Chicago, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The global Indoor Location Market size is projected to grow from USD 11.9 billion in 2024 to USD 31.4 billion by 2029, at a CAGR of 21.4% during the forecast period, according to a new report by MarketsandMarkets™.

Increasing technological innovations are enhancing the accuracy and reliability of indoor location systems, leading to the market's growth.

Indoor location market can be described as a market encompassing technologies as well as services used to address and enable the identification of the location of an object or a person in building or an area where conventional GPS or satellite-based methodologies may not be efficient or precise. This utilizes technologies including BLE, Wi-Fi, UWB, RFID, and beacons to find position and monitor motion within structures and other indoor environments that include buildings, malls, airports, hospitals, and warehouses.

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Indoor Location Market Dynamics:

Drivers:

• Proliferation of smartphones, connected devices, and location-based applications
• Advancement and effectiveness of indoor positioning with SLAM
• Increasing number of applications powered by beacons and BLE tags
• Growing integration of beacons in cameras, LED lighting, PoS devices, and digital signage
• Inefficiency of GPS in indoor environments

Opportunities:

• Increasing demand for RFID tags across retail industry
• Growing use of 5G for location-based services
• Growing demand for indoor location technologies to support lean automation and robotic processes
• Focus on Industry 4.0 smart cities and smart manufacturing

Restraints:

• Concerns related to data security and privacy
• Negative feedback from end users
• Stringent government regulations
• High installation and maintenance costs

List of Indoor Location Companies:

• Zebra Technologies (US)
• Cisco (US)
• Google (US)
• Microsoft (US)
• HPE (US)
• Apple (US)
• Esri (US)
• Acuity Brands (US)
• Inpixon (US)
• HERE Technologies (US)
• HID Global (US)

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By offering, the service segment is projected to register the highest CAGR during the forecast period.

Most of the service market comprises the managed and professional service segments. Other categories of professional services include consulting, support and maintenance, and system integration and installation services. These services depend on the effective operation of indoor location and item and person tracking. They are especially important for tracking, navigation, and indoor location deployment. Before installing indoor location technology, it is crucial to understand the installation and maintenance needs to accurately estimate the time and financial commitments required to establish the solution.

Based on technology, the BLE segment holds the largest market size during the forecast period.

BLE signals from battery-operated beacons are an essential component of indoor location services. One of the newest innovations that has surfaced and grown into an industry standard is BLE, which is currently present in most products. It is a great choice for several interior use cases because of its accuracy range of 1-2 meters. Because BLE technology is generally available across many devices and consumes low power, it is also commonly employed in indoor location services.

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