The global Location of Things (LoT) market valued 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 in 2027.
The location of things market consists of some well-established players across the globe, which makes significant investments or adopt strategies to deliver highly advanced service to the users. Government funding for research & development, strategic partnerships between service providers, network operators and government bodies are anticipated to enable huge surges in the Location of Things (LoT) market over the forecast period.
Market Insights
Location Accuracy is expected to drive new applications for Location of Things (LoT) market in the coming years
Amalgamation of different technologies in the system has enabled it to provide the accuracy that can be defined as the precision and latency. The precision needed for locating an object or a person depends upon the applications itself. For instance, some applications such as tracking of large objects might require accuracy within 3-5 meters, whereas for smaller object the accuracy might have a range in centimeters. In addition, the real-time tracking of the objects also depends upon the application of the systems. As the organizations across industry verticals continue to realize their requirements for the real-time localization based upon the particular application, they will thrive for the advancement in the precision, which in response is expected to pave path for new applications for Location of Things (LoT) market.
China leads the Location of Things (LoT) market in Asia Pacific
China leads the initial commercialization of location of things, due to the frequent adoption of advanced technology, huge population and strong government support for location of things development in the country. Esri has entered into an agreement with Alibaba Cloud (Alibaba Group). The agreement facilitates both the organizations to provide updated options to the customer’s looking to execute Esri technology on the Alibaba Cloud. The continuous increase in the number of partnership for the LoT service is expected to boost overall adoption and growth.
Application Insights
The global Location of Things (LoT) market by application was led by Mapping & Navigation. For the mapping & navigation application, LoT technology empowers businesses to track the exact location of IoT based devices. With the exact location, these businesses can harness good information and thereby draw conclusions for their businesses. The mapping & navigation application could be highly useful in industry verticals such as healthcare, retail, industrial, and transportation & logistics.
Industry Vertical Insights
The Location of Things (LoT) market is segmented based on retail, industrial, transportation & logistics, government & utilities, defense, media & entertainment, healthcare, and others. The boom of e-commerce sector and the associated cut-throat competition in the retail industry has propelled retailers for implementation of solutions that enhance customer experiences. The need for higher customer engagements drive the adoptions of LoT tools in the retail sector.
Strategic Insights
The market for Location of Things is concentrated with large numbers of well-established players as well as emerging players across the globe. The major companies operating in the market includes Google, Inc., IBM Corporation, Microsoft Corporation, ESRI, Qualcomm Technologies, Inc., Here Technologies, Navizon, Inc., Skyhook, Wireless Logic, and Trimble, Inc. are few other players that are investing into the technological innovations for rolling out Location of Things technology in the near future. Few of the recent developments are listed below:
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.
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.
2019: Inpixon releases new connector IBM to improve location-based mobile device security.
Global Location of Things (LoT) Market – By Application
- Mapping & Navigation
- Asset Management
- Location Intelligence
- Media & Marketing
Global Location of Things (LoT) Market – By Industry Verticals
- Retail
- Industrial
- Transportation & Logistics
- Government & Utilities
- Defense
- Media & Entertainment
- Healthcare
- Others
Global Location of Things (LoT) Market – By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Australia
- Japan
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America
- Brazil
- Rest of South America (SAM)
Company Profiles
- ESRI
- Alphabet Inc. (Google)
- HERE Technologies
- IBM Corporation
- Microsoft
- Navizon Inc.
- Qualcomm Incorporated
- Skyhook
- Trimble Inc.
- Wireless Logic Limited
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