The micro-location
technology market is projected to grow from USD 14.1 billion in 2019 to USD
34.1 billion by 2024 at a CAGR of 19.4%. Factors such as increasing importance
of asset management across different industries; rise in the use of
location-based mobile advertisement; high return on investment; growing
adoption of mobile devices; and inefficiency of GPS in indoor premises are
driving the market toward high growth.
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“Asset management
to register higher CAGR in micro-location technology market during forecast
period”
The micro-location
technology market for asset management application is expected to grow at a
higher CAGR during the forecast period. The management of assets such as
facilities, personnel, and equipment is strategically important and optimizing
their usage is critical for operational success. Asset management is defined as
the art and science encompassing many technologies and approaches to optimize
asset utilization in industrial environment with an aim to increase
productivity, which, in turn, helps organizations to meet their goals.
Micro-location solutions are employed to track assets by monitoring asset
conditions regularly and foresee potential problems in real time to prevent the
failure of assets, which could lead to losses for organizations.
“UWB to hold
largest size of micro-location technology market for asset management during
forecast period”
UWB
technology-based micro-location solutions provide more accurate asset
management data than those based on other technologies. UWB technology can
enable centimeter-level precision while locating objects; this is highly beneficial
in high-intensity operations in the healthcare and industrial verticals. The
rapid decline in the prices of UWB tags has also resulted in the high
implementation of these tags in micro-location solutions. The manufacturing
(industrial) and logistics sectors are likely to be the major contributors to
the growth of the market for UWB-based micro-location solutions in the coming
years.
“Software to hold
largest size of micro-location technology market for proximity marketing during
forecast period”
The software
offering is expected to hold the largest size of micro-location technology
market for proximity marketing by 2024. There is an increasing demand for
software systems that dynamically adapt behavior at execution time in response
to changes in user’s requirements, preferences, operational environments, and
primary infrastructure. Micro-location solutions need to execute intelligent
algorithms for effectively interacting with connected hardware components,
discarding irrelevant data, and taking informed decisions and actions on behalf
of human users to eliminate human efforts. For creating a high degree of smart
characteristics and autonomy, the software segment is considered to be the most
important offering in the micro-location technology market for the proximity
marketing application.
“APAC to register
highest CAGR in micro-location technology market during forecast period”
The micro-location
technology market has been segmented into 4 major regions: North America,
Europe, Asia Pacific (APAC), and Rest of the World (RoW). APAC is expected to
grow at the highest CAGR during the forecast period. The adoption of
micro-location solutions for asset management in sectors such as industrial,
sports and entertainment, and retail and logistics is expected to increase in
APAC in the coming years.
The adoption of
smartphones and mobile internet is expected to increase in APAC in the coming
years; this makes proximity marketing an ideal communication channel for
businesses to reach customers. Including many emerging economies, APAC is
witnessing dynamic changes through the adoption of micro-location solutions for
proximity marketing in the retail and infrastructural sectors. China, South
Korea, Australia, New Zealand, Japan, and Singapore are the early adopters of
proximity marketing solutions based on micro-location technology in this
region. However, countries such as India, Indonesia, Thailand, and Malaysia are
expected to witness high growth in the market for the proximity marketing
application.
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Cisco Systems
(US), Aruba Networks (US), Humatics Corporation (US), Estimote (US), Ruckus
Networks (US), Zebra Technologies (US), CenTrak (US), Ubisense (UK), Camco
Technologies (Belgium), and Siemens (Germany) are key players in the market.
Decawave (Ireland), Apple (US), Google (US), Redpine Signals (US), and Visible
Assets (US) are key innovators in the market.
Gimbal (Mobile
Majority) (US), Bluvision (HID Global Corporation) (US), BlueCats (Australia),
Sewio Networks (Czech Republic), and Kontakt.io (US) are the other key players
in the market.
