Mapping & Navigation Dominates the Location of Things (LoT) Market
Latest market study on "Location of Things (LoT) Market to 2027 by Application (Mapping & Navigation, Asset Management, Location Intelligence, and Media & Marketing); and Industry Vertical (Retail, Industrial, Transportation & Logistics, Government & Utilities, Defense, Media & Entertainment, Healthcare, and Others) - Global Analysis and Forecast", the Location of Things (LoT) market is estimated at US$ 19.10 Bn in 2018 and is expected to grow at a CAGR of 24.5% during the forecast period 2019 - 2027, and reach US$ 128.75 Bn by 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The global Location of Things market on the basis of Application is categorized into mapping & navigation, asset management, location intelligence, and media & marketing. All the industry sectors use the location based software tools for various purposes. The basic purpose behind using these tools is to organize the data obtained over the internet and put it to meaningful use. Abundant data is available through numerous data points, and the emergence of IoT has just propelled the data explosions. The numerous applications for using location based services are broadly categorized in our study for LoT market.
The combination of IoT and General Positioning System (GPS) would change the movement of people, and goods in a huge way. Amongst the consumers today, the familiarity with the GPS technology is quite good, however the knowledge of the technology is comparatively limited. When the GPS technology is combined with the powerful IoT technology, large untapped potential values can be harnessed. Within the LoT, IoT would collect volumes of data from the devices whereas the GPS would be used in tracking the location of these as well as other devices.
For the mapping & navigation application, LoT technology empowers businesses to track the exact location of IoT based devices. With the exact location, these businesses can harness good information and thereby draw conclusions for their businesses. The mapping & navigation application could be highly useful in industry verticals such as healthcare, retail, industrial, and transportation & logistics.
The Asia Pacific is expected to be the fastest growing region in the growth of location of things technology. Pertaining to the presence of massive and tech-savvy population, the penetration of smartphones is rising in the Asian market. Also, the huge mass of the region plays a crucial role in accelerating retail and logistics industry in which location-based data/services holds a significant position.
The market for Location of Things is concentrated with large numbers of well-established players as well as emerging players across the globe. The major companies operating in the market includes Google, Inc., IBM Corporation, Microsoft Corporation, ESRI, Qualcomm Technologies, Inc., Here Technologies, Navizon, Inc., Skyhook, Wireless Logic, and Trimble, Inc. are few other players that are investing into the technological innovations for rolling out Location of Things technology in the near future.
The report segments the global Location of Things (LoT) market as follows:
Location of Things Market - By Application
- Mapping & Navigation
- Asset Management
- Location Intelligence
- Media & Marketing
Location of Things Market - By Industry Vertical
- Transportation & Logistics
- Government & Utilities
- Media & Entertainment
Location of Things Market - By Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America (SA)
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