The COVID-19 (coronavirus) is spreading rapidly around the world. However, companies in the indoor location based services market are capitalizing on new opportunities to help workplaces reopen their office premises for employees. For instance, Johnson Controls – an HVAC (Heating, Ventilation, and Air Conditioning) company, is deploying services in social distancing monitoring and contact tracing for communities that are aiming to re-open their premises amidst the COVID-19 pandemic.
Vendors are increasing efforts to provide indoor location insights to high-value industries such as healthcare, financial institutions, commercial office buildings, and the likes. Thus, indoor location based services are helping to contain the spread of the novel coronavirus. Since various industry stakeholders are preparing to welcome back employees, careful monitoring and contact tracing of individuals has become vital. Innovative services such as contact tracing, reporting, and real-time social distancing monitoring are creating revenue opportunities for indoor location based services providers, thus driving the indoor location based services market.
Global Trade Shows Fuel Demand for Indoor Location Based Services and Applications
Since every company holds a unique strategic positioning, which is unmatched to the other, companies are entering into collaborations to reach new business heights. For instance, in March 2020, IndoorAtlas— a specialist in Platform-as-a-Service (PaaS) for indoor positioning, has joined forces with Samsung SDS, a leading global engineering services company to innovate in indoor location based services for trade shows.
Companies in the indoor location based services market are preparing business plans to meet the requirements of stakeholders who conduct global trade exhibitions. They are innovating in location-aware applications and services for trade events, since these events are encouraging the trend of face-to-face conversations. The growing exhibition market is bolstering growth of the indoor location based services market, which is estimated to reach a revenue of US$ 19.3 Bn by 2030.
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Vendors Acquire Proficiency in Indoor Navigation-based Services with Sensory Data
In many cases, individuals are unable to access their GPS (Global Positioning System) on mobile phones. Hence, companies in the indoor location based services market are capitalizing on this problem to meet navigation-based requirements of individuals. According to the U.S.’s National Geospatial Advisory Committee (NGAC), indoor positioning based services deploy real-time tracking of location information about individuals or objects with the help of sensory data derived from automated devices.
Retailers these days are practicing venue-based marketing strategies, which is directly contributing toward the growth of the indoor location based services market. Such innovative trends are anticipated to fuel growth of the market for indoor location based services, which is expected to expand at a CAGR of ~10% during the forecast period. Growing consumer intimacy and smartphone user base have fueled the demand for navigation-based services.
Retailers Make Key Business Decisions Using Location Data and Analytics Platforms
The expanding ecosystem of the indoor location based services market is maturing into analytics and locations intelligence to broaden their revenue streams. The use of location data is undergoing a significant change and has led to the concept of location intelligence. Using intelligent location data, retailers can efficiently target personalized product and services for customers. Hence, companies in the indoor location based services market are gauging incremental opportunities with the help of location intelligence applications and services.
Retailers are using location data and analytics platforms to their full potential in order to make key business decisions such as determining the best areas to open new stores. Hence, companies in the market for indoor location based services are increasing the availability of location data and analytics platforms so that retailers can leverage their supply chains whilst engaging in marketing campaigns.
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Light Distortions Interrupt Tracking of Individuals and Objects in Visual Odometry Objects
The indoor location based services market is projected to advance at a robust pace with the help of cutting-edge technologies such as wearable inertial devices. Such devices help to determine the displacement of individuals and objects from its starting point. The concept of visual odometry is also growing popular in the indoor location based services market. However, the market for indoor location based services is still in its evolving phase where such devices and visual odometry solutions are subject to limitations.
Hi-tech visual odometry solutions help in tracking the displacement of individuals and objects via a video camera. However, such solutions are sensitive toward light distortions. Hence, vendors are educating users to use visual odometry systems in favorable positioning conditions in order to efficiently track the displacement of objects and individuals. As such, visual odometry systems help to identify a product’s journey from shelf to cart in hypermarkets and other retail stores. On the other hand, vendors are maximizing their business potentials in indoor location based services via Wi-Fi, Bluetooth, and UWB (Ultra Wideband).
Magnetic Positioning Solutions Deliver Low Cost of Ownership to Retailers and Users
Due to rapidly growing smartphone user base worldwide, companies in the indoor location based services market are tapping into opportunities in magnetic positioning. Smartphones have a unique capability to detect and respond to magnetic fields inside buildings. Google’s Waze app is a popular example of magnetic positioning that provides turn-by-turn navigation information and route details to users.
Magnetic sensor data is being used to wirelessly locate objects and individuals inside a building. As such, magnetic positioning is being highly publicized as a cost-efficient indoor location based service that delivers information accuracy by eliminating the need for any hardware requirement. The low cost of ownership for magnetic positioning solutions are generating revenue opportunities for companies in the indoor location based services market.