DUBLIN, May 19, 2023 /PRNewswire/ -- The "Micro-Location Technology Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

The global micro-location technology market is expected to grow from $18.15 billion in 2022 to $21.76 billion in 2023 at a compound annual growth rate (CAGR) of 19.9%. The micro-location technology market is expected to grow to $42.77 billion in 2027 at a CAGR of 18.4%.

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• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
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• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
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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.

The main components of micro-location technology are hardware, software, and services. Hardware refers to the computer's tangible components or delivery systems that will store and run the written instructions provided by the software. The technologies used are bluetooth low energy, WI-Fi, near-field communication, beacons, and others, thar are applied in the proximity marketing and asset management. The various end-users included are healthcare, transportation and logistics, BFSI, sports and entertainment, and commercial.

The micro-location technologies market research report is one of a series of new reports that provides micro-location technologies market statistics, including micro-location technologies industry global market size, regional shares, competitors with a micro-location technologies market share, detailed micro-location technologies market segments, market trends and opportunities, and any further data you may need to thrive in the micro-location technologies industry. This micro-location technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Product innovation is a key trend gaining popularity in micro-location technology. Major companies operating in the micro-location technology market are focused on developing new technological solutions to strengthen their position.

For instance, in March 2022, Smith Micro Software, Inc., a US-based company providing software solutions to wireless and cable service providers, launched Micro's SafePath 7 platform. The wireless carrier will offer its subscribers enhanced digital family safety functionalities such as powerful parental controls, real-time location services, and app evasion features. The SafePath platform includes SafePath Family, SafePath IoT, and SafePath Home provides comprehensive and simple-to-use capabilities for protecting digital lifestyles and managing connected devices through a single app.

North America was the largest region in the micro-location technology market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the micro-location technology report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the micro-location technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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, according to the Pew Research Center, a nonpartisan American think tank, the percentage of Americans who own a smartphone climbed from 81% in February 2019 to 85% in February 2021, which was just 35% a decade ago (in 2011). Furthermore, in 2020, according to the International Telecommunication Union, a United Nations specialized agency based in Switzerland, more than 90% of the population in almost half of the surveyed 29 countries have a mobile and for the remaining ten countries; the number ranged between 80 and 90%. Therefore, the growing use of mobile devices is driving the growth of the micro-location technology market.

Key Topics Covered:

1. Executive Summary

2. Micro-Location Technology Market Characteristics

3. Micro-Location Technology Market Trends And Strategies

4. Micro-Location Technology Market - Macro Economic Scenario
4.1. COVID-19 Impact On Micro-Location Technology Market
4.2. Ukraine-Russia War Impact On Micro-Location Technology Market
4.3. Impact Of High Inflation On Micro-Location Technology Market

5. Micro-Location Technology Market Size And Growth
5.1. Global Micro-Location Technology Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Micro-Location Technology Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Micro-Location Technology Market Segmentation
6.1. Global Micro-Location Technology Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

7. Micro-Location Technology Market Regional And Country Analysis
7.1. Global Micro-Location Technology Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Micro-Location Technology Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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