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The global indoor location market is suggested to have reached a value of around $450 million at the beginning of 2013, and is forecast to hit a total of $2.6 billion by 2018. This suggests a CAGR growth rate of 42% between 2013 and 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.
In the recent years, there has been a substantial demand for indoor positioning and navigation equipments in the marketplace across verticals. The demand is surging in those industries that were early Indoor Location adopters. With potential opportunities in emerging verticals, there is good investment being done in the Indoor Location Research, Development and Innovation by majority of the market players.
Absence of satellite signals inside the indoor spaces clearly indicated the need for indoor technologies; hence Indoor Location devices came into existence. The device manufacturers and other members in the ecosystem made tremendous efforts to build a culmination point for the proximity electronics, surveying systems and the informatics. They still strive to bring greater possibilities in the Indoor Location system.
The indoor location technologies are built around the Global Positioning system (GPS) technologies, with the main difference of their utility in navigating indoor spaces, such as malls, megastores, offices, airports, casinos, amongst others. The methods and techniques used in the accurate mapping and navigation require no complex infrastructure, thus the implementation becomes hassle free.
There are multiple factors that are shaping the future of the indoor location market. One of them is the increasing number of applications that are addressing the expressed market need. Secondly, the need to deploy cost control measures is being fulfilled by the Indoor Location apps. Even though the adoption of this technology is relatively slow, due to indoor environment challenges and performance requirements, these solutions are expected to grow steadily and shall have a pervasive existence across all the major verticals. Improved customer experience, on a real-time basis, will be the major pull factor.
Some of the major vendors of Indoor Location are Apple Inc., Google, Microsoft, Broadcom and Cisco. Many small innovative companies have also surfaced and are forthcoming as the solution providers for the indoor location market.
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