Description
The global indoor location application platforms market size is expected to grow from USD 5.9 billion in 2020 to USD 31.9 billion by 2027, at a CAGR of 27.3% from 2021 to 2027. The market for indoor location application platforms is still evolving and expanding. Leaders of digital workplace infrastructure and operations must leverage location data to meet their end users’ rising business analytics needs and their information security requirements.
Various factors such as the growing number of applications powered by beacons and BLE labels; the ever-increasing integration of beacons in cameras, LED lightings, Point of Sale (PoS) devices, and digital signage; the proliferation of smartphones, connected devices, and location-based applications among customers; and the GPS technology’s inefficiency in the indoor environment are driving the adoption of the indoor location application platforms. Vendors that provide on-premises and cloud-based application platforms that ingest location data from indoor location service providers try to compensate the indoor location application platform market. The global indoor location application platform market will benefit from continuous government initiatives such as the demand for smart cities and smart homes. The smart city initiatives in emerging economies are key sectors where indoor location application platforms may be used. Other key regions with a substantial increase in smart city initiatives include the United States, China, India, Japan, and Germany. These platforms may be utilized for sustainable, distributed energy generation, hospitals, and automated waste management facilities for indoor mobility solutions. Artificial Intelligence integration in indoor location application platforms technology is also expected to drive substantial market growth in the near future.
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Global Indoor Location Application Platforms Market Dynamics
Drivers: Growing Popularity of big data analytics
The adoption of big data analytics across retail, logistics, manufacturing, and government has been assisted by a significant increase in big data. Big data is rising in popularity as the world is becoming more digitalized. According to the ITU, more than 4.1 billion individuals, or 51% of the world population, were connected to the internet in 2019, up from 2.3 million in 1990. Since these 4.1 billion individuals generate data every second, big data analytics has increased in popularity. There may be a connection between a good data management strategy and a company’s financial performance, which has enabled businesses to reach the market faster with products and services that meet customer requirements. The gathering, organizing, and analyzing massive quantities of data to uncover relevant information is known as big data analytics. It can assist organizations in understanding the information included in recorded data and identify the most critical data critical to business choices. By evaluating customers’ options and preferences, big data analytics assists businesses in collecting product-related data. As a result, the indoor location application platform market will profit from the rise of big data analytics.
Restraints: Concerns related to data security and privacy obstruct adoption of indoor location Application Platforms
Location-based data is extremely sensitive data that must be protected in all situations. However, a close inspection of the technical details of indoor location platforms discloses several concerns and fears. Indoor location-based technologies are used in various applications, including object tracking and locating people within a specific range. Because individuals spend so much time indoors, accurate indoor location information is crucial for users and service providers. Indoor location information can be obtained using various technologies, including Wi-Fi, Bluetooth, and RFID, all of which demand data, security, and privacy.
Opportunities: The rising need for contact-tracing solutions due to the COVID-19 pandemic
Several indoor location solutions providers have launched new products or improved current products to meet the demand of their customers during the COVID-19 pandemic to capitalize on the rising demand for contact-tracing solutions. For instance, Ubisense introduced its new enterprise contact-tracing solution in May 2020 to protect workers and reduce company downtime. Ubisense has launched the earlier solution for businesses to recover control over productivity and revenue to protect workers and boost productivity.
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Various businesses and organizations across the world have restarted operations after the COVID-19-induced lockdown was ended. Since early data suggests that COVID-19 spreads considerably more quickly indoors than outdoors, some companies have initiated measures to track employees’ activities and track interactions to prevent offices and factories from becoming new infection centers. A single case of COVID-19, on either hand, has the potential to shut down an entire facility and require decontamination before activities can restart. Companies are adopting different preventive steps, including adopting contact-tracing technologies, to avoid such a situation.
Scope of the Report
The study categorizes the indoor location application platforms market-based product type, end-users, component, and technology at the regional and global levels.
By Product Type (Revenue, USD Billion, 2017-2027)
- Cloud-Based
- Web-Based
By End-Users (Revenue, USD Billion, 2017-2027)
- SMEs
- Large Enterprises
By Component (Revenue, USD Billion, 2017-2027)
- Hardware
- Solution
- Services
By Technology (Revenue, USD Billion, 2017-2027)
- Ultra-Wideband Technology
- Bluetooth
- Wi-Fi
- Others
By Region (Revenue, USD Billion, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The hardware segment of the indoor location application platforms market is projected to account for the largest share by component
The indoor location application platforms market has been segmented into hardware, solution, and services based on the component. The hardware segment accounted for the largest share in the global indoor location application platforms market in 2020. Hardware, answers, and services have been separated from the component segment. The hardware segment is anticipated to have the highest market share during the forecast period, owing to the increasing usage of smartphone devices across several verticals, which can quickly deploy RFID tags and Wi-Fi access points to track objects and people within a building.
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Besides, the various solutions offered by the major players are also contributing to the growth of the segments included in the components. The major players are focusing on the solution launches. For instance, in July 2021, HERE Map Content and HERE Location Services were chosen by Lyft Inc. to power its location searches and real-time road closures data. Any Lyft trip will have a better search database for places and addresses and more exact driver ETAs.
Asia Pacific accounts for the highest CAGR during the forecast period in the indoor location application platforms market
Based on the regions, the global Indoor Location Application Platforms market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Four main countries, namely, China, India, Japan, and the Rest of Asia-Pacific, are analyzed in Asia-Pacific. Asia-Pacific holds the second position in the global indoor location application platforms market. China accounted for a significant share of this market in 2020, and India is expected to experience rapid growth during the forecast period.
China holds a significant share of the indoor location application platforms market in terms of utilization and development. However, developing countries such as India, Singapore, Hong Kong, Taiwan, and others have been recognized as important markets, owing to rapid technological growth. The significance of IoT in connecting devices for establishing a connection between other devices has positively influenced market growth. Technological advancement in smartphones and rising smartphone users have further augmented the connectivity of objects through IoT in various places such as shopping malls, airports, and other public places.
Moreover, the growing demand for indoor location application systems coupled with cohesive government initiatives for smart city projects within the emerging economies will drive the market in the near future. According to United Parcel Service (UPS) and the United States’ Consumer Technology Association, in March 2018, smart cities possess the potential to become a significant global development sector in the Asia Pacific. The region has been backed by advanced technologies, rapid urbanization, and government support, which are essentially required to develop smart cities within the area.
Key Market Players
The indoor location application platforms market is mildly concentrated in nature with few numbers global players operating in the market such as CARTO, Signify (Philips), HERE Technologies, Esri (indoo.rs), Phunware, Everbridge, Cloud4Wi, HPE (Aruba), Cisco, Accenture, CenTrak, Orange Business Services, Favendo, Gozio Health, and Purple, among others. The other market players include Pole Star, Inpixon, InnerSpace, Thoughwire, and others. These players have been adopting various winning strategies to gain higher shares or retain leading positions in the market.
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