According to the latest report by IMARC Group, titled "Indoor LBS Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global indoor LBS market is currently witnessing robust growth. Indoor location-based services (LBS) are a set of software services that provide location-specific mobile solutions. They utilize geographical data and information to track the location of a particular object or individual within enclosed spaces, confined to small geographical perimeters. They employ numerous wireless networks, such as Wi-Fi, wireless local area networks (WLAN), global positioning system (GPS) and microelectronic mechanical system (MEMS), for functioning efficiently. These services provide numerous customized information to smartphone users that include mobile commerce, in-store product search, personalized weather services and Bluetooth-assisted proximity services. As a result, they are widely utilized across numerous industry verticals, such as retail, defense, healthcare, hospitality and transportation.
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 market is primarily driven by the growing utilization of indoor LBS for social distancing monitoring and contact tracing across the globe. Amid the rapid outbreak of the global COVID-19 pandemic, numerous organizations are willing to reopen their office premises to employees with proper precautionary measures. This has resulted in the increasing demand for careful monitoring and contact tracing of individuals present within the workspaces. As a result, several offices are deploying indoor LBS to monitor real-time social distancing measures in an efficient manner. Apart from this, there has been a shifting preference of retailers toward venue-based marketing strategies. They are widely employing location data and analytics platforms to make key business decisions. This, coupled with the increasing penetration of connected devices, including tablets, computers and smartphones, in the daily lives of individuals, is creating a positive outlook for the market. The growing popularity of social media platforms among the masses is acting as another major growth-inducing factor. These platforms have led companies to invest in efficient geo-marketing strategies. They commonly target potential customers through their social media activities, such as check-ins and browsing history, and engage with them by offering tailored offers and promotions. Some of the other factors contributing to the market growth include significant infrastructure development, an increasing usage of cloud computing, artificial intelligence (AI) and big data tools for business process optimization, and the employment of geospatial data across the retail and commercial segment. On account of the aforementioned factors, the market is anticipated to exhibit strong growth during 2020-2025.
- 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, and 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., HERE Global B.V., Microsoft Corporation, Navizon Inc., CommScope, Inc., and YOOSE Pte. Ltd.
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