Location of Things Global Market – Overview
The Global Location of Things Market is growing mainly due to the booming Advertising & Media industry. According to a recent study report published by the Market Research Future, the global market of Location of Things is growing with the rapid pace and expected to gain prominence over the forecast period. The global IoT gateways market is expected to grow at approx. USD 38 Billion by 2023, at 35% of CAGR between 2018 and 2023.
Location of things is a sub category of internet of things. Location is an important component of IoT which allows the objects to comprehend and communicate their physical positions. Location data is an important component which proves to be an input for data analysis. Location of things is already finding a host of applications ranging from mapping and navigation, IoT asset management, location based customer engagement and advertising platform, and IoT location intelligence to location based social media monitoring.
Among them, the segment of mapping and navigation contributes the most to the location of things market. Mapping and navigation technology is used to examine the data or the image generated. The integration of geographic information system (GIS) and interactive mapping technology offer comprehensive solutions for facilities and workforce management.
When a concept is as far-reaching as the Internet of Things (IoT), involving literally billions of elements then there arises the need of principles for organizing and making sense of the data it communicates. That’s where an emerging IoT subcategory known the “location of things” comes into play. Location is a vital dimension of the IoT concept that encompasses the ability of “things” to sense and communicate their geographic position. In this context, location acts as an organizing principle for anything connected to the Internet.
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There are many good examples where using location services can help achieve results, such as – For optimizing routes to reduce time wasted via traffic or inefficient dispatch, For Providing status or feedback when a machine is down- to identify the reason, Reducing theft and loss by being able to track assets accurately, and receive alerts if they venture from a known area or route.
An IoT solution can help organizations to improve their existing business. In fact, location data combined with timestamps gives organizations the capability to know when and where something is, or where it was; it also enables trend mapping which can be used to optimize processes.
Managing costs while improving efficiency are key imperatives for any organization – especially health-care facilities. Reducing critical operating costs, logging operational hours of high-value machinery, increasing the use of an asset, and minimizing unplanned downtime can go a long way to reducing costs and improving operational efficiency. When combined with preventative and predictive maintenance initiatives, further strides can be made towards increasing expensive hospital equipment return on investment.
A common use case for location in the IoT space is tracking and tracing industrial tools and expensive equipment often located on larger sites. For an organization with an extensive warehouse that extends for miles containing expensive pieces of equipment, it is very inefficient if a piece of machinery or a tool cannot be located quickly when needed. Using a combination of indoor location technology and location IoT these assets can be easily tracked.
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.), and HERE (U.S.) are some of the prominent players at the forefront of competition in the Global Location of Things Market and are profiled in MRFR Analysis.
The Location of Things Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Location Type: Comprises Indoor and Outdoor.
Segmentation By Application: Comprises IoT Asset Management, IoT Location intelligence, Mapping and Navigation, Location Based Social Media Monitoring, Location Based Customer Engagement and Advertising Platform and other.
Segmentation By Vertical: Comprises Retail, Healthcare and Life sciences, Media and Entertainment, Transport and Logistics, Defence, Industrial Manufacturing, Government and Public Utilities and other.
Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Characterized by the presence of several major well-established players, the global Market of Location of Things appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services.
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 would dominate the location of things market owing to massive technological progress and a subsequent solid internet infrastructure.
Also the presence of strong domestic solution providers have contributed to the growth of the market in this region. North America is home to a large number of domestic solution providers, who have accelerated the growth in that region.
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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