Micro-location technology is used for identifying the in-house location of any object, people, or any other equipment. To track the location, micro-location technology uses various communication technologies such as Near Field Communication (NFC), Bluetooth, Beacon, WIFI, among others. Due to its enhanced functionality of determining the location more accurately, it has been adopted by many industries such as automotive, healthcare, education, and others. Micro-location technology is specially used for proximity marketing i.e. wireless distribution of advertising content to consumers based on their location. This enables the content to reach the consumers, their near establishment, product, and sectors inside a building.
The micro-location technology market is expected to experience growth during the forecast period due to increase in use of location-based advertisement across various industrial verticals such as hospitality, retail among others. Proximity marketing delivers custom-made information to consumers and allows customers to avail special deals in the nearby outlets.
Rapid increase in demand for indoor positioning in various organizations and outlets requires proper management of assets to increase productivity and efficiency of an operation, which is enabled by UWB i.e. Ultra- Wideband technology based micro location solution as it is efficient in detecting the accurate position of an objects. Moreover, increase in adoption of smart phones and emergence of new smart applications in electronics boost the micro-location technology market growth.
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Factors such as increase in significance of asset management in industrial, retail, and other different sectors, and rise in use of location-based mobile advertisement are the major key drivers for the market growth. High initial investment & maintenance cost and lack of awareness hinder the growth of the micro location-technology market. Furthermore, growing demand for location analytics in robotics and emergence of IoT in micro-location technology provide lucrative opportunities to the market.
The micro-location technology market is segmented by component, technology, application, end use, and region.
Based on component, the market is classified into hardware, software and services. Based on technology, the market is categorized into Bluetooth low energy, WiFi, near field communication, beacons and others. Based on application, the market is segregated into proximity marketing and asset management. Based on end use, the market is classified into healthcare, transportation & logistics, BFSI, sports & entertainment, and others. Based on region, it is analyzed across North America, Asia-Pacific, Europe and LAMEA.
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Key players profiled in the micro-location technology industry include Zebra Technologies, Camco Technologies, Humatics Corporation, Ubisense Group, Aruba Networks, Siemens AG, Centrak, Ruckus Networks, Estimote, and Cisco Systems Inc. These key players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the micro-location technology market and develop new technology-based products for enhancing their product portfolio.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes the analytical depiction of the global micro-location technology market share along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2019 to 2026 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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