The Indoor Location market is expected to expand from USD 11.9 billion in 2024 to USD 31.4 billion by 2029, reflecting a CAGR of 21.4% over the forecast period.
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Indoor Location Market Dynamics
Market Drivers
· Proliferation of smartphones, connected devices, and location-based applications
· Advancement and effectiveness of indoor positioning with SLAM
Market Restraints
· Concerns related to data security and privacy
· Negative feedback from end users
Market Opportunities
· Increasing demand for RFID tags across retail industry
· Growing use of 5G for location-based services
Top Indoor Location Market Companies
· 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)
The need for indoor location solutions is predicted to grow due to the rising number of applications powered by BLE tags and beacons. The availability of the increasing number of mobile devices and the quickly developing market of indoor positioning systems including navigation and asset tracking services. Indoor location solutions are being embraced into the healthcare facilities for asset tracking and monitoring of patients as well as the staff, which positively impacts on the care delivered and the facilities productivity.
Based on offerings, the hardware segment holds the largest market size during the forecast period.
Beacons, sensors, tags, gateways, fixed readers, and Wi-Fi access points are all included in the hardware sector. In location, vendors have developed hardware in response to growing customer demand for BLE, sensors, and Wi-Fi technologies to pinpoint their location within a building. Various retail stores integrate beacons and Wi-Fi with in-store signage system that gives customers the remote control to decide what product information or details they want to see. Beacons can also be used with server-based applications. For instance, they enable the tracking and evacuating people and items in big industrial buildings, the analysis of itineraries, security applications (access control, theft protection, dead man's handle), and workplace administration.
Based on technology, ultra-wideband is projected to register the highest CAGR during the forecast period.
The term "UWB" refers to a baseband, carrier-free, impulse technology that sends out very short pulses with a low power spectral density. Its access range spans from 10.6 GHz to 3.1 GHz. This excessive bandwidth provides information rates for the conversion of data for decision-making. UWB positioning is useful where the position of objects in buildings must be determined with high precision. This technology can implement both server-based (asset tracking) and client-based (indoor navigation) applications. UWB has very high sampling rates, which greatly reduces latency.
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Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.
Asia Pacific has seen a rapid and sophisticated uptake of new technology. The Asia Pacific indoor location market is expanding due to the region's growing population and rising infrastructure. The expansion of indoor location solutions in the region is driven by the sharp increase in technology use across verticals to improve the experience of consumers and visitors. Rising startups and their need for location-tracking solutions and government initiatives toward smart city technologies are driving the market's growth.
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