The global location of things market size was valued at USD 5,562.1 million in 2016 and is expected to reach USD 71.6 billion by 2025, with a CAGR of 34.07%. The location of things market by indoor type includes indoor location and outdoor location. Business has changed color from the stereotype to a more vibrant and inclusive role thanks to penetrative power of internet and rolling out of Internet of Things (IoT) between devices. Internet of Things (IoT) convergence has extended beyond the ordinary to foster growth in a similar market-intensive identity named Location of Things (LoT) market giving detailed and incisive insights in social-media management (SMM) monitoring to real-time asset maintenance and there is no stopping growth in location of things market.
Expansion has led to device expression and remote location based authorization of device parameters and device-prioritization for instance covering connected cars, connected home, smart city, mobile advertising and ambient intelligence boosting technological upgrades in LoT market. Right from wearables and smart watches down to far-away vending machines, Internet of things has made a global impact in feeding user with health warnings and fitness-criteria down to customer touch points relaying vehicle-breakdown information with help of arithmetic program interface (API) wizards. This has set norms in industry growth with location of things.
Advertising in every nook of the city with out of home (OOH) technology and IoT is gaining root. Traditional outmoded banner advertising becoming a tad unpopular, Location of things and IoT has left its indelible mark in famed hallmarks of advertising. Machine to Machine dependence enabling internet of things connectivity and device governance with devices frequently in touch with their counterparts present a full-bloom growth channel for Internet of Things (IoT) market.
On an upside Location of Things (LoT) market will gain increasingly due to personal vehicle connectivity with enhanced telecommunication and collaboration technologies and all-round gains are predicted. The location of things market by application includes navigation type, location based customer engagement and advertising platform, location based social media monitoring, IOT Asset Management and IOT Location Intelligence.
By vertical, location of things market includes government and public utilities, defense, transportation and logistics, industrial manufacturing, healthcare and life sciences, retail, BFSI, media and entertainment and others. By region, location of things market includes North America, Europe, Asia pacific, MEA and Latin America. As per industry news, Intel Capital is financing an IoT technological arm focusing on technology enunciation including 3D-scanning and biometric sensors, 3D biometric sensors and wearable sand IoT infrastructure start-ups. Software and services market will be a multi-billion dollar market and growth in number of interconnected devices will exhibit enhanced market drive.
By location, connected cities market is exhibiting profound growth in location of things market. Drivers to the location of things market are improved customer experience, simplification of supply chains and agile logistics with cost-cutting measures and productive all-round employee participation. Amongst other key industries, smart factories will contribute 7% to 8% of industry total. Key industries include Bosch Software Innovations GmbH, ESRI, Qualcomm Technologies, Wireless Logic, Ubisense Group, PLC, Google, Inc., IBM Corporation, Microsoft Corporation, Pitney Bowes, HERE, Telogis, and Tibco Software. Target audience in location of things market is application vendors, IOT provider companies, Academic and research institutes and Government associations.
Application Outlook (Revenue, USD Million; 2014 - 2025)
• Mapping and Navigation
• Asset Management
• Location Intelligence
• Media and Marketing Engagement
Vertical Outlook (Revenue, USD Million; 2014 - 2025)
• Retail and Consumer Goods
• Government, Defense, and Utilities
• Manufacturing and Industrial
• Transportation and Logistics
Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
Research Support Specialist, USA