The latest report by IMARC Group, titled “Indoor LBS Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global indoor LBS market size reached US$ 13.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.7 Billion by 2028, exhibiting a growth rate (CAGR) of 19.7% during 2023-2028.
Indoor location-based services (Indoor LBS) comprise technology and applications that enable the tracking and provision of location-specific information and services within enclosed or indoor spaces. Unlike traditional GPS, which primarily functions outdoors, indoor LBS relies on various technologies such as Wi-Fi, Bluetooth, RFID (Radio-Frequency Identification), and beacons to determine a user’s location accurately within buildings, shopping malls, airports, hospitals, and other indoor environments. It has numerous applications, including wayfinding and navigation, for users to locate specific points of interest indoors, such as stores in a shopping mall or offices within a corporate building. It is also used for proximity marketing, providing location-based promotions and information to users based on their indoor location. At present, indoor LBS is gaining immense traction across the healthcare industry across the globe, where it can help track equipment, patients, and personnel within hospitals, enhancing efficiency and safety.
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Indoor LBS Market Trends and Drivers:
The global indoor LBS market is primarily driven by the rapid proliferation of smartphones with built-in GPS and indoor positioning technologies. Moreover, the rising use of indoor LBS in the retail and hospitality industries to provide personalized marketing, wayfinding, and location-based services that enhance the customer experience is propelling market growth. Additionally, the increasing demand for asset tracking and management solutions in various sectors, including healthcare, manufacturing, and logistics, has escalated the use of indoor LBS for real-time location tracking, thereby supporting market growth. Apart from this, the growing adoption of Industry 4.0 and the Internet of Things (IoT) has augmented the demand for precise indoor positioning for automation and efficiency. Besides this, the ongoing development of 5G networks that provide improved location accuracy has catalyzed market growth. Furthermore, the increasing use of indoor LBS amid the COVID-19 pandemic for contact tracing and social distancing measures that highlight its relevance in health and safety initiatives is contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Solution Type:
- Analytics and Insights
- Campaign Management
- Enterprise Services
- Location and Alerts
- Maps
- Proximity Beacons
- Others
- Automotive Services
- Consumer Services
- Location-based Advertising Services
- Precision Geo-targeting
- Secure Transactions and Redemptions
- Others
Breakup by Technology:
- Context Aware Technology
- OTDOA and E-OTDOA
- RFID and NFC
- Satellite, Microwave and Infrared Sensing
- Others (Wi-Fi/WLAN, UWB, BT/BLE, Beacons, A-GPS, etc.)
Breakup by Application:
- Monitoring
- Navigation
- Tracking
- Analytics
- Others
Breakup by Vertical:
- Retail
- Transportation and Logistics
- Media and Entertainment
- Healthcare and Life Sciences
- Government and Public Buildings
- Aerospace and Defense
- BFSI
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Competitive Landscape With Key Players:
- Apple
- Cisco Systems Inc.
- GloPos Technologies
- Google LLC
- IndoorAtlas Ltd
- Micello Inc.
- Microsoft Corporation
- Navizon Inc.
- Ruckus Wireless
- YOOSE Pte. Ltd.
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