Indoor Location Market to Reach US$ 68.8 Billion by 2026, Globally |CAGR 33.5% | UnivDatos Market Insights
NOIDA, India, May 11, 2021 /PRNewswire/ -- A comprehensive overview of the Indoor Location market is recently added by UnivDatos Market Insights to its humongous database. The Indoor Location market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Indoor Location market. The Indoor Location market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Indoor Location market at the global and regional levels. Global Indoor Location Market is expected to grow at a CAGR of 33.5% from 2020-2026 to reach USD 68.8 billion by 2026.
Indoor tracking localizes and follows the movement of entities inside buildings. Indoor tracking is enabled by indoor positioning systems, a network of electronic devices and computer software that is used to locate people or objects where and when GPS lacks precision or fails. Good wayfinding has led to a 41% increase in foot traffic in a shopping mall which translated into measurable sales growth in 4 out of 5 stores. Also, 52% of shoppers think getting deals on their smartphone while in stores is a shopping trend that is both cool and something they would.
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COVID-19 has increased awareness of the value of mapping our indoor spaces and has accelerated the process. The pandemic has a huge effect on consumer conduct. People nowadays do not want to waste time in confined spaces such as malls, and they want to get what they require as quickly as possible. Users can conveniently locate stores in a location using indoor navigation without having to call someone. Indoor location technology, such as social distancing, touch tracing, wayfinding, and real-time analytics on building occupancy and room use, are helping to tackle the spread of the COVID-19 as companies continue to find ways to safely reopen offices, warehouses, and campuses. For instance, a recent Inpixon State of Indoor Intelligence 2021 survey of 143 leaders from organizations largely based in North America concluded that timelines for adoption of indoor location technologies have been accelerated by the COVID-19 pandemic. Job site worker protection, building energy conservation, asset monitoring, and indoor navigation/wayfinding were the top use cases deployed in 2020 and prior.