Location of Things Market Size & Share 2023 to 2032
Market Size by Deployment Model (On-premises, Cloud), by Application (Asset Tracking and Management, Smart Cities and Urban Planning, Safety and Emergency Management, Location-based Marketing), by End User.
Report ID: GMI7311
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Published Date: November 2023
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Location of Things Market Size
Location Of Things Market was valued at USD 15.3 billion in 2022 and is estimated to register a CAGR of over 20% between 2023 and 2032. The growing demand for real-time location analysis is significantly fueling the market growth.
Location of Things Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Real-time location data provides immediate & crucial insights for industries such as transportation & logistics and smart cities. This analysis enables swift decision-making, enhances operational efficiency, and supports dynamic applications in IoT devices and systems. For instance, in October 2023, Nationwide CORS survey network was launched to provide real-time location mapping & positioning services. By providing precise geospatial information, this network enhances the accuracy of location-based services and data, boosting the reliability & effectiveness of IoT and connected devices reliant on accurate positioning.
The rising demand for location-based services and applications is fueling location of things market expansion. As consumers and industries increasingly rely on location-centric features, such as navigation, geotagging, and personalized services, the market is witnessing an increased demand. For instance, in August 2023, Hanatour launched a real-time travel info-sharing app, enabling users to access trip-related information and connect with local companions. The app facilitates trip planning by providing real-time advice, local insights, and the opportunity to connect with fellow travelers or residents, enhancing the overall travel experience.
Security and privacy concerns pose significant challenges to the location of things market. As location-based data becomes more pervasive, ensuring the protection of sensitive user information and preventing potential breaches or misuse is critical. Balancing the collection of accurate location data while preserving user privacy creates complexities. Striking the right balance between data utility and safeguarding personal information is the current challenge within the industry, influencing consumer trust and regulatory compliance.
COVID-19 Impact
The COVID-19 pandemic accelerated the adoption of digital technologies and remote work, leading to a positive impact on the location of things market demand. With increased need for contactless solutions, location of things technologies found applications in supply chain optimization, healthcare tracking, and smart cities. This pushed the market to innovate and expand as businesses and governments sought efficient & data driven solutions to navigate challenges during the pandemic.
Location of Things Market Trends
Augmented Reality (AR) in location of things involves the integration of AR technology with location-based experiences. By overlaying digital information onto the real world, AR enhances navigation and provides context-specific data. Users can access real-time, interactive information, aiding in easier navigation and enriching their surroundings with relevant details. This trend brings a new dimension to location-based services, offering dynamic & immersive experiences that combine the physical environment with digital content, expanding the capabilities and usability of location-based applications.
The Indoor Positioning System (IPS) is an emerging trend in the market focusing on refining location services within indoor spaces. IPS employs technologies such as Wi-Fi, Bluetooth, or sensors to enable precise navigation and location-based services inside buildings. This advancement caters to industries, such as retail, healthcare, and logistics. It enhances operational efficiency, customer experiences, and asset management by providing accurate indoor navigation and context-aware information within facilities, thus expanding the applications of location of things technology.
Location of Things Market Analysis
Based on deployment model, the market is divided into on-premises and cloud. The cloud segment accounted for around 40% of the business share in 2022 and is anticipated to grow due to its capacity for scalable storage, processing power, and accessibility. Cloud-based solutions facilitate the collection, analysis, and sharing of vast location data. As more industries are adopting IoT and location-based services, the cloud's flexibility and cost-effectiveness in handling substantial data volumes and enabling real-time insights are poised to drive significant segment growth within the LoT industry.
Based on application, the location of things market is categorized into asset tracking and management, smart cities and urban planning, safety and emergency management, location-based marketing, and others. The asset tracking and management segment accounted for a business share of over 30% in 2022. The asset tracking and management segment is projected to expand due to the increased demand across industries. Companies seek efficient solutions to monitor and manage assets in real time, boosting operational productivity.
Applications leveraging location-based technology for tracking and managing assets, from inventory in logistics to equipment in manufacturing, are expected to witness increased adoption. The increased adoption can be attributed to the need for streamlined operations, reduced losses, and improved resource utilization, fueling market expansion.
North America is experiencing growth in the location of things market. The region accounted for a market share of over 30% in 2022 and is slated to register significant growth over the forecast period due to technological advancements and robust adoption of IoT and location-based services. With a high concentration of tech firms and a significant emphasis on smart city initiatives, the region fosters a favorable ecosystem for LoT development. For instance, in October 2023, City of Montreal introduced the Smart Traffic Management project in collaboration with Kapsch TrafficCom. Kapsch is providing its AI-enabled platform to identify dangerous behaviors on the roads and provide real-time traffic insights.
Location of Things Market Share
The major players operating in the location of things industry are:
Google and Microsoft dominate the market due to their robust cloud platforms—Google Cloud and Microsoft Azure. Both offer scalable, secure infrastructures supporting location-based services, IoT device management, and seamless integration with geospatial data analytics. Their suite of tools and extensive developer support makes them dominating players in the market.
Location of Things Industry News
The location of things market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD billion) from 2018 to 2032 for the following segments:
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By Deployment Model, 2018 – 2032
By Application, 2018 – 2032
By End User, 2018 – 2032
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →