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(Hosting-NewsWire.com, April 03, 2020 ) According to a new market research report "Indoor Location Market by Component (Technology, Software Tools, and Services), Deployment Mode (Cloud, and On-premises), Application, Vertical (Transportation, Hospitality, Entertainment, Retail, and Public Buildings), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the indoor location market expected to grow from USD 7.11 Billion in 2017 to USD 40.99 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 42.0% during the forecast period.
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Hassle-free navigation, improved decision-making, and increased adoption of connected devices are boosting the growth of the indoor location market across the globe.
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Location analytics segment of software tools is expected to dominate the indoor location market during the forecast period.
Among the software tools, location analytics is the expected to have the largest market size in the during the forecast period. Location analytics is a business intelligence process to generate insights from location-based data. Location analytics converts raw data as per the specific location into valuable insights through a more visual approach. Location analytics analyze data collected from indoor locations such as retail stores, stadiums, airports, and other locations.
Sensor and tag-based segment of technology is expected to exhibit the largest market size in the indoor location market.
Among the technologies, sensor and tag-based technology is expected to grow at the highest CAGR in the market during the forecast period. The sensor technology uses Microelectromechanical Systems (MEMS), whereas the tag-based technology includes Radio Frequency Identification (RFID) tags, Quick Response (QR) code, and Near Field Communication (NFC) tags. Sensors are used in mobile devices to estimate the direction and distance traveled so as to direct pedestrian for navigation and also to monitor some natural phenomena such as heat, pressure, humidity, and air pollution.
The Asia Pacific (APAC) region is expected to witness the highest growth rate in the indoor location market during the forecast period.
APAC is expected to have the highest growth rate during the forecast period, due to the adoption of indoor location by users and verticals in the region. China, Australia, New Zealand, and India are the frontrunners in adopting indoor location via connected devices such as smart phones, tablets, and smart watches. Additionally, the APAC region has the presence of a pool of social media users in China, India, and Australia.
Some of the major vendors in the indoor location market are Apple (US), Broadcom (US), Cisco (US), Ericsson (Sweden), GeoMoby (Australia), Google (US), Micello (US), Microsoft (US), Qualcomm (US), Senion (Sweden), STMicroelectronics (Switzerland), and Zebra (US).
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