Location of Things (LoT) Market Booming Growth & Trends Analysis to 2024 Major Key Players are IBM Corporation, Bosch Software Innovations, ESRI, Pitney Bowes, Microsoft Corporation, Wireless Logic, Google, and Tibco Software

North America has the highest share in the location of things market owing to the technological advancements, wide adoption of new technology, the presence of tech savvy entities, and developed IT infrastructure. Furthermore, North America is the home for a large number of domestic vendors, augmenting the location of things market growth.

Asia Pacific is anticipated to grow over the forecast time span due to its growing population and improvement in technology. Countries, such as Singapore and Hong Kong, are major contributors to the growth of the location of things market in this region.

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Prominent companies operating in the location of things market include IBM Corporation, Bosch Software Innovations, ESRI, Pitney Bowes, Microsoft Corporation, Qualcomm Technologies, Wireless Logic, Google, and Tibco Software

Location of Things Market size is witnessing an upsurge owing to the rising significance of spatial data and the use of geospatial data for IoT applications. This geospatial data gives users information regarding an object’s location and when integrated with various other devices, such as sensors, they transform the way people work and live and hence accelerating the location of things market growth. Geospatial information also plays a key role in moving things safely, which boosts the industry demand. For instance, sensors are placed on railway tracks, which assist in managing the rail traffic and keeping an effective spacing of trains, increasing the capacity. Moreover, the recently adopted game Pokemon Go also uses the information provided by the spatial data.

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Location of things market provides important information, which can be used for optimizing routes, lessening larceny, and loss of assets through proper tracking of the location, providing vital information of machine breakdown, and improving customer experience by sending messages on their smartphones when they are in the locality. Due to these important uses, the location of things market is growing rapidly.

Application segment of the location of things market includes mapping and navigation, IoT asset management, IoT location intelligence, location-based customer engagement, and location-based social media monitoring. Mapping and navigation contribute a major share in the location of things market. This technology is used to examine the image generated or the data acquired. Mapping and navigation using smart phones are very important in everyday life. Wi-Fi is also used increasingly for mapping and navigation for indoor places, where GPS services do not work efficiently. The integration of GIS and mapping technology enables enterprises to control the data flow and assists in the workforce management.

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Healthcare department is also growing due to its various applications in the location of things market. Telemedicine is growing rapidly owing to the exchange of medical information from one remote location to another through telecommunication infrastructure to make important decisions regarding the health status patients. This segment improves customer experience by providing apt services and reducing the length of stay in the hospitals.

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