The market for the location of things is growing at a rapid pace due to its abilities that allow objects to comprehend and communicate their physical positions. Such a factor is termed to be the most influential in the path of the market’s growth over the years. In fact, this factor has longed the global location of the things market to move further and gain more valuation in the coming years.
As revealed in the reports of Market Research Future, the global location of things 2020 will be rising at a healthy growth rate of 35% CAGR during the forecast period 2017-2023. Over this phase of growth, the market will also be valued at $38 Billion by 2023 with the growth rate.
Top Market Trends & Drivers
The location data is a pivotal component that proves its worth in finding a host of applications ranging from IoT asset management, l mapping and navigation, IoT location intelligence to location-based social media monitoring and location-based customer engagement and advertising platform. These applications have also turned out to be the impacting factors leading the market to grow at a rapid pace.
At the same time, the mapping and navigation technology is also emerging as it is used to examine the data or the image efficiently. Thus, the incorporation of geographic information systems (GIS) and interactive mapping technology offer comprehensive solutions for facilities and workforce management, which makes the location of things more reliable and capable. These factors are further probable to boost the global market to a great extent in the coming years.
Furthermore, some reliable factors responsible for improving the demand in the market are the hike in the acceptance of location-based applications across various verticals, geospatial data democratization for the internet of things (IoT) applications, and swelling significance of spatial data. In fact, the commercialization of location-based services could be yet another dominant factor in raising the demand in the market. With this, these factors have strong notions that it could lead the market to gain high valuation in the forecast period.
As an add on, the developed regions worldwide are proposed to unveil a strong adoption of the location of things due to prevalent technological advancement and strong internet infrastructure. The emerging regions, on the other hand, could create opportunities for the wealthy economies having a larger population base with strong demand for the location of things. These factors are also counted under the market’s expansion in the forecast period.
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Segmentation of Market
The Covid-19 Impact on Location of Things Market segmental analysis has been done by the location type, application type, and vertical.
In terms of application: Location-based customer engagement and advertising platform, Mapping and navigation, IoT asset management, and IoT location intelligence location-based social media monitoring, are the segments. Wherein, the mapping and navigation sub-segments occupied the largest share in the Covid-19 Impact on Location of Things Market.
The vertical segments, Healthcare and Life sciences, Industrial Manufacturing, Defense Transport, and Logistics, Retail, Government and Public Utilities, Media and Entertainment, and others are the leading sub-segments. Among these, the retail sub-segment is leading as it is all about assimilating advanced technologies with the existing infrastructure. It benefits in delivering real-time offers to customers.
By location type, the indoor location segment will grow at a higher CAGR during the forecast period as the technology supports in recording the real-time monitoring of data to visualize the visitor’s behavior and preferences.
The regional analysis of the Covid-19 Impact on Location of Things Market is further studied for the key regions of Asia Pacific, North America, Europe, and the Rest of the World.
The study has observed that North America would lead the Covid-19 Impact on Location of Things Market for witnessing massive technological progress and subsequent reliable internet infrastructure. With this, the occurrence of strong domestic solution providers also has contributed to the growth of the market. North American region is home to a large number of domestic solution providers who have accelerated the growth in that region.
The market in Asia-Pacific is will also exhibit significant growth during the projection period. Factors such as large population, technological advancements, and wealthy countries, such as South Korea, Singapore, and Hong Kong, are the foremost regions for the growth of the Covid-19 Impact on Location of Things Market.
Market Key Players
The well-known players in the Covid-19 Impact on Location of Things Market are listed as Microsoft Corporation (U.S.), ESRI (U.S.), Pitney Bowes (U.S.), Qualcomm Technologies, Inc. (U.S.), Bosch Software Innovations Gmbh (Germany), Ubisense Group Plc. (U.K.), Wireless Logic (U.K.), IBM Corporation (U.S.), Google, Inc. (U.S.), HERE (U.S.).