Indoor Location-based Services Market Insights
The Indoor Location-based Services Market is expected to grow at a significant CAGR during the forecast period. Increased penetration of mobile phones in the GCC region is one of the major factors that is boosting the demand for LBS and driving the growth of the market. Another major factor driving the growth of Indoor Location-based Services Market is the increased usage of the 3D platform across various industries in the global market.
With the well-developed infrastructure in the GCC region, indoor LBS helps service providers to provide customers with location information and provide them with offers going in stores, shops and hotels. It is estimated from the study that the market for indoor Location-based Services will grow with the high demand for location-based search with social networking will drive the market growth of indoor LBS during the forecast period. Indoor Location-based Services Market has access to GIS (Geographical information system) technology to find the traffic updates, location-based routes, and navigation information. Customers using indoor LBS expect the correct and reliable real-time information. Various verticals in the GCC region use indoor based LBS, mostly in the retail and logistics sector. However, obtaining real-time information for service providers could be a very challenging task. In order to perform these tasks accurately most of the work is performed by the analytics and business intelligence department.
It is anticipated that the growth of indoor Location-based Services market in the GCC region is stimulated by the increasing use of beacons in order to know the proximity and for tracking application. The most prominent use of indoor Location-based Services Market is to track the assets and navigate in order to provide assistance and security. Thus, providing the opportunity to indoor LBS market with an extensive scope for the expansion of services in the marketing and promotional sector.
It is also extensively used in the logistics industry providing them with the feature of last mile delivery, first-mile delivery, rerouting, auto routing to avoid the problem of delay in products and services. This could be another factor that could trigger the market growth of indoor Location-based Services within the GCC region. With the regular investments in the research and development wing of the market by the key players has enabled technological advancement which has provided service providers with the increased location accuracy, hence increasing tracking efficiency.
Indoor Location-based Services Market: By Product
On the basis of this segment, it anticipated from the study that the Indoor Location-based Services has dominated the market in recent past years and is expected to show a significant amount of growth in CAGR during the forecast year. On the basis of product, the market can be classified into various segments such as Analytics and Insights, Automotive Services, Campaign Management, Consumer Services, Enterprise Services, Location and Alerts, Location-based Advertising services, Maps, Precision Geo-targeting, Proximity-Beacons, Secure Transactions, and Redemptions. These services use indoor Location-based Services to offer customers the updates regarding benefits and offer currently prevailing on various products. This feature has boosted the market growth with increased use of technology in day to day life.
Another factor that could drive the market could be the increased use of proximity beacons in the marketing and advertising industry to deliver numerous promotional services and for local advertising. The market for proximity beacons is expected to increase during the forecast period as they are cost effective and can be easily installed.
Indoor Location-based Services Market: By Applications
The Indoor Location-based Services Market can be segmented based on the application into monitoring, navigation, proximity, and tracking. It is anticipated from the study that the market for this segment will show remarkable growth during the forecast period. Majorly the indoor Location-based Services is used for asset tracking and monitoring purpose. The growth of the market is expected to be further driven by the infrastructural developments in the GCC region.
The use of proximity beacons is anticipated to dominate the market during the forecast period by currently holding a significant amount of market share. With the infrastructural development and expansion of the market in the GCC region, MNC’s and global brands are entering the market which has increased the growth of the market in the advertising and marketing industry.
Indoor Location-based Services Market: By Technology
The Indoor Location-based Services Market can be segmented based on the technological development of Wi-F/WLAN, UWB, Beacons, BT/BLE, and A-GPS technology. Increased usage of Wi-Fi services and penetration of internet broadband across the world is expected to boost the indoor location-based services market. The demand for beacons is expected to increase owing to its low cost and easy installation and operation.
Various investments made by the government to provide customers with access to Wi-Fi connections in order to track their assets and to have better connectivity between the places. Another factor increasing the demand for beacon proximity is that increased penetration of domestic markets by global brands which has enhanced the use of this technology in the marketing and advertising industry.
Indoor Location-based Services Market: By End Users
The market for indoor LBS can be segmented based on the end users into aerospace and defense, bfsi, it & telecommunication, energy & power, government, healthcare, hospitality, retail, and transportation & logistics. It is anticipated from the study that government holds the largest share in this segment and it is expected that the dominance of Government in this segment will also prevail in the coming years. The government uses Indoor Location-based Services to ensure the security of its people and assets and also the indoor Location-based Services is used on the large scale by the government to provide information through mobile phones with the use of public Wi-Fi and contributing to the public services.
Marketing and Advertising industry is expected to hold the second largest share of indoor Location-based Services Market. with the growing economies and increased infrastructural development, various MNC’s and big global brands are entering into the developing economies. The use of indoor LBS in this area is to market their product in the region and also to gain customer base by giving them updates on the offers and benefits currently prevailing in the market.
Indoor Location-based Services Market: Regional Insights
North America is expected to dominate the market for Indoor Location-based Services, with the U.S. contributing its majority share. The region’s dominance can be attributed to the various factors one of them being well-developed infrastructure and also due to the presence of well-established and sustainable economies in the region. There has been high demand for the use of indoor LBS in U.S retail banks. It is used for analyzing the high volume of consumer data to improve their services by building a healthy relationship with customers, healthcare, retail, and e-commerce industry. The high adoption rate of technologies and growing innovation is expected to drive the Indoor Location-based Services Market. Numerous collective efforts by the key players to improve their R&D skills and guarantee high-quality morals are expected to boost demand for the indoor Location-based Services in the region.
The Asia Pacific market for indoor LBS is projected to grow at highest CAGR over the forecast period owing to the investments by prominent players and efforts to commercialize their products in the growing market of Singapore, Malaysia, India, and South Korea. This development of the market is due to the large base of end users in the region who are using indoor LBS.
Indoor Location-based Services Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase surgical retractors over the coming years. Some of the companies which are currently using Indoor Location-based Services Market and are likely to use in the future are Uber, Ola, Zomato, AHA.IO, Germ, Pidocco and others
Indoor Location-based Services Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Indoor Location-based Services: Share & Competitor Analysis
Some of the key players operating in the Indoor Location-based Services Market are Apple, Google, Micello, and Shopkick. Other prominent players in the market are Cisco, IBM, Microsoft, Tomtom, Oracle, Qualcomm, Ericsson, Zebra, ESRI, Baidu, Ubisense, Ekahau, Foursquare and others.
Amazon has recently entered the logistics industry with a whopping order of 20,000 trucks, which is expected to grow in the near future.