Location of Things (LoT) Market Size and Industry Growth by 2027
Latest market study on “Location of Things (LoT) Market to 2027 by Application (Mapping & Navigation, Asset Management, Location Intelligence, and Media & Marketing); and Industry Vertical (Retail, Industrial, Transportation & Logistics, Government & Utilities, Defense, Media & Entertainment, Healthcare, and Others) – Global Analysis and Forecast”, the Location of Things (LoT) market is estimated at US$ 19.10 Bn in 2018 and is expected to grow at a CAGR of 24.5% during the forecast period 2019 – 2027, and reach US$ 128.75 Bn by 2027.
IoT has transformed the way business was conducted and has had a major positive impact on several industry verticals. Almost each and every industry vertical today has realized the importance of IoT and has been on the path for strong IoT implementations into the business operations for extracting maximum business value. A billions of devices connected over the internet comprises the IoT, where the Location of Things (LoT) adds dimension to that network of devices. While IoT provides businesses with the opportunity to measure consumer behavior and patters using the data collected by the devices over the internet, location based services add more business value to this data. LoT can be used to streamline operations, build intelligent services as well as machines, and further provide an enhanced customer service.
Further, higher competitions and increasing business risks have paved the way for businesses to look for solutions that minimize their business risks and maximize revenue earning opportunities. By creating a well-defined relationship between people, things, and places, business risks can be eliminated and thereby create more revenue generation opportunities. Today’s world of commerce has become highly dynamic laying down high significance on the place parameter as businesses today collect data on digital and physical locations for empowering decision-making process, influence business outcomes, and thereby get closer to customers.
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Customization and personalization demands have put up unprecedented pressures on the businesses to stand unto the diverse consumer expectations. Companies relying on the conventional methods find it challenging to keep up with the continuous changing consumer demands. Market innovators are continuously striving for finding ways to tap on the presented opportunity where they easily generate actionable insights from data with higher levels of accuracy. Combining the location intelligence and artificial intelligence presents an opportunity for the market players to bridge the gap between supply chain forecasting and actual consumer demands.
The most prominent region in global Location of Things (LoT) market in 2018 accounted for North America, followed by Asia Pacific and Europe. South America, and Middle East and Africa held the fourth and fifth position in terms of market shares in Location of Things (LoT) market. Scope of smartphone and high-tech gadgets is anticipated to have a positive impact on LoT in North America region including, digital engagement of the US consumer, leading R&D investments, favorable economy as well as business environment and lastly the large scale mobile and telecommunication media convergence in the region. In the US, the transformation of mobile customers from connected to digital has been one of the fastest in the world.
The major companies operating in the Location of Things (LoT) market globally includes Google, Inc., IBM Corporation, Microsoft Corporation, ESRI, Qualcomm Technologies, Inc., Here Technologies, Navizon, Inc., Skyhook, Wireless Logic, and Trimble, Inc. among others.
The market for Location of Things is concentrated with large numbers of well-established players as well as emerging players across the globe. Few on the important developments from the industry are mentioned below:
- In 2019 Skyhook Collaborated with Qualcomm Technologies Inc. a subsidiary of Qualcomm Incorporated, to bring Wi-Fi positioning and location-assistance services based on Qualcomm® Snapdragon Wear™ platforms.
- In 2019 Rivetz and Skyhook Partnered to Deliver Location Service Protections to Rivetz Network. By enabling Skyhook’s advanced location capabilities on the Rivetz Network of cybersecurity tools, Rivetz users can take advantage of location service protection in any signal environment, regardless of GPS availability.
- In 2019 Inpixon releases new connector IBM to improve location-based mobile device security.
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