Overview and Scope
Indoor location-based services (LBS) refer to technologies and systems that enable the monitoring, location, and navigation of objects or people within indoor spaces such as buildings, campuses, airports, and retail malls. These services use a combination of hardware, software, and networking technologies to pinpoint the exact location of devices or users and deliver relevant location-based information or services.
Sizing and Forecast
The indoor location-based services market size has grown rapidly in recent years. It will grow from $12.87 billion in 2023 to $14.74 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to increased demand for indoor navigation, enhanced customer experience, efficient resource management, and demand for indoor asset tracking.
The indoor location-based services market size is expected to see rapid growth in the next few years. It will grow to $25.63 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to growing healthcare applications, increasing efficient facility management, increasing smartphone penetration, demand for location-based services in public venues, and emergence of smart buildings. Major trends in the forecast period include integration with AI and machine learning, indoor positioning technologies, real-time location analytics, location-based personalization and cross-industry adoption.
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Segmentation & Regional Insights
The indoor location based services market covered in this report is segmented –
1) By Product: Analytics And Insights, Automotive Services, Campaign Management, Consumer Services, Enterprise Services, Location And Alerts, Location-Based Advertising Services, Maps, Precision Geo-Targeting, Other Products
2) By Technology: Context Aware Technology, Observed Time Difference Of Arrival (OTDOA) And Enhanced Observed Time Difference Of Arrival (E-OTDOA), Radio Frequency Identification (RFID) And Near-Field Communication (NFC), Satellite, Microwave And Infrared Sensing, Other Technologies
3) By Application: Monitoring, Navigation, Proximity, Tracking, Other Applications
4) By End-Use: Aerospace And Defense, Banking, Financial Services and Insurance (BFSI), Information Technology (IT) And Telecommunication, Energy And Power, Government, Healthcare, Hospitality, Retail, Transportation And Logistics, Other End Uses
North America was the largest region in the indoor location-based services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the indoor location based services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing penetration of connected devices is expected to propel the growth of the indoor location-based services market going forward. Connected devices refer to physical objects or machines that are equipped with embedded sensors, software, and network connectivity, enabling them to collect and exchange data with other devices or systems over the Internet. The increasing penetration of connected devices is driven by advancements in technology, expanding internet connectivity, and growing demand for smart, interconnected solutions across various industries and consumer segments. These connected devices enhance indoor location-based services by providing more data points for accurate positioning, enabling seamless navigation and personalized experiences within indoor environments. For instance, in August 2022, according to the report published by the Health Sector Cybersecurity Coordination Center (HC3), a US-based part of the Department of Health and Human Services’ (HHS) Cybersecurity Program, approximately 7 billion devices are connected through the Internet of Things (IoT) in 2022, and projections indicate substantial growth, with an estimated 20 billion additional devices expected to leverage this technology by the year 2025. Therefore, the increasing penetration of connected devices is driving the growth of the indoor location-based services market.
Key Industry Players
Major companies operating in the indoor location based services market report are Apple Inc.; Alphabet Inc.; Samsung Electronics Co. Ltd.; Microsoft Corporation; Huawei Technologies Co. Ltd.; CenTrak; Siemens AG; International Business Machines Corporation (IBM); Cisco Systems Inc.; Qualcomm Technologies Inc.; Nokia Corporation; Ericsson AB; Baidu Inc.; CommScope Inc.; Zebra Technologies Corporation; Garmin Ltd.; Trimble Inc.; Environmental Systems Research institute (ESRI) Inc; TomTom N.V.; Telit Communications PLC; Foursquare Labs Inc.; Ubisense; HERE Technologies; YOOSE Pte. Ltd.; Aruba Networks Inc.; Invigor Group Limited; IndoorAtlas Oy; Navizone Limited
The indoor location based services market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Indoor Location-Based Services Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Indoor Location-Based Services Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Indoor Location-Based Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Apple Inc. Financial Performance
Table 76: Alphabet Inc. Financial Performance
Table 77: Samsung Electronics Co. Ltd. Financial Performance
Table 78: Microsoft Corporation Financial Performance
Table 79: Huawei Technologies Co. Ltd. Financial Performance
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