Micro-Location Technology Market - Global Forecast to 2024: Focus on Industry 4.0, IoT, and Smart Manufacturing - ResearchAndMarkets.com

DUBLIN--()--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 was valued at USD 10.59 billion in 2018 and is expected to reach USD 34.11 billion by 2024-growing at a CAGR of 19.4% from 2019 to 2024.

Micro-location technologies facilitate the tracking of objects and people in real time, usually in indoor applications such as inside a building. This technology is also used for wirelessly advertising content to a mobile/portable device of users that are in close proximity to a business site.

Hardware and software are the major components of the micro-location solutions; these are integrated and deployed to perform various location tracking services. Micro-location systems employ different technologies for facilitating communication between tags and receivers, depending on the application-specific requirements.

Factors such as increasing importance of asset management across different industries, the 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.

Competitive Landscape

  • 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.

Market Dynamics

Drivers

  • Inefficiency of GPS in Indoor Premises
  • Growing Adoption of Mobile Devices
  • Necessity to Deliver Unique Customer Experience in Retail and Hospitality
  • High Return on Investment
  • Rise in Use of Location-Based Mobile Advertisement
  • Increasing Importance of Asset Management Across Different Industries

Restraints

  • Concerns Regarding Security and Privacy
  • Growing Trend of E-Commerce in Retail Sector

Opportunities

  • Focus on Industry 4.0, IoT, and Smart Manufacturing
  • Emergence of New Applications, and Untapped Opportunities in APAC and RoW
  • Growing Demand for Location Analytics in Robotics

Challenges

  • Lack of Interoperability
  • High Competition in Market
  • Providing Energy-Efficient and High-Performance Solutions at Low Cost
  • Sophisticated Deployment and Maintenance Requirements

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Contacts

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Related Topics: Location Based Services

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Location Based Services