Portland,OR, Dec. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global low power geolocation market was estimated at $26.78 billion in 2020 and is expected to hit $176.58 billion by 2030, registering a CAGR of 21.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in need for fleet management across industries, increase in demand for enhanced real-time location tracking system, and increase in the necessity of improving operational efficiency drive the growth of the global low power geolocation market. On the other hand, surge in privacy and security concerns restrains the growth to some extent. However, adoption of a low-power wide-area network protocol for tracking assets is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Delay in the deployment of geolocation solutions, unavailability of skilled workforce, contractual obligations, project delays, and cancellations impacted the global low power geolocation market negatively, especially during the initial phase of the pandemic.
- However, the market is anticipated to get back on track soon.
- Acceptance of 5G network solutions in key countries and application of Internet of Things-based smart infrastructure solutions in sectors such as consumer electronics, agricultural, and health care sectors is anticipated to drive the market post-pandemic.
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The global low power geolocation market is analyzed across solutions, geolocation area, technology, industry vertical, and region. By solutions the hardware segment held the highest market share in 2020, holding around nearly three-fifths of the global market. The service segment, on the other hand, projected to manifest the fastest CAGR of 28.7% from 2021 to 2030.
By geolocation area, the indoor segment contributed to the major share in 2020, accounting for more than two-thirds of the global market, and is expected to lead the trail during the forecast period. The outdoor segment, however, is anticipated to cite the fastest CAGR of 24.2% from 2021 to 2030.
By region, North America held the highest market share in terms of revenue 2020, garnering nearly two-fifths of the global market. Simultaneously, Asia-Pacific is expected to showcase the fastest CAGR of 25.8% throughout the forecast period. The other provinces discussed in the report include Europe and LAMEA.
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The key market players analyzed in the global low power geolocation market report include Hoopo, Semtech Corporation, Cisco Systems, Sigfox S.A., Nestwave SAS, STMicroelectronics, Kerlink S.A, Tracktio, Favendo GmbH, and Digital Matter. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
