Indoor Location Based Service Market with (Covid-19) Impact Analysis: Worldwide Key Industry Segments & Forecast, 2022 -2030

Real-time Social Distancing Monitoring Gains Importance in Fight against Coronavirus

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.

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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 2022, 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.

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.

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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.

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.

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Analysts’ Viewpoint

There is a growing demand for automated social distancing monitoring in medical facilities, data centers, and commercial office buildings to curb the spread of COVID-19. As such, companies in the indoor location based services market are leveraging incremental opportunities by increasing the availability of mobile apps that provide navigation services in trade events, smart offices, and transportation sectors. However, lack of efficiency in GIS (Geospatial Information System) tools pose as a restraint for retailers who want to track how individuals interact and navigate in their stores. Hence, companies should build wayfinding-focused digital directories to enhance the experience involving GIS tools.

Indoor Location Based Service Market: Overview

  • The global indoor location based service market is expected to register a CAGR of ~10% between 2020 and 2030
  • Rising use of location based services for marketing applications is expected to boost the indoor location based service market in the near future
  • The global indoor location based service market is projected to reach ~US$ 19.3 Bn by 2030 from ~US$ 7.3 Bn in 2020
  • North America holds major share of the indoor location based service market in terms of revenue and is anticipated to dominate the market during the forecast period, followed by Europe and Asia Pacific
  • North America remains the leading region in the indoor location based service market, with revenues in 2022 estimated at US$ 2,421.2 Mn
  • The indoor location based service market in Middle East & Africa and South America is likely to show moderate growth during the forecast period
  • The global indoor location based service market in Asia Pacific is projected to expand significantly in terms of share during the forecast period. This is due to growth of the market across Asia Pacific coupled with increasingly agile mobile environment and rise in retail and hospitality sectors, which has propelled the demand for indoor location based services in the APAC region.

Indoor Location Based Service: Market Definition

  • The market report provides analysis of the global indoor location based service market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year, and 2020 – 2030 is the forecast period
  • The study would help clients to understand the adoption analysis of indoor location based services in different countries
  • Indoor location based service is used to track people inside a building. It uses technologies such as distance measurement to nearby anchor nodes to determine the location. These nodes are of various types that includes Bluetooth, Wi-Fi, RFID, and GPS that are collectively installed in smart devices. The nodes are used to actively locate mobile devices and tags, or environment context for devices for sensing within centimeter-level accuracy.
  • The objective of indoor location based service is to combine with navigation, scheduling, and analytics, which are gaining popularity at airports, hospitals, shopping malls, convention centers, and warehouses in order to share location details or information in real-time

North America Indoor Location Based Service Market Snapshot

  • North America is a developed region and hence, innovation and new technologies are expected to be key trends to be witnessed in the region over the next few years. North America held a prominent share of the global indoor location based service market in 2019. For the same reason, North America is likely to offer opportunities in the market globally, with Europe and Asia Pacific being the next closest regions.

Key Growth Drivers of Indoor Location Based Service Market

  • Rising emphasis on consumer preference and consumer behaviorAcross the globe, significant focus is on consumer preference. The trend has shifted from a seller oriented to a customer-oriented market, with has enhanced focus on customization & personalization of products according to needs and wants of customers. The demand for indoor location based services has increased rapidly with advancements in technologies related to Big Data analytics and consumer behavior analytics. This, in turn, is expected to accelerate the growth of the indoor location based service market.
  • Increasing adoption of data analytics in the retail sectorAdoption rate of data analytics related to consumer buying behavior and area of interest have increased rapidly in the retail industry. Globally, retailers with large- and medium-sized enterprises are adopting indoor location based service solutions, as the number of footfall in retail stores is much higher than any other business space.

    According to a survey conducted by Zebra Technologies, nearly 71% of the people who were part of the survey are planning to invest in sensor-based technology to track customer footfall to create a seamless shopper experience. This would help retailers to understand the basic behavior and interest of customers through location intelligence. This is likely to drive the indoor location based service market.

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Key Challenges Faced by Indoor Location Based Service Market Players

  • Overdependence on smartphones and smart devices for tracking is a major restraint of the indoor location based service market

Indoor Location Based Service Market: Competition Landscape

  • In June 2019, Apple launched a whole new feature for indoor navigation services, which is available in 279 major cities around the world, mainly in the U.S., the U.K., Spain, and Australia for mapping buildings from inside
  • In July 2018, Esri announced the release of an indoor mapping product ArcGIS Indoors, enabling interactive indoor mapping of corporate facilities, retail and commercial locations, airports, and hospitals

Indoor Location Based Service Market: Company Profiles

  • Microsoft CorporationIncorporated in 1975, Microsoft Corporation designs, develops, and markets software, services, devices, and solutions. The company’s product portfolio includes video games, software development tools, desktop and server management tools, business solution applications, server applications, cross device productivity applications, and operating systems. In addition, the company designs, manufactures, and sells various devices such as PCs, tablets, gaming and entertainment consoles, and other related accessories. It also provides solution support and consulting services. Some of the competitors of the company are Apple, Cisco Systems, Facebook, Google, IBM, and Hewlett-Packard. The company provides low-cost, plug-and-play indoor navigation services.
  • Environmental Systems Research Institute (ESRI) Inc.Incorporated in 1969, Environmental Systems Research Institute (ESRI) Inc. is a provider of geographic information system (GIS) solutions. The company offers solutions and services to map images of locations, densities, quantities, and specific areas. The solutions offered by the company drives collaboration, innovation, and digital transformation in communities around the world. The company offers its solutions and services to various industries such as banking, education, government, manufacturing, real estate, and public safety. The company invests more than 30% of its annual revenue in research & development to offer innovative solutions and meet the customer demand in the market. ESRI has a wide geographic footprint with 49 offices worldwide.
  • Cisco Systems Inc.Incorporated in 1984, Cisco Systems Inc. is a multinational conglomerate with interest in manufacturing and selling multiline products and services. In addition, the company provides Internet Protocol (IP)-based networking technologies and offers routing and switching solutions, IP telephony, optical networking, security, storage, and networking, and wireless technology. The company develops, manufactures, and sells networking hardware, software, telecommunications equipment, and other high-technology services and products. Furthermore, the company is engaged in providing indoor location services and proximity products for various applications.

Other major players operating in the global indoor location based service market and profiled in the report include

  • Apple Inc.
  • Cuebiq Inc.
  • Google LLC
  • Gravy Analytics
  • HERE Technologies
  • PlaceIQ
  • QUALCOMM Inc.
  • Ubimo Ltd.
  • Verve Wireless, Inc.

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