Increasing importance of spatial data is one of the major factors driving the growth of the location of things market. Location is an important component of IoT which entails, among other things, ability of objects to comprehend and communicate their physical positions. Hence, it has an important role to play for anything connected to the internet.
Location data is swiftly proving to be another data point for input into data analysis. They are useful in optimizing routes, providing feedback on when a machine is down, lessening theft and loss of assets through reliable tracking and alerts, promoting customer engagement and loyalty by sending push messages on their smartphones when they are in the vicinity.
Meanwhile, Location of things helps enterprises to have visibility of their business activities regardless of their location and is able to monitor, manage and track activities at endpoints. Location of things is the sub part of the internet of things and growing demand for internet of things will result in rise of location of things market.
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Major Key Players
The prominent players in location of things market are – Bosch Software Innovations Gmbh (Germany), ESRI (U.S.), Qualcomm Technologies, Inc. (U.S.), Wireless Logic (U.K.), Ubisense Group Plc. (U.K.), Google, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Pitney Bowes (U.S.), HERE (U.S.) among others.
The Location Of Things Market is growing rapidly over 35% of CAGR and is expected to reach at USD 38 billion by the end of forecast period.
The location of things market has been segmented on the basis of location type, application type, vertical and regional. The application segment comprises of mapping and navigation, location based customer engagement and advertising platform, location based social media monitoring, IoT asset management and IoT location intelligence.
The mapping and navigation type in the application segment accounted for the largest share in the location of things market. It is used to study and analyze data or the image generated. Spatial extraction, transformation and load enables organizations to control the data flow and mapping the characteristics of the source data with the destination data. The integration of GIS and interactive mapping of technology offers comprehensive solutions for workforce management.
The retail segment is expected to show a significant growth during the forecast period. Retail is all about integrating advanced technologies with the existing infrastructure. It helps in delivering real-time offers to customers. Retailers can find ways to maximize product distribution by linking e-commerce and location based technologies.
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Market Research Analysis:
The regional analysis of location of things market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that, North America region has the highest market share in the location of things market. Technological advancements, robust internet infrastructure, widespread adoption of new technology, and presence of a strong domestic solution providers have contributed to the growth of the market in this region.
The market in Asia-Pacific is expected to exhibit a significant growth during the forecast period. Large population, technological advancements, and affluent countries, such as, South Korea, Singapore, and Hong Kong are the major factors for the growth of the location of things market in this region.
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