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The LoT market has witnessed major trends and developments that have been shaping its direction recently. Location-based technologies are increasingly being integrated into a connected world, thereby becoming a central point of focus for both businesses and consumers alike. One of these is the increasing use of Location of Things in various industries such as retail, supply chain logistics, healthcare, and smart cities. In the retail sector, enterprises have adopted the use of LoT to enhance customer experience. Retailers have location-based services to send personalized promotions and offers to customers when they get near a store. Not only does this focused approach improve customer interaction, but it also helps increase sales and loyalty.
Even coordinated factors together with supply chain management have embraced Location of Things technologies aimed at reducing their operations' complexities. The utilization of GPS and other location-based solutions for real-time tracking of merchandise and assets enables firms to optimize routes, minimize delivery times, and boost overall efficiency. In healthcare, the adoption of Location of Things is contributing towards improved patient care and hospital administration. Health wearable devices with location tracking functionality help healthcare providers monitor the movement or well-being status of patients. Hospitals use location-based systems to effectively manage medical equipment as well as track the real-time location of personnel, which leads to faster response times during emergencies.
Smart cities form yet another sector where the Location of Things market has made significant strides forward. Urban planners are integrating smart technologies in order to enhance urban living, whereby one cannot overlook the role played by location-based solutions in this revolutionizing process. The proliferation of Internet of Things (IoT) devices has driven forces behind changing trends within the Lot marketplace over time. As more devices become interconnected, there's an increasing need for accurate location information. Security concerns regarding privacy emerge as major consideration points among location-of-things market trends. There is, therefore, an increased awareness of preserving people's privacy because the collection and usage of location data increases. Companies are implementing robust security measures, including compliance with data protection regulations, in order to address such worries and gain the trust of their clients.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Nonetheless, the primary concern in adopting cloud retail is the safety and safeguarding of the client's identity. |
| Market Dynamics | The increasing importance of spatial information is driving it. |
Location of Things Market Highlights:
Location of Things Market Overview
The Location of Things Market is projected to grow from USD 5.46 billion in 2024 to USD 44.68 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 30.03% during the forecast period (2024 - 2032). Additionally, the market size for location of things was valued at USD 4.05 billion in 2023.
The increasing importance of spatial information and the primary concern in adopting cloud retail is that the safety and safeguarding of the client's identity are the key market drivers contributing to market growth and expansion.
Figure 1: Location of Things Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Location of Things Market Trends
The growing importance of spatial information is driving the market growth.
The rising importance of spatial information drives the Market CAGR for the location of things. The increasing importance of spatial information drives the global Location of Things Market. Spatial information, also known as geospatial information, is a realistic representation of information that aids in interpreting data from all over the world. Ventures that employ conventional apparatuses for jobs or promoting reasons need help breaking down authentic area-based data. With inventive advancements, organizations are concentrating on utilizing geographic information from general data, which essentially supports the Market. It is driven by marketing area-based services, route and taxi management, and advancement in utilizing possibilities and administrations. End-user adoption of location-based apps also drives the Market. Nonetheless, the primary concern in adopting cloud retail is the safety and safeguarding of the client's identity. Nonetheless, the confidentiality and safety of client private data are counted on to deter market expansion.
Additionally, in this rapidly changing world of innovation, the primary factors operating the growth of this Market include the growing importance of geographic data, the democratization of geospatial data for applications related to the IoT, and an increase in the number of Location of Things apps available in various verticals. The invention aids in continuously verifying information to depict the guest's behavior and preferences. Previously, a global positioning framework (GPS) was used to anticipate the visitor's actions. However, the interior area innovation was introduced because of the inability to receive signals due to hard partitions.
The plague has spread to nearly every nation since the COVID-19 infection eruption in December, with WHO declaring Covid sickness 2019 (COVID-19) a pandemic. Our research indicates that outper formers seek growth in all metrics, a center expansion, geographic, occasional value chain, and nearby spaces. The COVID-19 pandemic has had an impact on every industry, including Aerospace and Defense, Agriculture, Food and Beverage, Automobiles and Transport, Physical and Materials, Consumer Products, Retailing, and online shopping, Energy, Pharmaceuticals and Medicine, Shipping, Building, The extraction and Gases, Technology and Semiconductor, Financial services banking and Insurance, ICT, and others.
For instance, Skyhook & Qualcomm Technology, an affiliate of Qualcomm Inc., announced the partnership to offer Wi-Fi location and location-assistance solutions for Qualcomm Snapdragon Watch devices. Thus, demand for Location of Things is anticipated to increase throughout the projected timeframe due to the rising importance of spatial information. Thus, driving the Location of Things market revenue.
Location of Things Market Segment Insights
Location of Things Location Type Insights
The global Location of Things market segmentation, based on Location Type, includes Indoor and Outdoor. The indoor category dominated the Market, accounting for 62% of market revenue (USD 1.9 Billion) in 2022. The indoor setting type is expected to increase significantly as this technology aids in capturing real-time information to picture visitors' preferences. Due to the impossibility of signals penetrating through hard walls, the GPS (Global Positioning System) usage was decreased, so indoor positioning technology was strengthened. The indoor setting type is useful for detecting devices, traversing inside locations, assisting with warehouse operations, and acquiring sensitive data.
