The global Indoor LBS Market size is expected to reach USD 18.74 billion by 2025, according to a new study by Grand View Research, Inc., rising at a CAGR of 43.3% during the forecast period. Growing use of location-based services in the retail industry for marketing applications in expected to stimulate the growth of the market over the forecast period.
Industry players are increasingly striving towards
providing real-time location services to customers, which is expected to
stimulate market growth. Moreover, the use of 3D platforms to provide real-time
information is allowing companies to improve their productivity. Indoor
location-based services are also being implemented for public safety, whereby
individuals can inform authorities about their location using their mobile
devices.
Increasing penetration of mobile devices across
various regions is expected to propel the market. Regions, such as North
America and Europe, where smartphone penetration has surpassed 73.0%, are
opening lucrative opportunities for companies to promote their products or
services via location alerts and push messages on mobile devices. At the same
time, developing regions, such as Asia Pacific, are also anticipated to fuel
the demand for LBS for marketing initiatives.
Growth in location-based services is expected to
benefit the retail industry. Retailers are using LBS to increase customer
engagement by providing customers with information about their products and
discounts whenever customers get in the vicinity of retail store. Retailers are
also using LBS to gain insights on customers’ response to a particular
promotional initiative and to tailor their marketing strategies accordingly.
There are several established as well as smaller
players that offer location-based services. Larger enterprises focus on innovation
and new product development whereas smaller companies provide deployment
solutions and product services.
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Further key findings from the
study suggest:
- The
RFID and NFC segment is expected to emerge as the fastest growing
technology segment, expanding at a CAGR of 47.4% over the forecast period.
The growth of the segment can be attributed to rising prominence of
wireless modes of communication
- North
America accounted for the largest market share in terms of revenue and is
expected to reach USD 7.65 billion by 2025. Prominent players such as
Microsoft Corporation and Google Inc., who hold expertise in
location-based services, are based in the region
- Proximity
beacons are anticipated to emerge as the fastest growing product segment,
exhibiting a CAGR of 48.0% over the forecast period. Rising use of
proximity beacons for marketing and advertising purposes by retailers
worldwide is escalating the growth of the segment
- Based
on application, proximity is projected to be the fastest growing
application segment over the forecast period. It is estimated to reach USD
5.66 billion by 2025. Increasing usage of internet-enabled mobile devices
is poised to fuel the demand for the segment
- The
retail segment is anticipated to register the highest CAGR of 47.1% during
the same period. This growth can be attributed to growing competition
among retail outlets for engaging larger number of visitors
- Key
industry participants include Apple Inc.; Cisco Systems Inc.; GloPos
Technologies; Google Inc.; HERE Holding Corporation; Inside Secure
Corporation; IndoorAtlas Ltd; Micello, Inc.; Microsoft Corporation; Ruckus
Wireless, Inc., Navizon Inc.; Qualcomm Inc.; Shopkick, Inc., YOOSE Pte.
Ltd., and Sprooki Pte Ltd.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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