Location of Things Market Research Report- Forecast till 2023
The global Location of Things market, according to the analysis of Market Research Future (MRFR), is slated to acquire a significant market valuation of up to USD 38 Billion by 2023, at a substantial 35% CAGR over the review period of 2017 and 2023.
Drivers and Restraints
The major influential factors that are driving the growth of the location of things market comprise of the increasing importance of spatial data, the location-based democratization of geospatial data for IoT applications, and increase in the adoption of location-based applications across various verticals. The increasing adoption of technological advancements, rising expenditure towards research and development projects for the development of new technologies, and the increasing industrialization across the globe is expected to drive the global Location of Things market over the assessment period.
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The global location of things market has been segmented on the basis of application type, location type, vertical, and regional.
Based on the location type, the market has been bifurcated into indoor and outdoor. In this segmentation, the indoor location segment is touted to grow at a relatively higher CAGR during the review period.
The application segment comprises of location-based customer engagement and advertising platform, mapping and navigation, IoT asset management, location-based social media monitoring, and IoT location intelligence. The mapping and navigation segment in the applications accounts for the largest market share in the location of things market and is expected to sustain this trend over the review period. It is used to study and evaluate data or the image produced. Transformation, Spatial extraction, and load enable organizations to regulate the data flow and mapping the features of the source data with the destination data. The incorporation of GIS and interactive mapping of technology offers comprehensive solutions for workforce management. The retail segment is anticipated to show 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.
The global market for Location of Things technology, on the basis of region, has been segmented into Asia Pacific, Europe, North America, and Rest of the World. It has been noted that the North America region has the highest market share in the location of things the market and this trend is expected to continue over the review period. Technological advancements, widespread adoption of new technology, robust internet infrastructure, and the presence of secure domestic solution providers are expected to be the major driving factors for the growth of the market in this region.
The market in Asia-Pacific is anticipated to display significant growth during the review period. Large population, technological advancements, and affluent countries, such as South Korea, Singapore, and Hong Kong, are the noteworthy factors for the growth of the location of things market in this region. The increasing urbanization and industrialization in developing countries with positively changing economic scenario, such as China, India, Taiwan, Japan, and South Korea, among others are expected to contribute notably to the market growth of Location of Things technology in the asia pacific over the assessment period.
The major market players identified by MRFR in the location of things market are ESRI (U.S.), Bosch Software Innovations Gmbh (Germany), Qualcomm Technologies, Inc. (U.S.), Ubisense Group Plc. (U.K.), Wireless Logic (U.K.), Google, Inc. (U.S.), Microsoft Corporation (U.S.), Pitney Bowes (U.S.), IBM Corporation (U.S.), HERE (U.S.) among others.
The major market players are contributing to the market growth significantly by focusing on mergers, acquisitions, and strategic partnerships to sustain the competitive nature of 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 2023
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