According to the new market research report "Micro-Location Technology Market by Application (Asset Management, Proximity Marketing), Technology (BLE, UWB, Wi-Fi, RFID), Offering, Vertical (Retail and Hospitality, Healthcare, Industrial, Transportation, Sports), & Geography - Global Forecast to 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%. 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.