DUBLIN, May 2, 2019 /PRNewswire/ -- The "Micro-Location Technology Market by Application, Technology, Offering, Vertical, & Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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%.
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; inefficiency of GPS in indoor premises; and necessity to deliver unique customer experience in retail and hospitality are driving the growth of the micro-location technology market. However, the concerns regarding security and privacy, and the growing trend of e-commerce in the retail sector is restraining the growth of micro-location technology market.
"Proximity marketing to hold larger share of micro-location technology market during forecast period"
The micro-location technology market based on application has been segmented into asset management and proximity marketing. The proximity marketing application is expected to hold a larger share of the market during the forecast period. It is gaining traction among retailers as it enables them to send special offers to their customers when they come within a certain proximity of their outlet. Proximity marketing is the perfect way to target exact audiences, and it is expected to be widely accepted by marketers in the coming years.
"BLE to register highest CAGR in micro-location technology market for proximity marketing during forecast period"
BLE is expected to register the highest CAGR in the micro-location technology market for proximity marketing during the forecast period. High growth of this technology is attributed to the high use of BLE-based solutions in multi-channel marketing and product distribution in the retail sector. BLE offers similar communication as Classic Bluetooth, with the added advantage of low power consumption, low cost, and small size. BLE, which is considered as the future of consumer engagement in retail, has great implications in IoT as it seamlessly connects with gateways and other wireless devices, smartphones, and tablets acting as an Internet gateway.
"Healthcare to hold largest share in micro-location technology market for asset management during forecast period"
The largest market share of the healthcare vertical is attributed to the early adoption of RTLS for a wide range of applications in this sector, especially in the US. Safety of patients, and security of electronic health records and valuable assets have also resulted in higher demand for micro-location solutions in healthcare. Micro-location systems not only allow accurate and faster tracking of clinical equipment, patients, and personnel but also provide enhanced infant and patient security.
"North America held largest share of micro-location technology market in 2018"
North America held the largest share of the micro-location technology market in 2018, followed by Europe. The region, being technologically advanced and developed, is a leading the market for cutting-edge technologies that are used in micro-location solutions for asset tracking and proximity marketing applications.
It is one of the largest contributors to the micro-location technology market for asset management in healthcare owing to the healthcare revolution in the region. With the increasing adoption of micro-location solutions for various purposes, increasing use of mobile applications and mobile web is the factor leading to high growth of micro-location solutions for proximity marketing in North America.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.2 Market Dynamics
188.8.131.52 Inefficiency of GPS in Indoor Premises
184.108.40.206 Growing Adoption of Mobile Devices
220.127.116.11 Necessity to Deliver Unique Customer Experience in Retail and Hospitality
18.104.22.168 High Return on Investment
22.214.171.124 Rise in Use of Location-Based Mobile Advertisement
126.96.36.199 Increasing Importance of Asset Management Across Different Industries
188.8.131.52 Concerns Regarding Security and Privacy
184.108.40.206 Growing Trend of E-Commerce in Retail Sector
220.127.116.11 Focus on Industry 4.0, IoT, and Smart Manufacturing
18.104.22.168 Emergence of New Applications, and Untapped Opportunities in APAC and RoW
22.214.171.124 Growing Demand for Location Analytics in Robotics
126.96.36.199 Lack of Interoperability
188.8.131.52 High Competition in Market
184.108.40.206 Providing Energy-Efficient and High-Performance Solutions at Low Cost
220.127.116.11 Sophisticated Deployment and Maintenance Requirements
6 Industry Trends
6.2 Value Chain Analysis
6.3 Key Trends
6.3.1 Smart Cities and Autonomous Vehicles
7 Micro-Location Technology Market, By Application
7.2 Asset Management
7.2.1 Asset Management Application to Grow at Higher CAGR in Micro-Location Technology Market During Forecast Period
7.3 Proximity Marketing
7.3.1 Proximity Marketing to Capture Major Share in Micro-Location Technology Market During Forecast Period
8 Micro-Location Technology Market for Asset Management
8.2 Micro-Location Technology Market for Asset Management, By Offering
18.104.22.168 Readers/Trackers/Access Points
22.214.171.124 UWB to Exhibit Highest Growth in Micro-Location Software Market for Asset Management During Forecast Period
126.96.36.199 Services Segment to Witness Highest CAGR in Micro-Location Technology Market for Asset Management During Forecast Period
8.3 Micro-Location Technology Market for Asset Management, By Technology
8.3.1 Ultra-Wideband (UWB)
188.8.131.52 UWB to Dominate Micro-Location Technology Market for Asset Management During Forecast Period
184.108.40.206 Hardware to Occupy Major Share of Ultrasound-Based Micro-Location Technology Market During Forecast Period
220.127.116.11 Hardware to Hold Major Size of IR-Based Micro-Location Technology Market for Asset Management By 2024
18.104.22.168 Services to Exhibit Highest CAGR in RFID-Based Micro-Location Technology Market for Asset Management During Forecast Period
22.214.171.124 Others Include Major Technologies Like Magnetic, Rubee, Zigbee, and BLE
8.4 Micro-Location Technology Market for Asset Management, By Vertical
8.4.3 Transportation and Logistics
8.4.4 Retail and E-Commerce
8.4.5 Government, Defense, and Public
9 Micro-Location Technology Market for Proximity Marketing
9.2 Micro-Location Technology Market for Proximity Marketing, By Offering
9.3 Micro-Location Technology Market for Proximity Marketing, By Technology
126.96.36.199 NFC Expected to Be Major Technology in Other Segment During Forecast Period
9.4 Micro-Location Technology Market for Proximity Marketing, By Vertical
9.4.1 Retail and Hospitality
9.4.2 Sports and Entertainment
188.8.131.52 Major Adoption of BLE-Based Micro-Location Technology Solutions is Expected in Sports and Entertainment Segment for Proximity Marketing During Forecast Period
184.108.40.206 BLE-Based Micro-Location Technology Solutions for Proximity Marketing to Define Healthcare Segment During Forecast Period
10 Geographic Analysis
11 Competitive Landscape
11.2 Ranking Analysis: Micro-Location Technology Market Players
11.3 Competitive Leadership Mapping
11.4 Strength of Product Portfolio
11.5 Business Strategy Excellence
11.6 Competitive Situations and Trends: Micro-Location Technology Market
12 Company Profiles
12.2 Key Players
12.2.1 Cisco Systems
12.2.2 Aruba Networks (HP Enterprise)
12.2.3 Humatics Corporation
12.2.5 Ruckus Networks
12.2.6 Zebra Technologies
12.2.8 Ubisense Group
12.2.9 Camco Technologies
12.2.10 Siemens (Agilion)
12.3 Key Innovators
12.3.4 Redpine Signals
12.3.5 Visible Assets
12.4 Other Important Players
12.4.1 Gimbal (Mobile Majority)
12.4.2 Bluvision (Hid Global Corporation)
12.4.4 Sewio Networks
12.4.5 Kontakt.Io, Inc.
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