According to the latest report by IMARC Group, titled "Indoor LBS Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global indoor LBS market reached a value of US$ 8.09 Billion in 2020. Indoor location-based services (LBS) refer to a set of software services that are utilized across the retail, defense, aerospace, hospitality, healthcare and transportation sectors to offer location-specific mobile solutions. They involve the use of geographical data that is gathered with the help of wireless networks, such as Wi-Fi, a global positioning system (GPS), wireless local area networks (WLAN), and microelectronic mechanical system (MEMS). This information is further employed to track the location of a certain individual or object within enclosed spaces, confined to small geographical perimeters. Apart from this, they also offer enhanced convenience to the users by providing them with targeted retail promotions, in-store product search, personalized weather services and Bluetooth-assisted proximity services.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Indoor LBS Market Trends:
The global market is majorly driven by the increasing adoption of indoor LBS for social distancing monitoring and contact tracing. Several workplaces and organizations are now reopening their office premises for employees with the implementation of proper precautionary measures after the mandatory shutdown imposed by the governments of numerous countries on account of the rapid outbreak of the COVID-19 pandemic. As a result, the rising requirement for careful monitoring of real-time social distancing measures by contact tracing of individuals present within the office premises has led to the escalating deployment of indoor LBS across the globe. The market is further driven by the growing popularity of venue-based marketing strategies among retailers. They are increasingly utilizing location data and analytics platforms to make key business decisions and promote their services to their target customers. Along with this, the rising popularity of social media platforms among the masses has impelled numerous companies to invest in efficient geo-marketing strategies and target potential customers through their social media activities. Indoor LBS services are widely used to collect data shared by social media users, that includes check-ins and browsing history, which is further utilized to engage with them by offering tailored offers and promotions. Other factors, such as the escalating penetration of connected devices, the rising usage of cloud computing, big data tools, and artificial intelligence (AI) for business process optimization, and the increasing utilization of geospatial data across the retail and commercial segments, are also contributing to the market growth. On account of the aforementioned factors, the market is anticipated to exhibit strong growth during 2021-2026.
Market Summary:
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