According to a new report by Market Research Future, the global market for location of things is anticipated to touch a revenue of USD 38 billion by the end of 2023. The market is assessed to showcase 35 % CAGR over the forecast period (2018-2023) owing to the adoption of location-based application across verticals. A subcategory of internet of things, location of things is finding a host of applications that ranges from mapping and navigation, IoT location intelligence, IoT asset management, and location-based customer engagement to location-based social media monitoring.
Future Drivers and Restraints Affecting the Market Growth
Increased importance of democratization of geospatial data for IoT applications, spatial data, and adoption of location-based application across several verticals are some of the major factors driving the market growth for location of things globally over the assessment period. For instance, cab service and navigation and growth in adoption of IoT-based services and products have a knock-on effect on the market growth. Also, the commercialization of location-based services can be another factor driving the market for location of things over the assessment period. Moreover, surge in adoption of cloud technology, increased demand for real-time location analysis, and evolution of IoT is anticipated to create significant opportunities regarding for the growth of the location of things market globally.
Meanwhile, privacy issues related to user identity can be a major factor restraining the market growth over the forecast period.
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Globally, the market for location of things has been segmented based on the basis of application type, location type, vertical, and region.
The market has been segmented into IoT asset management and IoT location intelligence, location-based customer engagement and advertising platform, mapping and navigation, and location-based social media monitoring based on application. Among these, the mapping and navigation type segment accounted for the largest market share. The mapping and navigation type is generally used to analyze data or the image generated.
The market has been segmented into outdoor and indoor based on location. Although both indoor and outdoor segments are predicted to flourish in the coming years, the indoor location has been predicted to gain more popularity since its conception. Allowance of real-time data recording for visualizing visitor’s behaviors and preferences is one of the notable advantages of indoor location segment.
The market has also been segmented into defense, transport and logistics, industrial manufacturing, healthcare and life sciences, government and public utilities, retail, media and entertainment, and others based on vertical. Among these, the retail segment is estimated to showcase a significant growth rate over the assessment period. Retail helps in delivering real-time offers to customers and find ways to maximize the distribution of the products by linking location-based technologies and e-commerce.
North America to Continue its Dominance
The Location of Things Market has been spanned across North America, Asia Pacific, Europe, and Rest-of-the-World (RoW). Among these, North America has been estimated to dominate the global market for location of things, owing to the massive technological advancements coupled with subsequent solid internet infrastructure. Presence of strong domestic solution providers has also contributed to the growth of the market in this region. The presence of large number of strong domestic solution providers in the North American region has accelerated the growth of the market in this region. Moreover, presence of a copious number of tech-savvy entities drives the market in this region.
Meanwhile, the Asia-Pacific market is predicted to exhibit a significant growth rate over the assessment period, owing to the robust technological progress, presence of large population, and affluent countries such as Singapore, South Korea, and Hong Kong.
XYO Network has recently announced the purchase of geospatial blockchain company LayerOne, combining absolute location data and hyper-accurate relative on the blockchain for the very first time.
Some of the prominent players operating the market for location of things are Pitney Bowes (U.S.) HERE (U.S.), Microsoft Corporation (U.S.), Wireless Logic (U.K.), Qualcomm Technologies Inc. (U.S.), Google Inc. (U.S.), Bosch Software Innovations Gmbh (Germany), Ubisense Group Plc. (U.K.), IBM Corporation (U.S.), ESRI (U.S.), and others.
LIST OF TABLES
TABLE 1 LOCATION OF THINGS MARKET, BY LOCATION TYPE
TABLE 2 LOCATION OF THINGS MARKET, BY APPLICATION
TABLE 3 LOCATION OF THINGS MARKET, BY VERTICAL
TABLE 4 LOCATION OF THINGS MARKET, BY REGIONS
TABLE 5 NORTH AMERICA LOCATION OF THINGS MARKET, BY LOCATION TYPE
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 LOCATION OF THINGS MARKET, BY LOCATION TYPE (%)
FIGURE 3 LOCATION OF THINGS MARKET, BY APPLICATION (%)
FIGURE 4 LOCATION OF THINGS MARKET, BY VERTICAL (%)
FIGURE 5 LOCATION OF THINGS MARKET, BY REGIONS (%)
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