Location of Things Market is expected to reach US$ 27.20Bn by 2026 at a CAGR of 37.5% during the forecast period. Location of things technology helps organizations and service providers to gather a variety of data over the network, which is embedded into a variety of connected devices. It encompasses the ability of things to sense and communicate the geographic position. The global location of things market is likely to grow at the highest rate due to various factors responsible for improving the demand in the industry. The Location of Things will transform interactions between consumers and businesses. Location of things helps the government to provide better service by reducing cost. For example, some have captured location data into a model, then that data will help citizens to understand where their nearest leisure facilities, schools, GP surgeries or parking locations are.
The restraining factors such as Government regulations and individual privacy concerns are expected to hinder the growth of location of things market. Major driving factors such as Increase in the adoption of location-based applications across various verticals, increasing importance of spatial data, a democratization of geospatial data for IoT applications, and are expected to propelling the market around the world.
Location of things market is segmented by location type, application, vertical and region. Among the application segment, Mapping and navigation applications are expected to have larger market share during the forecast period. The availability of a variety of applications, such as Google Maps, HERE Maps, and Apple Maps is responsible for the segment growth.
Location segment is categorized into an indoor location and outdoor location. From this, the indoor location segment is likely to reach at a higher CAGR during the forecast period, as this technology helps to find real-time data to analyze visitor’s behavior.
While using verticals, the transportation and logistics vertical segment is expected to hold larger market share during the forecast period, owing to the development of connected car technologies and a variety of logistics solutions, which enhanced the operational efficiencies as well as reduced the time-to-delivery for the transportation sector. The retail segment is expected to reach at the highest CAGR during the forecast period, owing to linking of location-based technology with retail, a retailer can find ways to maximize product distribution as well as reduce the cost of selling new products and improve customer relationships.
The region segment is divided into North America, APAC, Europe, and LAMEA. Among these regions, APAC is expected to grow at the highest CAGR, while North America is likely to have large market share during the forecast period. North America is the advanced region in terms of adoption of new technologies, strong solution providers, and robust internet infrastructure.
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Scope of the Location of Things Market
Location of things by Location Type
• Indoor Location
• Outdoor Location
Location of things by Application
• Mapping & Navigation
• Location Based Customer Engagement & Advertising Platform
• Location Based Social Media Monitoring
• IoT Asset Management
• IoT Location Intelligence
Location of things by Vertical
• Government & Public Utilities
• Defense
• Transportation & Logistics
• Industrial Manufacturing
• Healthcare & Life Sciences
• Retail
• BFSI
• Media & Entertainment
• Others
Location of things by Region
• North America
• Europe
• Asia-Pacific (APAC)
• Middle East and Africa (MEA)
• Latin America
Key Players of Location of Things Market
• ESRI
• Wireless Logic
• HERE
• TruePosition, Inc.
• Navizon, Inc.
• Bosch Software Innovations GMBH
• Pitney Bowes, Inc.
• TIBCO Software
• Trimble, Inc.
• Qualcomm Technologies, Inc.
• Ubisense Group PLC.
• Google, Inc.
• IBM Corporation
• Microsoft Corporation
• Telogis
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