Market Definition
GPS is often unreliable in indoor locations, owing to the walls of the building that don't let satellites provide accurate location information. This very problem creates the need for indoor location-based services. Indoor location systems help attain the precise location of a device or a person in an indoor setting. The advent of this technology has benefited many organizations by offering higher location accuracy across different areas, irrespective of the dimension of the facility.
The Global Indoor Location Market is anticipated to grow at a CAGR of around 38% during the forecast period, i.e., 2021-26. The demand for indoor locations is gradually increasing due to the rising popularity of smart devices & technologies. The increasing trend of digitalization, the surge in the usage of smartphones, and the inadequacy of GPS technology in indoor locations are the prime factors driving the global market through 2026.
Market Insights
Indoor location systems can be used across various applications. For instance, it helps people in supermarkets navigate through their desired products. Besides, their application in manufacturing units can help efficiently manage floor levels. Moreover, various initiatives by the government toward using the indoor positioning technology for public security & safety shall also boost the market in the coming years.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2016-19 |
Base Year: 2020 | |
Forecast Period: 2021-26 | |
CAGR (2021-2026) | 38% |
Regions Covered | North America: USA, Canada, Mexico |
Europe: Germany, UK, France, Italy, Spain | |
Asia-Pacific: China, India, Japan, South Korea, Australia and Others | |
South America: Brazil | |
Middle East & Africa: UAE, Saudi Arabia, South Africa | |
Key Companies Profiled | Zebra Technologies, Inpixon, HPE, MIST Systems, HID Global, Google, Microsoft, Apple, Cisco, Acuity Brands, Centrak, Sonitor, Ubisense, Infsoft, HERE, Indooratlas, Stanley Healthcare, Midmark, Quuppa, Airista Flow, Innerspace, ESRI, SYOOK |
Unit Denominations | USD Million/Billion |
Impact of Covid-19 on the Global Indoor Location Market
Market Segmentation
By Vertical:
Indoor location systems are widely used in Transportation & Logistics and Travel & Hospitality sectors. Through its analysis functionalities & real-time tracking solutions, these systems assist travelers in reaching at right locations without any hassle, thereby providing them with pleasant travel experiences. Besides, these systems are also beneficial in monitoring & managing passenger flow & busy crowds in public places, which, in turn, enhances safety. Other benefits of indoor location systems in the transport industry include route optimization for security guards, queue management, & efficient inventory management.
Moreover, in the logistic industry, indoor positioning enables real-time tracking of employees & goods, process optimization, greater safety of employees, reduced search time, and increased efficiency, thereby making the entire logistic process smoother & faster.
By Application:
Indoor location systems are used extensively for indoor navigation purposes like wayfinding within the building, owing to the unreliability of GPS. It guides people precisely through the building and can even assist in determining the floor level. Further, in shopping malls, indoor navigation can help people navigate in the right directions, and across office buildings, it can assist in visitor management.
For instance: In a complex indoor space like an airport, it is challenging to locate different terminals, right check-in counters, gates, etc. Indoor navigation provides an interactive building plan that displays all the crucial points of interest, including ATMs, ticket counters, etc. Hence, using indoor positioning for navigation, passengers can easily reach desired locations via turn-by-turn navigation.
Key Trends in the Global Indoor Location Market
Regional Landscape:
Of them all, North America is projected to acquire the largest market share during 2021-26, mainly due to the increasing investments in indoor positioning and rapid adoption of technologies like Wi-Fi, ultra-wideband, & BLE. In addition, increasing demand for proximity-based solutions in the retail sector also contributes to the regional market growth. Further, the mounting use of mobile media to promote products is another crucial aspect fueling the adoption of indoor location systems across the region.
Market Dynamics:
Key Drivers
Rising Penetration of Smartphones & Connected Devices to Drive the Market
With burgeoning usage of smartphones and changing consumer buying behaviors, organizations are trying to provide location-based applications to engage their customers in indoor spaces. By offering navigation for products, indoor positioning helps retailers enhance the overall customer experience. Further, rapid advancements in smartphones is also prompting the use of indoor location systems, which may reduce the need for Satellite-based navigation applications in closed urban situations.
Growth Challenges
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the global Indoor Location market are Zebra Technologies, Inpixon, HPE, MIST Systems, HID Global, Google, Microsoft, Apple, Cisco, Acuity Brands, Centrak, Sonitor, Ubisense, Infsoft, HERE, Indooratlas, Stanley Healthcare, Midmark, Quuppa, Airista Flow, Innerspace, ESRI, and SYOOK.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Indoor Location Market is forecast to grow at a CAGR of around 38% during 2021-26.
A. Transportation & Logistics and Travel & Hospitality sectors together hold the largest share of the Global Indoor Location Market and are projected to create lucrative growth opportunities maintain its significant market share.
A. Rising penetration of smart phones, growing digitalization, and increasing government initiatives to enhance public safety in indoor busy places are the key factors expected to drive the Global Indoor Location Market during 2021-26.
A. In the coming years, the Global Indoor Location Market will grow astronomically, owing to the increasing adoption of indoor location systems at several indoor locations to improve public safety by ensuring the adherence of social distancing measures.