Location of things (LoT) is a subset of internet of things (IoT) which relies on places, people, and things to gather customer analytics. This allows devices to continuously transmit the location of people and provide accurate insights. The global location of things market analysis by Market Research Future (MRFR) assesses the various drivers, restraints, opportunities, and challenges for the period of 2017 to 2023 (forecast period). The outbreak of the COVID-19 pandemic and its impact has been included in the report.
The global Location of Things market is expected to grow at approximately USD 38 Billion by 2023. It is expected to expand at 35% CAGR over the forecast period. This can be attributed to the installation of sensors at malls for measuring customer behavior and improving footfall and revenue margins. The combination of Bluetooth beacons, Wi-Fi routers, and sensors used in gathering data as well as the penetration of mobile devices can drive the global market growth over the assessment period.
The integration of geolocation sensors in smartwatches, smartphones, and other devices for gaining directions to favorite places of customers can bode well for the market. Demand for personalized customer experiences and ability of smart devices of handling large volumes of data can drive the global LoT market growth.
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By location type, it is divided into indoor and outdoor.
By application, it is segmented into location based customer engagement and advertising platform, location based social media monitoring, mapping and navigation, IoT asset management, and IoT location intelligence. The IoT location intelligence segment is expected to garner revenues for the global LoT industry due to accumulation of pertinent customer geospatial metrics such as latitudes, longitude, history of travel, and the direction of travel.
By vertical, the global location of things market caters to retail, defense, government and public utilities, industrial manufacturing, healthcare and life sciences, transport and logistics, media and entertainment, and others. The transport and logistics vertical can generate huge dividends for the global LoT industry owing to the use of navigation technologies by ride-hailing companies. This is exemplified by its use by companies such as Uber and Grab for attaining the location of the customer and fixing prices according to the destination.
The regional analysis of the global LOT market is being studied for regions of Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). 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. In addition, the presence of strong domestic solution providers has contributed to the growth of the market in this region. The use of maps to provide services of interest to customers in their proximity can drive the regional market.
APAC is likely to exhibit a stellar growth rate over the forecast period owing to rising affluence in South Korea, India, and Japan, the large population, and dependence of location-based applications by customers. Investments in infrastructural projects in developing economies are likely to favor the regional market.
Wireless Logic, HERE, Qualcomm Technologies, Inc., Pitney Bowes, IBM Corporation, Microsoft Corporation, Google, Inc., Bosch Software Innovations Gmbh, Ubisense Group Plc., and ESRI are key players of the global Location of Things market. New product developments, joint ventures, and mergers and acquisitions are strategies followed by players for sustaining in the market.