New York, US, July 11, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” Location of Things Market, By Location Type (Indoor, Outdoor), Application (IoT Asset Management, IoT Location intelligence), Vertical (Retail, Healthcare, Media, Transport and Logistics) - Forecast 2030” to create a valuation of USD 38 BN by 2030, growing at 35% CAGR during the assessment period (2021-2030).
Location of Things Market Overview
The location of things market perceives a significant rise in revenues. In this era of ‘real-time’, location of things (LOT) technology becomes critically important to track and monitor everything moveable & measurable. Especially for retails, O&G pipeline, and utilities, LOT can contribute even more to their success. Most countries are making LOT one of their strategic priorities in their growth plan.
Location of Things Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 38 Billion |
| CAGR (2021 to 2030) | 35% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Vertical and Region |
| Geographies Covered | North America, Europe, Asia-Pacific |
| Key Vendors | Bosch Software Innovations Gmbh (Germany) Pitney Bowes (U.S.) IBM Corporation (U.S.) Ubisense Group Plc. (the U.K.) Qualcomm Technologies Inc. (U.S.) ESRI (U.S.) Wireless Logic (U.K.) Google Inc. (U.S.) Microsoft Corporation (U.S.) HERE (U.S.) |
| Key Market Opportunities | Nonetheless, the security and protection regarding the client's personality is the principal worry in the appropriation of cloud retail. |
| Key Market Drivers | Expanding the significance of spatial information drives the worldwide Location of Things Market. |
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Location of things is an upcoming sub-category of the IoT that enables monitoring and communication with connected devices directly from their geographic location. LOT moves from just sensing to acting upon, which is very effective in any business. Understanding the relationships between people, locations, and things can offer them a high level of business insight to transform customer interactions.
Businesses are progressively realizing the importance of the location of things technology, allowing the market to garner colossal traction.
The internet of things (IoT) is everywhere now, connecting multiple things. Citing the benefits of IoT in connected things, the world is moving to leverage the benefits of the location of connected things. Many research are ongoing to unlock the value of combining intelligence in people, places, and things to understand and minimize risk. By understanding the location of devices, the context for action at the edge can be achieved. This edge of location ultimately can unlock value in many use cases.
Industry Trends
The location of things, along with the growing collection of device-based sensors, can make an even greater contribution to the success of O&G pipelines and gas utilities and the users. Even retails and insurance providers are gaining momentum generated by the significant progress made by LOT over the past few years.
Retailers use LOT to obtain a level of personalization that is arguably the most sought-after aspect of the retail industry. With LOT, retailers can enhance their inventory management by stocking the most popular products in a particular location or season/weather-based products in a specific area. Analyze the movement patterns within the store to place relevant products in the high traffic areas.
LOT also allows retailers to analyze the drive time to their locations and ensure the correct marketing mix that can influence the traffic to their stores. They can avoid the risk of cannibalization that reduces the overall sales of their own product as a consequence of the introduction of another similar product.
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Fleet management businesses use LOT to streamline their deliveries as IoT in logistics allows them to track vehicles and deliveries in real-time with precision. At the same time, suppliers can track the delivery status and driver activities based on location info. IoT provides better routing, tracking & monitoring of vehicle conditions and predictive maintenance options in the transportation industry.
Location of Things Market Segments
The location of things market forecast is segmented into location types, applications, verticals, and regions. The location type segment is sub-segmented into indoor and outdoor. The application segment is sub-segmented into IoT asset management and IoT location intelligence. The vertical segment is sub-segmented into retail, healthcare, media, transport & logistics, and others. By region, the analysis is segmented into the Asia Pacific, Americas, MEA, Europe, and the rest of the world.
Location of Things Market Regional Analysis
North America dominates the global location of things market due to vast technological advancements and the strong presence of key players enabling the early adoption of LOT technology. Also, the presence of robust development centers and end-use verticals across the region boosts the size of the location of things market. Moreover, advances in LOT technologies & services and the large base of IT & telecom companies foster LOT applications.
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Europe holds the second-best position in the global location of things market. Increasing R&D investments and innovations in various technologies and services drive market growth. Additionally, increasing location of things applications and technology upgrades in the automotive sector, alongside the digital transformation in businesses across the region, influence market growth. The UK and Germany are the major markets for the location of things in the region.
The APAC is witnessing a spurring rise in the location of things market value. Increasing investments in research and development of technologies, such as AI and IoT, and the digital transformation of businesses influence the regional market growth. Also, the increasing adoption of cutting-edge technologies in the automotive and IT & telecommunication sectors fosters regional market growth. South Korea, Australia, Japan, and China are major growth contributors to the location of things market.
Location of Things Market Competitive Analysis
The location of things market would witness increasing strategic approaches, such as collaboration, mergers & acquisitions, expansion, and technology launches. Leading location of things market companies make strategic investments in driving research and development activities and expansion plans.
For instance, recently, on May 25, 2022, Mall IQ (the US), location intelligence and AI Platform, announced its partnership with The ENTERTAINER, a leading global provider of loyalty and rewards solutions to provide cutting-edge location technology. Mall IQ aims to digitize real-time purchase intent in the physical world, making it insightful & actionable for mobile apps.
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The ENTERTAINER will be able to utilize Mall IQ’s technology to measure real-time buying behavior before customers make a transaction in specific locations like malls. This, in the long term, is estimated to enable The Entertainer to enhance customer loyalty and improve activation, retention, and basket size.
Key players in the LOT market are,
- Bosch Software Innovations Gmbh (Germany)
- Pitney Bowes (US)
- IBM Corporation (US)
- Ubisense Group Plc. (UK)
- Qualcomm Technologies Inc. (US)
- ESRI (US)
- Wireless Logic (UK)
- Google Inc. (US)
- Microsoft Corporation (US)
- HERE (US)
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