Selbyville, Delaware, May 23, 2024 (GLOBE NEWSWIRE) --
The location of things market valuation to reach USD 91.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
Consistent technological breakthroughs in GPS and connectivity, in line with the escalating adoption of IoT devices, will propel industry growth over 2024–2032. These innovations enable seamless integration of location-based services into various sectors, facilitating real-time tracking, monitoring, and optimization of assets and operations. As businesses seek to leverage the benefits of interconnected systems and data-driven insights, the demand for LoT solutions continues to surge, driving market expansion and fostering a more connected and efficient digital ecosystem.
For instance, in June 2023, Qualcomm unveiled satellite-enabled IoT solutions for seamless remote monitoring and asset tracking. The Qualcomm® 212S and Qualcomm® 9205S modems offer uninterrupted connectivity in challenging environments. Qualcomm's innovation is likely to stimulate further growth in the location of things industry by offering more robust and reliable options for remote asset management and monitoring on a global scale.
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The smart cities and urban planning segment will secure a considerable market share between 2024 and 2032. As urbanization accelerates globally, the demand for efficient infrastructure and sustainable solutions intensifies. LoT technologies offer unprecedented opportunities for optimizing city operations, enhancing public services, and improving citizens' quality of life. With governments and municipalities increasingly investing in smart initiatives, the smart cities and urban planning segment will stand as the frontrunner, driving innovation and shaping the future of urban landscapes.
The retail and e-commerce segment will experience marked growth by 2032. As consumers increasingly favor digital shopping experiences, businesses are turning to LoT solutions to revolutionize their operations. These technologies facilitate real-time inventory tracking, personalized marketing, and streamlined supply chain management. With the retail landscape evolving rapidly, the integration of location-based services is becoming paramount, positioning this segment as the driving force behind the pervasive adoption of LoT technologies.
Asia Pacific location of things industry will grow at a noteworthy CAGR from 2024 to 2032. With rapid urbanization, burgeoning economies, and a tech-savvy population, the region presents fertile ground for LoT deployment. Besides, government initiatives, infrastructure development, and increasing IoT adoption will further propel market growth. As businesses and consumers alike embrace smart technologies, Asia Pacific will emerge as a pivotal contributor to the evolution of LoT solutions worldwide.
Companies including ESRI, Robert Bosch GMBH, Pitney Bowes, Inc., Google, Inc., Microsoft Corporation, IBM Corporation, Qualcomm Technologies, Inc., Trimble Inc., Oracle Corporation, and Hexagon AB are operating in the location of things industry.
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Major players are intensifying their presence through strategic initiatives. These include mergers, acquisitions, and partnerships to expand their product portfolios and geographic reach. Additionally, R&D investments are driving innovation, leading to the introduction of advanced LoT solutions. Furthermore, aggressive marketing efforts and customer-centric approaches help enhance brand visibility and customer loyalty. Overall, these concerted efforts are enabling major players to capture a larger share of the rapidly growing location of things market.
In February 2024, BICS partnered with Skylo, a non-terrestrial network (NTN) operator, expanding connectivity globally through satellite connections across BICS’ IPX network. This collaboration enables BICS to utilize Skylo's geostationary satellites, covering 13.7 million square miles, for direct NB-IoT-to-satellite connectivity for enterprise clients.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Location of Things market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Deployment model trends
2.5 Application trends
2.6 End-user trends
Chapter 3 Location of Things Industry Insights
3.1 Impact of COVID-19
3.2 Industry ecosystem analysis
3.3 Technology & innovation landscape
3.4 Patent analysis
3.5 Key news and initiatives
3.5.1 Partnership/Collaboration
3.5.2 Merger/Acquisition
3.5.3 Investment
3.5.4 Product launch & innovation
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Rising adoption of location of things in asset tracking
3.7.1.2 Growing inclination towards smart city development
3.7.1.3 Increasing demand for location-based services and applications
3.7.1.4 Increasing inclination towards location -based advertising
3.7.2 Industry pitfalls & challenges
3.7.2.1 Security and privacy concerns
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
