Market Highlights
In this rapidly changing world of technology, major factors that are driving the growth of the location of things market include increasing importance of spatial data, democratization of geospatial data for IoT applications, and increase in the adoption of location-based applications across various verticals.
Based on location type, the indoor location segment is expected to grow at a higher CAGR during the forecast period. The technology helps in recording the real-time monitoring of data to visualize the visitor’s behavior and preferences. Earlier, global positioning system (GPS) was used to visualize the visitor’s actions. But, due to incapability of receiving signals due to hard walls, the indoor location technology was introduced. On the basis of application, the IoT location intelligence segment is expected to grow at the highest CAGR during the forecast period.
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.
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Segmentation:
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.
Regional 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.
Key Players
The prominent players in the 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.
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