Location of Things (LoT) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1776
Location of Things Market size is witnessing an upsurge owing to the rising significance of spatial data and the use of geospatial data for IoT applications. This geospatial data gives users information regarding an object’s location and when integrated with various other devices, such as sensors, they transform the way people work and live and hence accelerating the location of things market growth. Geospatial information also plays a key role in moving things safely, which boosts the industry demand. For instance, sensors are placed on railway tracks, which assist in managing the rail traffic and keeping an effective spacing of trains, increasing the capacity. Moreover, the recently adopted game Pokemon Go also uses the information provided by the spatial data.
The adoption of location-based applications across various domains is anticipated to grow the location of things market lucratively over the forecast time span. Businesses are using location-based applications to directly communicate with their customers through mobile phones. This has resulted in an increase in the adoption of smartphones and the development of location-based technologies.
Location of things is a sub-category on the internet of things and location being an important component assists in communicating the physical positions of various things, which boosts the location of things market growth. Furthermore, as the Internet produces a huge amount of data, filtering of the data is necessary to distil relevant information and location is one such filter, which can be applied to spur the industry demand.
Location of things market provides important information, which can be used for optimizing routes, lessening larceny, and loss of assets through proper tracking of the location, providing vital information of machine breakdown, and improving customer experience by sending messages on their smartphones when they are in the locality. Due to these important uses, the location of things market is growing rapidly.
Privacy issues and security concerns regarding the user’s identity are the major factors restraining the location of things market growth. Many organizations are facing cyber-attacks and threats from various viruses, such as ransomware, and overcoming them is a challenge faced by the location of things market.
The integration of location of things with cloud technology has recently increased significantly, which is a major opportunity for the location of things market. It takes the advantage of the powerful processing storage capacity of cloud computing for sensing data. This enables the cloud to provide sensing data to multiple applications at the same time. Furthermore, the adoption of real-time data analysis in the location of things market assists the organizations by eliminating errors instantly, improving services, cost saving, and easy detection of fraud.
The location of things market can be segmented on the basis of location type, application, and vertical. The location type consists of indoor location and outdoor location. The indoor location type is anticipated to grow rapidly as this technology assists in recording the real-time data to picture the visitors’ preferences. The use of Global Positioning System reduced due to the inability of signals to pass through hard walls and hence the indoor location technology boosted. The indoor location type helps in finding devices, navigation of indoor spaces, helps with logistics in the warehouse, and gathering sensitive data.
Application segment of the location of things market includes mapping and navigation, IoT asset management,IoT location intelligence, location-based customer engagement, and location-based social media monitoring. Mapping and navigation contribute a major share in the location of things market. This technology is used to examine the image generated or the data acquired. Mapping and navigation using smart phones are very important in everyday life. Wi-Fi is also used increasingly for mapping and navigation for indoor places, where GPS services do not work efficiently. The integration of GIS and mapping technology enables enterprises to control the data flow and assists in the workforce management.
Location of things market on the basis of vertical is segmented on the basis of defense, government organizations, healthcare, manufacturing, retail, media and entertainment, BFSI, and transport. Of them, the retail segment is anticipated to grow rapidly through the forecast time span owing to the integration of location-based technology with retail to augment product distribution, provide real-time offers to customers, enhance cross-sell opportunities, combat operational costs, and improve the customer engagement.
Healthcare department is also growing due to its various applications in the location of things market. Telemedicine is growing rapidly owing to the exchange of medical information from one remote location to another through telecommunication infrastructure to make important decisions regarding the health status patients. This segment improves customer experience by providing apt services and reducing the length of stay in the hospitals.
North America has the highest share in the location of things market owing to the technological advancements, wide adoption of new technology, the presence of tech savvy entities, and developed IT infrastructure. Furthermore, North America is the home for a large number of domestic vendors, augmenting the location of things market growth.
Asia Pacific is anticipated to grow over the forecast time span due to its growing population and improvement in technology. Countries, such as Singapore and Hong Kong, are major contributors to the growth of the location of things market in this region.
Prominent companies operating in the location of things market include IBM Corporation, Bosch Software Innovations, ESRI, Pitney Bowes, Microsoft Corporation, Qualcomm Technologies, Wireless Logic, Google, and Tibco Software. New players are looking for opportunities to enter into the market, which further boosts the competition faced in the location of things market. Moreover, key players are constantly engaged in the R&D to develop new products to fulfill the requirements of their customers and retain their customer base.
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