Market Highlights

Location of things (LoT) market size is a subset of internet of things (IoT) which depends on spots, individuals, and things to assemble client examination. This permits gadgets to persistently send the location of individuals and give precise bits of knowledge. The global location of things market investigation by Market Research Future (MRFR) surveys the different drivers, limitations, open doors, and difficulties for the time of 2017 to 2023 (figure period). The flare-up of the COVID-19 pandemic and its effect has been remembered for the report.

Market Scope

The global Location of Things market is relied upon to develop at around USD 38 Billion by 2023. It is relied upon to grow at 35% CAGR over the conjecture time frame. This can be ascribed to the establishment of sensors at shopping centers for estimating client conduct and further developing footfall and income edges. The mix of Bluetooth reference points, Wi-Fi switches, and sensors utilized in social occasion information as well as the entrance of cell phones can drive the global market development over the appraisal time frame.

The incorporation of geolocation sensors in smartwatches, cell phones, and different gadgets for acquiring bearings to most loved spots of clients can look good for the market. Interest for customized client encounters and capacity of savvy gadgets of dealing with huge volumes of information can drive the global LoT market development.

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Segmentation:

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.

Regional Analysis

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.

Competitive Outlook

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.

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Location of Things Market, By Location Type (Indoor, Outdoor), Application (IoT Asset Management, IoT Location intelligence), Vertical (Retail, Healthcare, Media, Transport and Logistics) - Forecast 2027

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