According to the latest report by IMARC Group, titled "Indoor LBS Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global indoor LBS market reached a value of US$ 10.7 Billion in 2021. 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 expected to grow at a CAGR of 19.9% during 2022-2027.
- On the basis of the solution type, the market has been divided into analytics and insights, campaign management, enterprise services, location and alerts, maps, proximity beacons, and others (automotive services, consumer services, location-based advertising services, precision geo-targeting, secure transactions and redemptions, and others).
- Based on the technology, the market has been classified into context aware technology, OTDOA and E-OTDOA, RFID and NFC, satellite, microwave and infrared sensing, and others (Wi-Fi/WLAN, UWB, BT/BLE, beacons, A-GPS.)
- On the basis of the application, the market has been categorized into monitoring, navigation, tracking, analytics and others.
- Based on the vertical, the market has been segmented into retail, transportation and logistics, media and entertainment, healthcare and life sciences, government and public buildings, aerospace and defense, BFSI and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include Apple Inc., Cisco Systems, Inc., Glopos Technologies, Google LLC, IndoorAtlas Ltd., Ruckus Wireless, Microsoft Corporation, Navizon Inc., Micello Inc., and YOOSE Pte. Ltd.
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