The global indoor location based service market is anticipated to reach a value of US$ 19.3 Bn by 2030. The indoor location based service market is projected to expand at a CAGR of ~10% from 2020 to 2030 in terms of revenue. The growth of the indoor location based service market is due to rising use of location-based services for promotional applications and increasing penetration of connected devices such as smartphones, tablets, and notepads, which, in turn, have triggered growth of the market globally. During the forecast period, North America is anticipated to emerge as a leading indoor location based service market, followed by Europe and Asia Pacific.
Rising Emphasis on Consumer Preference and Consumer Behavior
Consumer preference is significant across the globe. The trend has shifted from a seller oriented to a customer oriented market, with enhanced focus on customization & personalization of products according to needs and wants of customers. According to a survey conducted by Oracle Corporation, nearly 85% of the people who were part of the survey (across the globe) think that indoor location based service is important for industries to sustain in this competitive era. Indoor location based service could help industries to increase revenue and optimize the operations by providing the right product to the right person at the right time.
The shift in trend to provide better products and enhance customer satisfaction is driving the indoor location based service market. The impact of this driver is expected to be high.
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Indoor Location Based Service: Market Segmentation
The global indoor location based service market has been segmented in terms of component, application, technology, industry, and region. Based on component, the market has been classified into hardware, software, and services. Among applications, the tracking & geosocial networking segment dominated the global indoor location based service market in 2019. Based on technology, the market has been bifurcated into Wi-Fi/WLAN, Bluetooth, RFID, and Global Positioning System (GPS). In terms of industry, the retail segment dominated the global indoor location based service market in 2019.
Indoor Location Based Service Market: Regional Outlook
In terms of region, the global indoor location based service market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the indoor location based service market during the forecast period. The U.S. is estimated to hold a notable share of the indoor location based service market in North America and the market in the country is projected to expand at a CAGR of 11.7% during the forecast period, as the maximum number of retail as well as other business enterprises within North America are based in the U.S. Asia Pacific held a substantial share of the global indoor location based service market in 2019 with China, India, and Japan being the major markets in the region. The indoor location based service market in Europe, Middle East & Africa, and South America is also projected to expand moderately during the forecast period.
The report provides in-depth segment analysis of the global indoor location based service market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the indoor location based service market.
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Indoor Location Based Service Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global indoor location based service market. Key players profiled in the report include Apple Inc., Cisco System Inc., Cuebiq Inc., Environmental Systems Research Institute (ESRI) Inc., Google LLC, Gravy Analytics, HERE Technologies, Microsoft Corporation, PlaceIQ, QUALCOMM Inc., Ubimo Ltd., and Verve Wireless, Inc.
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