The new report by Expert Market Research titled, ‘Location of Things Global Market Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global location of things (LoT) market, assessing the market based on its segments like application, end use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 10.6 billion
• Forecast CAGR (2023-2028): 34%
• Forecast Market Size (2026): USD 60.3 billion
The commercialization of location-based services like navigation and cab service, as well as growing use of IoT-based products and services, are driving market growth for the location of things (LoT) market. In addition, the market is driven by end users’ use of location-based applications. The key worry in the adoption of cloud retail, however, is the security and privacy of the user’s identity.
The growing acceptance of cloud technology, the expansion of IoT, and the increased demand for real-time location analysis are all driving the LoT market forward. Concerns regarding user privacy and security, on the other hand, are projected to stifle market expansion.
Location of Things Industry Definition and Major Segments
Location of Things (LoT) is an internet of things (IoT) byproduct that allows devices to connect and communicate based on their geographic location. Organizations can collect various data, that is, location-based data, using IoT sensors integrated with location technologies through various devices connected through the same network. This allows for more organised and precise data collection. In-car navigation and GPS systems, for example, are being used in everyday devices such as smartphones and smartwatches.
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Based on application, the industry can be divided into:
• Mapping and Navigation
• Asset Management
• Location Intelligence
• Media and Marketing Engagement
On the basis of end use, the industry can be classified into:
• Retail and Consumer Goods
• Government, Defence, and Utilities
• Manufacturing and Industrial
• Transportation and Logistics
The regional markets include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Location of Things Market Trends
The increasing trend of digitalisation and technological advancements are the primary factors driving the growth of the location of things (LoT) industry. With the expansion of internet of things (IoT) access, governments are developing policies to implement digital use in all sectors worldwide in order to improve the operational efficiency of businesses in various industry verticals such as defence sector management and tracking.
Furthermore, technological advancements such as the adoption of cloud-based technical solutions and the introduction of data analytics are expected to drive the overall popularity of location of things technology. ArcGIS analytics, for example, is a real-time data processing technology launched by Esri, a leading internet of things technology vendor, for organisations to acquire spatial data. Moreover, this technology does not necessitate deployment or maintenance. Such developments by the industry’s key players are expected to propel the industry forward.
Key Market Players
The major players in the market are Esri, Wireless Logic, Bosch.IO GmbH, Pitney Bowes Inc., TIBCO Software Inc.,and Others.
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