The global indoor LBS market reached a value of US$ 8.09 Billion in 2020. Looking forward, IMARC Group expects the global indoor LBS market to exhibit strong growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Indoor location-based services (LBS) refer to a technological solution that is used to track the location of an object or an individual inside an enclosed space. These solutions are confined to small geographical perimeters and operate through wireless networks, such as Wi-Fi, global positioning system (GPS), microelectronic mechanical system (MEMS) and wireless local area networks (WLAN). They also provide customized information to smartphone users depending upon their location, including mapping and navigation, in-store product search, Bluetooth-assisted proximity services and mobile payments. They find extensive applications across various industries, including aerospace, defense, healthcare, retail, hospitality and transportation.
Rapid industrialization and urbanization across the globe are among the key factors driving the growth of the market. Significant infrastructure development and utilization of geospatial data in retail malls, recreational parks, educational institutes, commercial complexes and hospitals, are also providing a boost to the market growth. Furthermore, the increasing penetration of connected devices, such as smartphones and tablets, along with the proliferation of social media platforms, is providing a boost to the market growth. These platforms aid marketers in conducting efficient geo-marketing by targeting potential customers through social check-ins and engaging with their audience by offering customized offers. Additionally, the increasing utilization of 5G technology for LBS is acting as another growth-inducing factor. Indoor LBS provides enhanced assistance and security to the authorities for monitoring and tracking public activities. Other factors, including the widespread utilization of cloud computing, artificial intelligence (AI) and big data tools for business process optimization and determining the most efficient plan layout for implementing lean manufacturing tools and processes, are projected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global indoor LBS market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, solution type, technology, application
Breakup by Solution Type:
Breakup by Technology:
Breakup by Application:
Breakup by Vertical:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being Apple, Cisco Systems Inc., GloPos Technologies, Google Inc., IndoorAtlas Ltd, Micello Inc., Microsoft Corporation, Navizon Inc., Ruckus Wireless, YOOSE Pte. Ltd., etc.
The global indoor LBS market size was valued at US$ 8.09 Billion in 2020.
According to the estimates by IMARC Group, the global indoor LBS market is expected to witness a CAGR of 24.3% from 2021 to 2026.
Rapid urbanization, coupled with the growing utilization of geospatial data in retail malls, recreational parks, commercial complexes, educational institutes, hospitals, etc., represent some of the key trends in the global indoor LBS market.
The increasing utilization of cloud computing, artificial intelligence (AI), and big data tools for business process optimization represents one of the key trends in the global indoor LBS market.
Sudden outbreak of the COVID-19 pandemic resulted in the extensive deployment of LBS platforms across the healthcare sector for providing technologically enhanced medical solutions to alleviate the stress on healthcare workers.
On the basis of the solution type, the market has been classified into analytics and insights, campaign management, enterprise services, location and alerts, maps, proximity beacons and others. Among these, location and alerts hold the largest market share.
On the basis of the technology, the market has been bifurcated 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, etc.). At present, others (Wi-Fi/WLAN, UWB, BT/BLE, Beacons, A-GPS, etc.) exhibit a clear dominance in the market.
On the basis of the application, the market has been classified into monitoring, navigation, tracking, analytics, and others. Currently, tracking represents the largest segment.
On the basis of 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. Among these, the retail sector accounts for the majority of the market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global indoor LBS market are Apple, Cisco Systems Inc., GloPos Technologies, Google Inc., IndoorAtlas Ltd, Micello Inc., Microsoft Corporation, Navizon Inc., Ruckus Wireless, YOOSE Pte. Ltd., etc.
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