The global location of things market size was valued at USD 6,243.4 million in 2020 and is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing adoption of Internet of Things (IoT) and linked device technologies, as well as rising demand for location-based services.
The location of things is a new-fangled category of the IoT that allows connected items to track and share their location. Service and organizations providers can collect a range of data through the network thanks to location technologies and IoT sensors built in various linked devices. Over the years, a slew of location-based services has emerged, including Google Maps, Waze, Uber, and a slew of others, all of which are made possible by a smartphone's capacity to find itself. The most important characteristic of the data acquired is location, which allows service providers to give contextual content to each user.
Due to the COVID-19 pandemic, market suppliers are cooperating with a number of organizations to provide innovative technology-enabled solutions to healthcare organizations to assist them in effectively overcoming the crisis. Remote patient monitoring is one of the applications of telemedicine, and interactive medicine, along with inpatient monitoring, is projected to gain momentum during this period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing investments in IoT technologies and demand for location-based services are expected to drive the market growth during the forecast period.
- Improving the customer experience by implementing various solutions is anticipated to drive market expansion in the coming years.
- Rising threats to the security and privacy concern are major challenges that can hinder the market growth during the forecast period.
- Various networking difficulties such as speed and capacity along with complexity in operating the platforms acts a key restraining factor of the market.
- High penetration of smart devices and expansion of broad network services equipped with advanced technology are likely to create lucrative opportunities for market growth.
Scope of the Report
The report on the global location of things market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Location Of Things Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Verticals (Government, Defense, & Utilities; Manufacturing & Industrial; Transportation & Logistics; Retail & Consumer Goods; Healthcare; and Others), and Applications (Location Intelligence, Media & Marketing Engagement, Mapping & Navigation, and Asset Management)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Intel Corporation; Trimble; Pitney Bowes; Bosch; Wireless Logic; Navizon, Inc.; Tibco Software; TruePosition Inc.; Google; HERE; and Qualcomm Technologies
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Market Segment Insights
Transportation & logistics segment to expand at a considerable CAGR
On the basis of verticals, the location of things market is segmented into government, defense, & utilities; manufacturing & industrial; transportation & logistics; retail & consumer goods; healthcare; and others. The transportation & logistics segment is projected to expand at a considerable CAGR during the forecast period. Sensor technology, network communication, and location approaches have all advanced in recent years, allowing for a variety of new location-based solutions. On the other hand, the manufacturing & industrial segment is anticipated to account for a major market share during the forecast period. IoT technologies allow for the collection of a wide range of data, one of which is location data.
Mapping & navigation segment to hold a significant share of the market
In terms of applications, the market is divided into location intelligence, media & marketing engagement, mapping & navigation, and asset management. The mapping & navigation segment is expected to hold a significant share of the market. The Internet of Things (IoT) allows for location tracking and monitoring in order to connect various appliances and gadgets using the Internet. Users can track and monitor the movement of numerous physical devices using mapping and navigation technology. This technique is mostly found in majority of the navigation systems, which allow users to identify the quickest and most efficient route between two points.
North America is anticipated to constitute a key market share
In terms of regions, the location of things market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the development of technology, higher smartphone penetration, and improved network connectivity have resulted in a faster adoption rate. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to increase in connected device spending and investments in various IoT technologies.
Segments
Segments Covered in the Report
The global location of things market has been segmented on the basis of
Verticals
- Government, Defense, & Utilities
- Manufacturing & Industrial
- Transportation & Logistics
- Retail & Consumer Goods
- Healthcare
- Others
Applications
- Location Intelligence
- Media & Marketing Engagement
- Mapping & Navigation
- Asset Management
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Intel Corporation
- Trimble
- Pitney Bowes
- Bosch
- Wireless Logic
- Navizon, Inc.
- Tibco Software
- TruePosition Inc.
- Google
- HERE
- Qualcomm Technologies
Competitive Landscape
Key players competing in the global location of things market are Intel Corporation; Trimble; Pitney Bowes; Bosch; Wireless Logic; Navizon, Inc.; Tibco Software; TruePosition Inc.; Google; HERE; and Qualcomm Technologies. In order to expand their service portfolios and get a larger portion of the market, industry leaders have been relying on inorganic growth techniques such as mergers and acquisitions of smaller enterprises. For example, Google's purchase of Nest and Intel's purchase of Basis have given them easy access to the IoT sector.
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