Global Indoor Location market estimated to reach USD 171 Billion by 2026 at a significant CAGR of 42.7 %

Global Indoor Location market estimated to reach USD 171 Billion by 2026 at a significant CAGR of 42.7 %
The global Indoor Location market estimated to reach USD 171 Billion by 2026 from USD 14.2 Billion in 2019 at a significant CAGR of 42.72% during the forcast period 2020-2026.

The growth of the market on a global scale is driven by increasing adoption of connected devices and demand for indoor location technology to improve the lean automation and robotics processes. Products and assets are also tracked with the help of Tags in the retail and manufacturing verticals. Adoption of the sensor and tag-based technology has considerably grown over the years, as the adoption of the technology is relatively easy. 

In terms of indoor location services segment, hospitality segment is accounting a high adoption rate in the overall indoor location market due to its requirement to flow with shifting technology that can be used for advance development in the market. The increase in adoption of indoor location system is accredited to various factors such as extensive availability of low-cost sensors and tags, the advancements of the sensing and connectivity capabilities in devices that do not affect battery life, and the introduction of open ecosystems that allow organizations to construct flexible business models without locking them into hardware or software. All these factors are contributing to propel the market growth.

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The application for indoor location in recent years has went through a drastic increase across the globe. These applications vary from customer assistance and marketing to disaster management and recovery, asset management & tracking, security. The demand for warehouse space has exploded in recent years as eCommerce continues to grow. But it’s not just about the space. Customer expectations have evolved, which means warehouses need to operate more efficiently and extend services that reflect the customer journey.

Asia Pacific represented the largest share of the Global Indoor Location market and is projected to witness rapid growth over the forecast period. SMEs are implementing digital technologies at a rapid speed, which is leading to huge data creation. The rising adoption would lead to the increasing demand for handling digital data efficiently so as to enable the faster availability of relevant data during legal cases. 

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The major market players in the Indoor Location market are Apple, Broadcom, Cisco Systems, Ericsson, Geomoby, Google, Micello, Microsoft, Qualcomm Technologies, Senion, Stmicroelectronics, Zebra Technologies, HERE, Glopos Technologies, IndoorAtlas Ltd., Navizon Inc, AeroScout Industrial, Hewlett Packard Enterprise Development LP, Sensewhere, and Other Prominent Players. These vendors have adopted various startegies to expand their offerings in the market.

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