Location of Things Market is Expected to Reach USD 71.3 Billion By 2025

The global location of things market was estimated as USD 5.4 Billion in 2016 and is expected to reach USD 71.3 Billion by 2025, growing significantly with a CAGR of over 33% during the forecast period. Increasing penetration of Internet of Things (IoT) and connected device technologies, rising significance of spatial data and growing adoption of location-based applications across various industries are the major factors fuelling the growth of the market.

The location of things (LoT) is a subcategory of the internet of things where location acts as an organizing principle for anything that is connected to the Internet. The location of things is an aspect of the IoT, which allows the things to sense and communicate their geographic position to other things. The concept of LoT has allowed connected devices to monitor and communicate their geographic location for transferring the information. The systems enabled with IoT sensors and location technologies, are embedded into various connected devices allowing organizations and service providers to collect a variety of data over the network.

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The LoT is based on the concept of foundational challenge of transforming data into knowledge. It requires a new set of supporting location analytics that existing business intelligence analytics tools cannot support. The main goal of location analytics is to utilize thing’s location, proximity, and distance to understand business impact over time. Issues related to privacy and security such as unauthorized access, system malfunctions, fraud and other risks are expected to hamper the growth of the market.

The global location of things market is bifurcated based on location, application, vertical and region. Based on the location, the market is segmented as indoor and outdoor location. Indoor location segment is expected to grow at a higher CAGR during the forecast period. Indoor location technology was introduced due to the incapability of GPS of receiving signals through the hard walls. This system is helpful in visualizing visitor’s behavior and preferences indoors.

Further, the market is segmented based on the applications such as mapping & navigation, location based customer engagement & advertising platform, location based social media monitoring, IoT asset management and IoT location intelligence. Mapping and navigation applications are estimated to dominate the market in terms of revenue, with largest market share among all the others. The IoT location intelligence application is anticipated to grow at the highest CAGR during the forecast period, owing to increasing business applications of LoT in the market.

Based on the vertical, the LoT market is sub segmented as government & public utilities, defense, retail, transportation & logistics, industrial manufacturing, healthcare & life sciences, BFSI, media & entertainment and others. The retail, transportation & logistics segment is anticipated to grow with the highest pace during the forecast period. Retail is about integrating advanced technologies with the existing infrastructure, delivering real-time offers to customers. While, transportation and logistics is about maximizing product distribution and discovering opportunities to reduce costs of selling products and improving customer relationships by linking location-based technology with retail, e-commerce and logistics.

Depending upon the geographical bifurcation, North America region was projected as the leading market for location of things during 2016. Technological advancements by Google and Microsoft, robust internet infrastructure and durable sensor technology and network communication are leading to various innovative location-based solutions, which are driving the growth of LoT market in North American region.

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The prominent players involved in the development of LoT industry includes, Google, Qualcomm Technologies, Intel Corporation, Trimble, Pitney Bowes, Bosch, Wireless Logic, Navizon, Inc., TruePosition Inc., Ubisense Group PLC, IBM Corporation and Microsoft Corporation among all the others. On September 26, 2017, Pitney Bowes Inc. announced an extension of its data and software solutions, which incorporates address, location and customer data information to create a single view of a customer. This will allow spectrum technology included in location intelligence segment to deliver a set of skills to transform business and infrastructure data into insights. This may help public and private organizations to use this data and provide better experiences to individuals they serve. Other players are similarly involved in research & development, expansions, acquisitions and collaboration for their strategic growth. For instance, Intel acquired Basis, which has enabled the company to gain an easy entry to the IoT market.

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