Indoor Location Market worth 23.13 Billion USD by 2021
MarketsandMarkets estimates the indoor location market size to grow from USD 4.72 Billion in 2016 to USD 23.13 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 37.4%. Major factors contributing to the growth of the market are enhanced customer
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The major forces driving this market are increased usage of smartphones, inefficiency of GPS technology in indoor premises, and reliable assistance to governments for ensuring public safety. The growing trend of digitalization, usage of smartphones with innovative mobile applications, mobile commerce, and technological advancements are contributing to the growth of the indoor location market. The government concern to have better positioning technology for public safety and urban security segment are increasing the demand for indoor location solutions.
Context accelarator software tools segment is expected to grow at the highest CAGR in the indoor location market during the forecast period
The adoption of context accelarator software tool is expected to grow at the highest CAGR during the forecast period as it allows organizations to recognize their customers’ location-based needs, while respecting their privacy too. This gives it the advantage to gain prominence in the indoor location market ofeerings. The solution can also transform a specific location from a simple latitude and longitude to an essential actionable data layer of context.
Professional services segment is expected to hold the largest market share in the indoor location market and the current trend is expected to continue during the forecast period
Professional services are essential for the indoor location market and include solutions provided by the service providers to boost the growth and awareness of indoor location technology for navigation and attracting customers to stores. The services segment is witnessing a faster adoption in the indoor location market. This is due to the fact that services are requiredto keep up with changing technology that may be used for further development in the indoor location software.
Americas is expected to contribute the largest market share and Asia-Pacific (APAC) to grow at the highest rate
Americas is expected to hold the largest market share and would dominate the indoor location technology, software tools, and service market from 2016 to 2021, owing to the increasing demand for new technologies such as 3D-based indoor positioning applications and information security. There are huge opportunities for chip manufacturers, telecommunication companies, handset manufacturers, and infrastructure providers in the space as more retail stores, multiplexes, universities, and airports are deploying these solutions for an enriched customer experience. The APAC region is expected to witness the highest growth rate during the forecast period as the existence of large population, developing technology, and affluence would contribute to the growth of indoor location in this region.
The major vendors in the indoor location market include Apple Inc. (California, U.S.), Cisco System Inc. (California, U.S.), Google Inc. (California, U.S.), Microsoft Corporation (Washington, U.S.), and Qualcomm Technologies Inc. (California, U.S.).
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