The Indoor Location Market is US$ 3,493.8 Mn in 2018 and is anticipated to grow at a CAGR of 25.3% to account for US$ 24,601.1 Mn by 2027.
The indoor location market has gained substantial traction in the past few years owing to the growing number of connected assets, equipment, machinery, and critical components. Further, the indoor location-based solution and services provide an opportunity to the leading enterprises to leverage their existing IoT infrastructure towards achieving superior operational efficiencies.
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Among developed economies, the growing emphasis towards superior and exclusive customer experience primarily in the retail sector is gaining significant momentum among countries such as UK, U.S., Germany, and South Korea among other developed economies. Thus, the demand for products as well as sales & marketing optimization is expected to be the significant market driving force in the coming years.
A key trend which will predominantly affect the indoor location market in a coming year is the cross-pollination of technologies by the industry participants in order to cater to various indoor location applications. Leading indoor location vendors in the indoor location market are shifting from offering the closed solution to opening up the application layer and combining the most potent components. For instance, integration of BLE and UWB. In the coming years the indoor location market is anticipated to witness rising instances of usage of the hybrid technologies.
Indoor location market by application is segmented into remote monitoring, customer experience management, inventory management, emergency response management, sales and marketing optimization, risk management, predictive asset analytics, and others.
The application for an indoor location in recent years has witnessed a drastic increase across the globe. These applications vary from customer assistance and marketing to disaster management and recovery, asset management & tracking, security.
The overall indoor location market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the indoor location market. Also, multiple primary interview was conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the indoor location industry.
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