Overview and Scope
Micro location technology refers to the process of locating an individual’s placement within a few inches or feet using numerous technologies. It is used to determine the location accurately, both indoors and outdoors individual’s placement.
Sizing and Forecast
The micro-location technology market size has grown rapidly in recent years. It will grow from $25.75 billion in 2023 to $30.46 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to augmented reality integration, emergence of indoor navigation, mobile device ubiquity, retail personalization trends, smart building solutions..
The micro-location technology market size is expected to see rapid growth in the next few years. It will grow to $55.72 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth in the forecast period can be attributed to industry 4.0 and logistics, smart cities initiatives,, healthcare innovation, retail transformation, rising demand for indoor navigation, rapid advancements in iot.. Major trends in the forecast period include emerging use cases, edge computing and edge analytics, safety and security solutions, augmented reality (ar) integration, supply chain optimization..
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Segmentation & Regional Insights
The micro-location technology market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Bluetooth Low Energy, WiFi, Near Field Communication, Beacons, Other Technologies
3) By Application: Proximity Marketing, Asset Management
4) By End Use: Healthcare, Transportation and Logistics, BFSI, Sports and Entertainment, Commercial
North America was the largest region in the micro-location technology market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the micro-location technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing use of mobile devices is expected to propel the growth of the micro-location technology market going forward. A mobile device is a compact hand-held gadget with a touch-screen display and other capabilities. Mobile devices utilize micro location-based technology to determine the in-house location of any assets, persons, or other equipment. For instance, in February 2023, according to a report published by Uswitch Limited, a UK-based online and telephone comparison, and switching service, 71.8 million mobile connections were active in 2022, which is an increase of 3.8% from 2021. There will be 68.3 million people living in the UK by 2025, and 95% of them will have smartphones in their hands. Therefore, the growing use of mobile devices is driving the growth of the micro-location technology market.
Key Industry Players
Major companies operating in the micro-location technology market report are Apple Inc., Cisco Systems Inc., Google LLC, CenTrak Inc., Humatics Corporation, Hewlett Packard Enterprise Development LP, Sewio Networks, Siemens AG, Zebra Technologies, Ubisense Group, Aruba Networks, Kontakt.io, Ruckus Networks, Estimote Inc., Camco Technologies nv, Quuppa Intelligent Locating System, Mist Systems, Inc., DecaWave Limited, Redpine Signals, Visible Assets Inc, Gimbal Inc., Bluvision, Pole Star, Inpixon, Pointr, IndoorAtlas Oy, KIO RTLS, Locatify, MERIDIAN, Navisense GmbH, sensewhere Ltd., Hexagon AB, Broadcom Inc., MiTAC Digital Technology Corporation
The micro-location technology market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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