US: The global indoor location market is estimated to grow from $448.6 million in 2013 to $2.60 billion in 2018, according to a new report published by Markets and Markets. This represents a compound annual growth rate (CAGR) of 42.1% from 2013 to 2018. In terms of regions, North America is expected to be the biggest market in the near term, while the European region is expected to experience increased market traction in the longer term.
The report ‘Indoor Location Market [Indoor Positioning and Indoor Navigation (IPIN); Indoor Mapping; Indoor LBS; Indoor Analytics; By Positioning Systems (Network-based, Independent, Hybrid)]: Global Advancements, Market Forecasts and Analysis (2013 – 2018)’, defines and segments the global indoor location market into various sub-segments with in-depth analysis and forecasting of revenues.
Indoor Location impacts asset monitoring and automation at the enterprise level. The technology is expected to bring in integration capabilities of analytical software tools with the existing maps and navigation software, and such applications will further enhance the growth of venues, while ensuring customer privacy and other regulatory policies.
The major forces driving this market are the increasing customer intimacy and venue-based marketing strategies, poor performance of GPS in indoor environments and government initiatives in developing positioning systems for public safety and urban security segments. The increasing demand for location-based services and applications in smartphones among users have given rise to the new business value chain, leading to growing network deployments at venues for indoor location and Indoor Positioning and Indoor Navigation (IPIN).
Source: PR Web