Research report presented by UnivDatos, Emphasis on Type [Technology (Radio Frequency-based, Sensor and Tag- based, Other Technology Type), Software Tools (Visualization, Location Analytics, Context Accelerator, Other Software Tools), Services (Managed, Professional)], Deployment (Cloud, On-Premises), Application (Sales and Marketing Optimization, Customer Experience Management, Remote Monitoring, Inventory Management, Predictive Asset Analytics, Risk Management, Emergency Response Management, Others), Industry Verticals (Transportation, Retail, Entertainment, Hospitality, Public Buildings, Others) and Geographical analysis (key regions and countries).
As per the research report, Global Indoor Location Market generated revenue of US$ 8.9 billion in 2019. The market is expected to grow at a CAGR of 33.47% during the forecast period to reach a market valuation of US$ 68.8 billion by 2026. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period 2020-2026.
The future of the indoor location industry is being shaped by rising consumer expectations, as well as efforts to control infrastructure costs. Despite the fact that acceptance of indoor location technology has been sluggish due to a shortage of testing funding, these solutions are projected to expand rapidly and gain momentum in all emerging venues - owing to the growing need for "social networking" in real time.
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According to an Indoor Atlas 2016 report, the total amount of departmental budget spends devoted to introducing an Indoor Positioning System (IPS) over the next 12 months is 2.47 percent. In one or two years, both of these companies will be investing in IPS. In the next three to five years, spending is expected to exceed 3% of the department's revenue. With both IPS consumption and spending expected to rise in the next two years, it demonstrated both industry and organisational advancement. RFID tags in delivery within the supermarket supply chain have more than doubled in the last three years. Retail tag sales have increased dramatically, from 3 billion in 2014 to almost 8 billion in 2017. While these figures are just estimating, they show that RFID is being seriously considered as a retail omnichannel solution. Shrinkage, and theft, costs consumers more than US$ 37 billion a year, according to the University of Florida. RFID may also be used as a form of electronic monitoring to deter fraud.
The 120 American Apparel stores that use RFID have a 99.8% inventory accuracy rate, and shrinkage has been reduced by 55% on average. By exploiting the Internet of Things (IoT) and universal networking, Wi-Fi-based indoor positioning for evaluating precise wireless indoor location information has become critical in meeting increasing demands for location-based services.
For a detailed analysis of the applications in the Indoor Location Market browse through – https://univdatos.com/report/global-indoor-location-market-current-analysis-and-forecast-2020-2026
Insights Presented in the Report
“Amongst type, software tools segment holds the major share”
The industry is divided into three types: technology, computing tools, and services. In 2019, software tools dominated the industry, and this trend is predicted to continue over the forecast period. Location analytics, a system of market analysis that extracts insights from location-based data, has the largest market share among software tools.
“Amongst deployment type, cloud dominated the market in 2019”
The cloud and on-premises implementation types are further separated in the deployment form chapter. In 2019, cloud led the industry, and it is predicted to continue to do so during the projected period. Cloud-based applications are expected to gain traction in the indoor location industry, owing to benefits such as fast trading data maintenance, cost-effectiveness, scalability, and efficient management. On-premises implementation, on the other hand, is expected to grow at the fastest rate during the projected period (2020-2026).
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“Amongst applications, sales and marketing organizations are expected to dominate the market during the analyzed period”
Applications in sales and marketing optimization, customer service management, remote monitoring, inventory management, predictive asset analytics, risk management, emergency response management, and others (augmented reality and supply chain optimization) are divided into the application category. Sales and Marketing Optimization, led by Customer Experience Management, had the largest market share in 2019. Via joint systems, tools, and metrics, sales and marketing collaborate to achieve the collective objective of profitably growing profitability and consumer excellence.
“Amongst industry verticals, retail dominated the market in 2019”
The sector is divided into transportation, shopping, entertainment, hotels, public buildings, and others based on business verticals (manufacturing, healthcare, enterprises). Retail accounted for 17.6% of market sales share in 2019 and is projected to continue to lead the market over the prediction timeframe, as it directs customers to the shortest path to their preferred store. The positioning system makes it simple to locate a store and allows officials to improve traffic flow control.
“North America represents one of the largest markets of Indoor Location market”
A systematic research was performed for various regions around the globe, including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Latin America, and MEA, to get a greater understanding of the business dynamics of the indoor location market. Because of the availability of advanced communications wireless infrastructure and innovations such as 3D based indoor positioning system, North America dominated the market and reported revenue of US$ 2.61 billion in 2019. However, Asia-Pacific is projected to have the highest growth rate during the forecast period due to the adoption of an indoor location by consumers and various industry verticals in the area.
The Indoor Location Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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