Micro Location Technology Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3460
Micro Location Technology Market size is poised to register commendable growth over 2021-2027, owing to the escalating focus on asset management across myriad industrial sectors, growing prevalence of mobile devices and the need for accurate indoor positioning.
The burgeoning use of proximity market across the retail industry is one of the major factors driving micro location industry growth over 2021-2027. Retailers are increasingly making use of proximity marketing and beacon technologies, in order to target specific audiences, and send them customized offers when they are within a certain proximity to their premises. According to a Shopkick research conducted on the use of beacon technology across convenience stores, retailers were able to generate an increase of nearly 180% in their sales through the use of proximity marketing strategies, such as informing customers of in-store promotions through smartphone notifications.
With regards to technology, the micro location technology market from the UWB (Ultra-Wideband) segment is expected to gain significant traction by 2027, owing to the increasing deployment of the technology for indoor positioning and asset tracking applications across various organizations.
From a regional perspective, Asia Pacific is set to emerge as a prominent revenue pocket for the micro location market, due to the increasing use of the technology for asset management in industries such as logistics, retail and others. Furthermore, the development of advanced micro-location technologies by major players in the region is also a key contributor to industry dynamics. For instance, SATO, a leading auto-ID and labeling solutions developer, launched ASETRA, a new RFID-based Asset Management System built to use QR codes, RAIN RFID tags and barcodes to streamline the management of returnable items (RTIs) and special tools for manufacturers and logistics service providers in Asia.
Key players bolstering the micro location technology market outlook include Kontakt.io., Sewio Networks, BlueCats(HID Global Corporation), Gimbal, Redpine Signals, Google, Apple, Decawave (Qorvo), Siemens, Camco Technologies, CenTrak (Halma plc), Zebra Technologies Corporation, Ruckus Networks (CommScope), Estimote, Inc, Humatics Corporation, Aruba Networks (Hewlett Packard Enterprise), Cisco Systems.
These entities are adopting key strategic maneuvers such as collaborations, acquisitions, and investments to strengthen their position in the global market and expand their portfolios with the development of advanced technology-based solutions.
To illustrate, in August 2020, Gimbal announced the acquisition of assets of major fan engagement platform InStadium. Leveraging the capabilities of the location intelligence and identity solutions of Gimbal, Gimbal InStadium was designed to offer a new range of solutions for entertainment and sports companies to expand their audience reach and deliver high-impact multi-channel branding opportunities to advertisers.
Meanwhile, in September 2020, Massachusetts-based microlocation tech firm Humatics received Series B funding worth $30 million, from Blackhorn Ventures, Airbus Ventures, Lockheed Martin Ventures, and other investors, in order to enlarge its talent portfolio, scale up the submillimeter Milo Microlocation System, and expand its presence across the transit domain with its proprietary Rail Navigation System.
Strong COVID-19 contact tracing potential may influence micro location technology market trends
Since its onset on a global scale, the COVID-19 pandemic has emerged as one of the most devastating societal and economic challenges in history. The unprecedented impact of the crisis sent many industries into a spiral, with mass lay-offs, value chain and supply-chain disruptions, and shutdowns creating significant upheavals across industries.
Despite these challenges, however, the micro location technology market is likely to witness a steady growth trajectory over the foreseeable future, mainly due to the increasing use of the technology for contact tracing applications in various industrial setups, alongside development of advanced technologies and solutions to monitor contact between employees and track their movement in real-time. For instance, BlueCats introduced the BlueCats Contact Tracing Solution (CTS) in December 2020, a fully configurable, wearable solution designed to ensure worker compliance with social distancing guidelines, via precise contact tracing and distinct physical, visual, and audible notifications.
Micro Location Technology Market, By Application Type
- Asset Management
- Proximity Marketing
Market, By Asset Management
- UWB (Ultra Wideband)
Market, By Proximity Marketing
Market, By End-use
- Retail and e-commerce
- Sports and Entertainment
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Aruba Networks
- Camco Technologies
- Cisco Systems
- Humatics Corporation
- Redpine Signals
- Ruckus Networks
- Sewio Networks
- Visible Assets
- Zebra Technologies
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