Indoor Location-based Services Market Size To Expand At 43.3% CAGR By 2025, Based On High Adoption Into Several Marketing & Promotional Activities Globally | Million Insights
The global indoor location-based services (LBS) market size is anticipated to reach USD 18.74 billion in the year 2025. It is anticipated to register 43.3% CAGR during the forecasted period, 2019 to 2025. This can be attributed to the increasing demand for such services among majority of industrial players for carrying out several marketing and promotional activities across the globe.
In 2018, the Location-based Advertising services held the largest share across the global market due to the rising usage of such services prevalent among the manufacturers for the promotion of products. The proximity beacons segment is projected to witness highest CAGR of 48% from 2019 to 2025 owing to their usage for promotion which is location-based and for advertising at the hyper-local level.
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The tracking segment held the largest share across the global market and is anticipated to register 40.8% CAGR during the forecasted years owing to the rising usage of these services by several governmental organizations for tracking public activities. On the other hand, the proximity segment is anticipated to register the highest CAGR in the upcoming years.
The retail segment is expected to witness the highest CAGR of 47.1% from 2019 to 2025 owing to the usage of LBS for customer retention and marketing purposes. They also allow information access to retailers about the interest of customers across the stores like purchase history and wishlist items thereby driving the demand among the industry players.
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The Asia Pacific is anticipated to register the highest growth across the global market in the upcoming years due to increasing investments being made in infrastructural activities like townships, shopping malls, and commercial offices. On the other hand, the North American region held the highest share in 2018 with a revenue of USD 749.0 Million.
The indoor LBS market includes key players such as Apple Inc.; Google Inc.; GloPos Technologies; Indoor Atlas Ltd; Microsoft Corporation and Qualcomm Inc. They are opening several stores in major urban cities to widen the product reach. They are also engaged in adopting several marketing strategies to gain a competitive advantage over other players.
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