The global location of things market is expected to reach USD 71.6 billion by 2025, growing at a CAGR of 34.07%, according to a new study by Grand View Research Inc. The increasing penetration of smartphones and enhanced network connectivity coupled with the increasing demand for personalized services are propelling the market growth.
Location of things is an emerging sub-category of the IoT concept that enables connected devices to monitor and communicate their geographic location. Enabled by IoT sensors and location technologies embedded into various connected devices allows organizations and service providers to collect a variety of data over the network. Over the years, a variety of location-based services has been introduced, such as Google Maps, Uber, Waze, and many others, which have been enabled by the ability of a smartphone to locate itself. Location being the most vital dimension of the data collected allows service providers to provide contextual content for each user.
North America LoT market revenue by application, 2014 - 2025 (USD Million) |
Advancements in connected wearable devices, connected
vehicles, connected homes, smart cities, and Industrial IoT (IIoT) are bound to
open extensive market avenues for the location of things market in the coming
years. However, issues related to privacy and safety along with universally
accepted standards are expected to challenge the industry.
Access
Full Research Report by Grand View Research: http://www.grandviewresearch.com/industry-analysis/location-of-things-market
Further
key findings from the study suggest:
- North America and Europe accounted for the majority
share in the location of things market. Advanced infrastructure and
accelerated adoption of smart devices along with the presence of major
technology players are the key factors contributing to the regional market
dominance.
- Mapping and navigation applications dominated the
global location of things market with a share of 32.6% in 2017. The
introduction of various applications, such as Google Maps, HERE Maps, and
Apple Maps, among others, has enabled a variety of location-based services
that have led to the segment growth.
- The transportation and logistics vertical segment
acquired a major share in the location of things market in 2017, which is
followed by the manufacturing and industrial segment. The development of
connected car technologies and a variety of logistics solutions have
enhanced the operational efficiencies and reduced the time-to-delivery for
the transportation sector.
- Asia Pacific is expected to grow at a CAGR of
nearly 35.9% over the forecast period. Advancements in technology
infrastructure in countries such China, India, Japan, and other developing
nations in the region are expected to drive the industry growth in the
coming years.
- Increasing investments in IoT technologies and
location-based services are expected to drive the growth of location of
things market. Key market players include Google, HERE, Qualcomm, Apple,
Pitney Bowes, and Bosch, among others.
Browse more reports of this category
by Grand View Research:
http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand
View Research has segmented the location of things market on the basis of
applications, verticals, and regions:
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
- Healthcare
- Others
Regional Outlook (Revenue, USD
Million; 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East &
Africa (MEA)
Access press release by Grand View
Research: http://www.grandviewresearch.com/press-release/global-location-of-things-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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