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%
NEW YORK, April 10, 2019 /PRNewswire/ -- Micro-location technology market to grow at 19.4% CAGR during 2019–2024
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.
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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
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions.
The breakup of the profiles of primary participants has been given below:
• By Company Type: Tier 1 – 10%, Tier 2 – 35%, and Tier 3 – 55%
• By Designation: C-Level Executives – 50%, Directors – 25%, and Others – 25%
• By Region: North America – 45%, Europe – 30%, APAC – 20%, and RoW- 5%
The major players in the micro-location technology market are 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), Visible Assets (US), Gimbal (Mobile Majority) (US), Bluvision (HID Global Corporation) (US), BlueCats (Australia), Sewio Networks (Czech Republic), and Kontakt.io (US).
Research Coverage:
The report defines, describes, and forecasts the micro-location technology market on the basis of application, offering, technology, vertical and geography.It provides detailed information regarding drivers, restraints, opportunities, and challenges, which are the major factors influencing the growth of the micro-location technology market.
It also analyzes the competitive growth strategies such as partnerships, collaborations, contracts, joint ventures, acquisitions and expansions, and product launches and developments implemented by key players to grow in the market.
Reasons to Buy Report:
• Illustrative segmentation, analysis, and forecast pertaining to the micro-location technology market based on application, offering, technology, vertical, and geography have been conducted to provide an overall view of the micro-location technology market.
• Major drivers, restraints, opportunities, and challenges for the market have been detailed in this report.
• The report includes a detailed competitive landscape of the key players in the market and their revenues.
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