In order to understand the future of this rapidly growing market, we can look at some of the current trends in the Indoor LBS market. One of the key trends in this market is the development of indoor location services that can improve customer trajectories and experiences within a store. According to a report published by MarketsandMarkets in March 2015, this technology is projected to grow at a CAGR of over 26% over the next five years.
Indoor LBS technology is becoming the fastest-growing segment of the global market, due to the rising adoption of positioning technologies in a variety of industries. This technology has allowed businesses to make significant improvements to customer experience and production. And with all industries adopting advanced technologies, such as big data and AI, the demand for indoor LBS is only going to grow. Indoor LBS helps businesses in real-time mapping, asset tracking, and space management.
There are a number of reports available on the indoor LBS market, each describing different dimensions and aspects of the industry.
For instance, a report by Berg Insight, ABI research, Pyramid Research, Gartner Group, MarketsandMarkets, and Frost and Sullivan Analysis describe the market in more detail. These reports provide information on the size, structure, and profitability of the indoor LBS market and its key players. In addition, the reports often include an analysis of key trends that could help the business decide which products to pursue and which areas to focus on. The outputs of market analysis can sometimes far outweigh the costs of the research.
The Indoor LBS market in the US is currently valued at between $0.5 billion and $1 billion. Although early estimates vary slightly, they all predict growth of the market through 2018-2019. The US market for Indoor LBS applications was valued at around $1 billion in 2014 and is expected to grow at a CAGR of 36-44% over the next five years. Further, in Western Europe, this market is expected to grow at a much faster rate.