthcare
Retail
Oil & Gas
Telecom
Manufacturing
Others
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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