Fort Collins, Colorado, April 02, 2024 (GLOBE NEWSWIRE) -- The Location of Things Market size was valued at USD 52.2 Billion in 2023 and is expected to reach a market size of USD 306.9 Billion by 2032 at a CAGR of 21.8%.
The growing need to enhance customer experience by providing personalized services is a major factor driving the location of things market growth. There has been a significant rise in the number of location-based services in the market, owing to various organizations' increasing investments in IoT and the increasing penetration of connected devices. These devices help collect a variety of information about users, which organizations can use to address their changing needs.
The increasing adoption of IoT services across various sectors and increasing focus on smart cities present growth avenues to prominent market players and can contribute to market expansion during the forecast period. There is an accelerated adoption of IoT-based devices in the government sector as it can aid the administration in discovering new ways of communicating with its citizens. Governments can utilize location information to learn about city-level issues such as traffic, water management, and utilities, among others, to deliver relevant information to citizens and enhance citywide services for a better standard of living. This technology can enable several intelligent transportation solutions related to ticketing, passenger information, asset tracking, traffic navigation, and real-time supervision and maintenance.
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Segmentation Overview:
The global location of things market has been segmented into location, application, industry, and region. Based on the application, the mapping & navigation segment held a dominant market share. Based on industry, the transportation & logistics segment held a significant market share and is expected to exhibit remarkable growth during the forecast period.
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Location of Things Market Report Highlights:
- The global location of things market growth is anticipated at a CAGR of 21.8% by 2032.
- The growing penetration of smart devices and connectivity, coupled with the need for personalized services, is a key factor driving market growth.
- North America accounted for a significant market share in 2023. This can be attributed to the presence of major technology players and increased investments in IoT technology, fostering R&D initiatives and technology innovation and cumulatively boosting the market.
- In September 2022, HERE Technologies partnered with Verizon to develop new 5G-enabled location services for enterprises. The collaboration has resulted in HERE's mapping and location intelligence capabilities, which are integrated with Verizon's 5G network to enable high-precision positioning, real-time tracking, and advanced analytics for transportation, logistics, and smart cities.
- Some prominent players in the Location of Things market report include HERE Holding Corporation, Microsoft Corporation, ESRI, Qualcomm Technologies, Inc, Wireless Logic Inc., Ubisense Group PLC, Navizon, Inc., Google, Pitney Bowes Inc., IBM, and Bosch Software Innovations GmbH.
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Location of Things Market Segmentation:
By Location: Indoor and Outdoor
By Application: Mapping and Navigation, Asset Management, Location Intelligence, Media and Marketing Engagement
By Industry: Retail and Consumer Goods, Government, Defense and Utilities, Manufacturing and Industrial, Transportation and Logistics, Healthcare and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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