The global indoor location market size is expected to grow from $7.11 billion in 2017 to $40.99 billion by 2022, at a compound annual growth rate (CAGR) of 42% during the forecast period, according to Research and Markets (www.researchandmarkets.com).
The growing trend of digitalization, increasing use of connected devices, and reliable assistance from governments for ensuring public safety are the major factors driving the growth of the indoor location market, while deployment and maintenance challenges are some of the major restraints for the growth of the indoor location market, adds the research group.
Among the technologies, the sensor and tag-based technology is a high-growth segment in the indoor location market. To monitor natural phenomena, such as heat, pressure, humidity, and air pollution, in a certain indoor space, multiple sensors are integrated with connected devices. Tags are also used to monitor products and assets in the retail and manufacturing verticals respectively. Adoption of the sensor and tag-based technology is increasing, due to the easy adoption of technology, says Research and Markets.
The cloud deployment mode is expected to have the larger market size than the on-premises segment, adds the research group. Cloud-based indoor location solution providers are developing robust cloud-based solutions for their users. Additionally, organizations are migrating to either a private or a public cloud. Moreover, the cloud deployment mode provides flexibility for business operations and can also be integrated with predictive analytics to provide real-time business insights, per Research and Markets.