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The global indoor LBS market size was valued at US$ 10.7 Billion in 2021.
According to the estimates by IMARC Group, the global indoor LBS market is expected to exhibit a CAGR of 19.9% during 2022-2027.
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,RFID and NFC 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 LLC, IndoorAtlas Ltd, Micello Inc., Microsoft Corporation, Navizon Inc., Ruckus Wireless, YOOSE Pte. Ltd., etc.
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