The global indoor location-based services (LBS) market size is anticipated to reach USD 18.74 billion in the year 2025. It is anticipated to register 43.3% CAGR during the forecasted period, 2019 to 2025. This can be attributed to the increasing demand for such services among majority of industrial players for carrying out several marketing and promotional activities across the globe.
In 2018, the Location-based Advertising services held the largest share across the global market due to the rising usage of such services prevalent among the manufacturers for the promotion of products. The proximity beacons segment is projected to witness highest CAGR of 48% from 2019 to 2025 owing to their usage for promotion which is location-based and for advertising at the hyper-local level.
The tracking segment held the largest share across the global market and is anticipated to register 40.8% CAGR during the forecasted years owing to the rising usage of these services by several governmental organizations for tracking public activities. On the other hand, the proximity segment is anticipated to register the highest CAGR in the upcoming years.
The retail segment is expected to witness the highest CAGR of 47.1% from 2019 to 2025 owing to the usage of LBS for customer retention and marketing purposes. They also allow information access to retailers about the interest of customers across the stores like purchase history and wishlist items thereby driving the demand among the industry players.
The Asia Pacific is anticipated to register the highest growth across the global market in the upcoming years due to increasing investments being made in infrastructural activities like townships, shopping malls, and commercial offices. On the other hand, the North American region held the highest share in 2018 with a revenue of USD 749.0 Million.
The indoor LBS market includes key players such as Apple Inc.; Google Inc.; GloPos Technologies; Indoor Atlas Ltd; Microsoft Corporation and Qualcomm Inc. They are opening several stores in major urban cities to widen the product reach. They are also engaged in adopting several marketing strategies to gain a competitive advantage over other players.
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Further key findings from the report suggest:
• The RFID and NFC technology segment held the largest share across the global market and is anticipated to grow with 47.4% CAGR from 2019 to 2025.
• The tracking application segment dominated the global market on 2018 and is antipcted to grow with highest CAGR of 40.8% during the forecasted years.
• The retail segment is expected to grow with the highest CAGR of 47.1% during the forecasted period.
• The North America held the highest share across the global market with revenue of USD 749.0 Million in 2018.
• The key players in indoor location-based services market are GloPos Technologies; Apple Inc.; Google Inc.; Indoor Atlas Ltd; Microsoft Corporation.
Million Insights has segmented the global indoor LBS market on the basis of products, technologies, applications, end use, and regions:
Indoor LBS Product Scope (Revenue, USD Million, 2014 - 2025)
• Analytics and Insights
• Automotive Services
• Campaign Management
• Consumer Services
• Enterprise Services
• Location and Alerts
• Location-based Advertising Services
• Precision Geo-targeting
• Proximity Beacons
• Secure Transactions and Redemptions
Indoor LBS Technology Scope (Revenue, USD Million, 2014 - 2025)
• Context Aware Technology
• OTDOA and E-OTDOA
• RFID and NFC
• Satellite, Microwave and Infrared Sensing
• Wi-Fi/WLAN, UWB, BT/BLE, Beacons, and A-GPS
Indoor LBS Application Scope (Revenue, USD Million, 2014 - 2025)
Indoor LBS End-use Scope (Revenue, USD Million, 2014 - 2025)
• Aerospace and Defense
• IT and Telecommunication
• Energy and Power
• Transportation & Logistics
Indoor LBS Regional Scope (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Saudi Arabia
• United Arab Emirates (U.A.E.)