Figure 2: Location of Things Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Location of Things Application Insights
The global Location of Things market segmentation, based on Applications, includes IoT Asset Management and IoT Location intelligence. The IoT location intelligence category generated the highest market revenue of about 51% (USD 1.5 billion) in 2022. The logistics and transport vertical is expected to be the most significant growth area, followed by the manufacturing and mechanical Vertical. Advances in sensor creativity, network communication, and area approaches have significantly empowered various innovative area-based setups.
Location of Things Vertical Insights
The global Location of Things market segmentation, based on Vertical, includes Retail, Healthcare, Media, Transport, and Logistics. The transport and logistics segment dominated the Market, accounting for 46% of market revenue (USD 1.4 Billion) in 2022. The substantial rise in green constructions, energy-efficient buildings, population expansion, and rising incomes will likely drive the overall Market during the projected timeframe.
Location of Things Regional Insights
The research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World by region. The North American Location of Things market will dominate during the projected timeframe; innovative advancements, an extensive spectrum of innovations, a solid web foundation, and safe home-grown solution suppliers are expected to be important driving factors for the growth of the Market.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Location of Things Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Location of Things market accounts for the second-highest market share due to technical breakthroughs, widespread acceptance of novel technologies, tech-savvy organizations, and sophisticated IT infrastructure. Further, the German Location of Things market holds the largest market share, and the UK Location of Things market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Location of Things Marketis expected to grow quickly during the projected timeframe. This is due to its expanding population and development in technology. Moreover, China’s Location of Things market dominates the market share, and the Indian Location of Things market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Location of Things Key Market Players & Competitive Insights
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Location of Things market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new Location Type portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Location of Things industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the global Location of Things industry to benefit customers and capture untapped market share and revenue. The Location of Things industry has recently offered significant advantages to the IoT and M2M communication industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major Location of Things market players include 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.) is attempting to expand market share and demand by investing in R&D operations to produce sustainable, affordable solutions.
Cisco Systems, Inc. is an IT and communications firm that designs, manufactures, and sells Internet Protocol-based networking devices and services. The company operates in three regional segments: North America, EMEA, and Asia-Pacific. Switches, NMI & Modules, Routers, Optical Communication, Network Points, Next-Generation Firewalls, Sophisticated Malware Protection, VPN Clients, and Web Security are among its product categories. Sandra Lerner and Leonard Bosack formed the firm on December 10, 1984, headquartered in San Jose, California. Cisco Systems and Microsoft collaborated in March 2020 to merge their IoT hub offering with Cisco-Edge-to-Microsoft-Azure. It will help in the creation of a wide range of corporate applications.
Amazon Web Services is the globe's most complete and widely used cloud, with over 200 advanced features available worldwide from data centers. It comprises several cloud-based services that anyone may combine to meet the demands of your business or organization. It established a collaboration with HERE, Semtech, and MaxMind on December 13, 2022, to provide inexpensive geographic location track-and-trace features in the AWS IoT Core aimed at low-power IoT gadgets. In addition, AWS has developed an IoT core device position for inexpensive tracking, providing low-power options to GNSS-based position tracking.
Key Companies in the Location of Things market include
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Bosch Software Innovations Gmbh (Germany)
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Pitney Bowes (U.S.)
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IBM Corporation (U.S.)
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Ubisense Group Plc. (the U.K.)
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Qualcomm Technologies Inc. (U.S.)
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ESRI (U.S.)
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Wireless Logic (U.K.)
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Google Inc. (U.S.)
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Microsoft Corporation (U.S.)
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HERE (U.S.)
Location of Things Industry Developments
In June 2024, MIT scientists developed piperidine synthesis. This new method could possibly lower costs and decrease environmental impact. The invention has the potential to change the way pharmaceutical companies make this key chemical.
In July 2024, A ground-breaking hypotonia study was recently published in the British Medical Journal. Oxford University researchers have identified a novel genetic marker for this condition, thus enabling earlier diagnoses and targeted therapeutics to be developed.
In July 2024, Agnosia treatment reached a milestone at Tokyo University. Through the use of modern neurostimulation techniques, a new therapeutic strategy has now been discovered and its outcome has helped patients to get back their ability to recognize images.
It is in June 2024 that Chinese manufacturers are currently investigating sustainable production methods for diethylhydroxylamine (DEHA) as an outcome of recent environmental regulations. This is an attempt to reduce the ecological footprint of these chemicals while still using them industrially.
In July 2024, Samsung Electronics introduced improved PNP transistor technology that significantly enhances energy efficiency in its latest smartphones. This development is likely to prolong battery life in addition to improving overall device performance.
In July 2024, Toronto-based Canadian researchers found new options for treating encephalomalacia through their research. Regenerative medicine combined with targeted drug therapy may help accelerate healing in the brain.
July 2024 saw the AIIMS implement an AI tool for diagnostics which is capable of improving accuracy disease detection. The machine learning algorithms-based tool is expected to change how diagnostics are done and patient care across India.
ETH Zurich made a significant breakthrough in quantum computing in July 2024. Scientists at ETH Zurich created a quantum algorithm that can solve complex problems much faster than classical computers do exponentially.
Over two hundred thousand square kilometers were added to its marine protected areas by the government of Brazil in July 2024, as part of an effort to protect biodiversity. This move is aimed at saving endangered species and promoting sustainable fishing practices.
Location of Things Market Segmentation
Location of Things Type Outlook
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Indoor
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Outdoor
Location of Things Application Outlook
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IoT Asset Management
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IoT Location Intelligence
Location of Things Vertical Outlook
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Retail
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Healthcare
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Media
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Transport and Logistics
Location of Things Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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