DUBLIN, September 21, 2021--(BUSINESS WIRE)--The "Global Indoor Location Market by Component (Hardware, Solutions, and Services), Technology (BLE, UWB, Wi-Fi, RFID), Application (Emergency Response Management, Remote Monitoring), Organization Size, Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Indoor location market size is estimated to grow from USD 7.0 billion in 2021 to USD 19.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.9% during the forecast period.
The on-premises segment to have the larger market size during the forecast period
By deployment mode, the Indoor location market has been segmented into on-premises and cloud. The market size of the on-premises deployment mode is estimated to be larger during the forecast period due to the highly secure data encryption, complete data visibility, and control features are key factors encouraging the adoption of on-premises-based indoor location software.
Highly secure data encryption and complete data visibility and control feature boost the adoption of on-premises-based indoor location solutions across verticals, such as retail, transportation and logistics, media, and government, and public offices to have better customer and employee data security.
The SMEs segment to hold higher CAGR during the forecast period
The Indoor location market has been segmented by organization size into large enterprises and SMEs. The SMEs segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes, reach new customers, and stay competitive and control their spending.
Verticals focusing on adopting technologically advanced solutions and processes would drive the adoption of indoor location solutions and services among SMEs.
Among regions, APAC to hold higher CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period. The APAC region is expected to be the fastest-growing region in the indoor location market. This growth can be attributed to the increasing demand for indoor positioning technologies across manufacturing, retail, and transportation and logistics verticals across APAC countries (China, Japan, and India).
The adoption of indoor location solutions is increasing rapidly due to its indoor tracking ability of asset and people. The indoor location market is expected to witness a huge growth in the coming years due to improved technologies, such as ultra-wide band, ultrasound, BLE, and Wi-Fi that help organizations easily provide navigation and tracking ability with better security and safety.
Proliferation of smartphones, connected devices, and location-based applications among customers
Increased number of applications powered by beacons and BLE tags
Growing integration of beacons in cameras, Led lightings, PoS devices, and digital signage
Inefficiency of the GPS in an indoor environment
Concerns related to data security and privacy obstruct the adoption of indoor location
Stringent government rules and regulations
High installation and maintenance costs
Increasing demand for RFID tags across the retail industry
Growing need for contact-tracing solutions due to COVID-19 pandemic
Growing demand for indoor location technologies to support lean automation and robotic processes
Focus on Industry 4.0 smart cities and smart manufacturing
Lack of skills and awareness related to indoor location technologies
Dearth of uniform standards and interoperability coupled with system incompatibility
Cumulative Growth Analysis
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005651/en/
Laura Wood, Senior Press Manager
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