Location Of Things
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What Is the Location Of Things Market Size and Projected Growth Rate?
The ‘location of things’ market has witnessed a substantial expansion recently, and this growth trend is set to continue. It is projected to rise from $16.13 billion in 2024 to $20.84 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 29.1%. Several factors contribute to this escalation during the historical period, including the broadening of smart manufacturing and industry 4.0, surging demand for fleet and logistics optimization, augmented utilization of the Internet of Things (IoT) in the healthcare sector for patient tracking, the rise of e-commerce and digitalization of supply chain processes, and the growth of hyperlocal advertising and marketing initiatives.The market for location of things is poised for a significant expansion in the coming years, with expectations to reach a value of $57.26 billion in 2029, displaying a compound annual growth rate (CAGR) of 28.8%. This predicted rise during the projected duration may be credited to several factors such as an increased need for asset tracking and management, the development of smart cities, extension in 5G networks, an elevated demand for location-based services, and the advancement in autonomous and connected vehicles. The period is also likely to see major trends such as the ubiquitous spread of IoT devices, advancements in connectivity technologies, the uptake of artificial intelligence and machine learning, incorporation with augmented reality (AR) and virtual reality (VR), and an increased demand for real-time location systems.
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What Are the Major Segments in the Location Of Things Market?
The location of things market covered in this report is segmented –
1) By Location Type: Indoor Location, Outdoor Location
2) By Deployment Model: On-Premises, Cloud
3) By Application: IoT Asset Management, Location Intelligence, Location-Based Customer Engagement And Advertising Platform, Location-Based Social Media Monitoring, Mapping And Navigation, Other Applications
4) By Industry Verticals: Banking, Financial Services, And Insurance, Aerospace And Defense, Healthcare, Public Sector, Information Technology And Telecom, Retail, Transportation And Logistics, Other Industry Verticals
Subsegments:
1) By Indoor Location: Bluetooth Low Energy (BLE) Beacons, Wi-Fi-Based Indoor Positioning, Ultra-Wideband (UWB), RFID-Based Systems
2) By Outdoor Location: Global Positioning System (GPS), Cellular Network-Based Positioning, Satellite-Based Positioning, Wi-Fi-Based Outdoor Positioning
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What Are The Driving Location Of Things Market Evolution?
The surge in the use of connected devices is anticipated to drive the development of the location of things market. These physical objects are designed with sensors, software, and internet connection capabilities, enabling them to gather, transmit and receive data via the internet or other networks. They have the ability to interact with other devices and systems, often supporting automation and remote operations. The rising use of connected devices is attributed to superior network connectivity, expanded internet reach, and the need for automation, remote control, and enhanced convenience. These devices offer comprehensive insights about individuals, assets, and environments, revamping location-based services. Such data enhances decision-making processes, optimizes operations, and tailors experiences in sectors like retail, logistics, and healthcare. For example, as per IoT Now, a UK-based magazine and digital news provider focused on the world of IoT, the number of connected IoT devices stood at 16.6 billion in 2023, signifying a 15% increase compared to 2022. Furthermore, it is projected that connected IoT devices will skyrocket to 40 billion by 2030. Consequently, this expected rise in the usage of connected devices is set to fuel the expansion of the location of things market.
Which Firms Dominate The Location Of Things Market Segments?
Major companies operating in the location of things market are Apple Inc., Google LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Cisco Systems Inc., Qualcomm Technologies Inc., Zebra Technologies Corporation, Garmin Ltd., Trimble Inc., Pitney Bowes Inc., ESRI Global Inc., Enav S.P.A., HERE Technologies BV, NV5 Holdings Inc., Verizon Connect, TomTom NV, Tibco Software Group Inc., Mapbox Inc., Ubisense Group plc, Kontakt.io Inc., Aerial Data Service Inc., Hellotracks LLC, Deeyook LLC, Phoenix LiDAR Systems Inc.
What Trends Are Expected to Dominate the Location Of Things Market in the Next 5 Years?
Major corporations active in the ‘location of things’ market are emphasizing the creation of highly advanced items like 4G vehicle trackers, which offer quicker data transmission, broader network coverage, reduced latency, and augmented dependability. A 4G vehicle tracker is a GPS-enabled tool that boasts 4G LTE connectivity, facilitating live location tracing, route surveillance, and vehicle diagnostic features for applications like fleet management, security, and telematics. To illustrate, in August 2023, Jimi IoT, a GPS tracking device manufacturer based in China, introduced the VL101G INS-Aided IP66-Rated Vehicle Tracker. This VL101G 4G vehicle tracker employs GNSS positioning technology and dual-frequency GPS, ensuring live location tracking and highly accurate positioning in different deployment scenarios. The tracker supports LTE communication with GSM (2G) fallback, ensuring a consistent connection even in areas with weak signal strength. Armed with an inertial navigation system (INS), it offers accurate movement data, making it a perfect choice for fleet management operations. It also includes extra features like driving behavior analysis, ignition detection, and remote engine cut-off to improve security and workflow efficiency. With an IP66 rating, the device is designed to be durable in challenging conditions, and its compact design allows for covert installation. Remote administration via Jimi IoT’s cloud-based platform ensures user-friendliness and easy monitoring.
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Which Is The Largest Region In The Location Of Things Market?
North America was the largest region in the location of things market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the location of things market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Location Of Things Market?
2. What is the CAGR expected in the Location Of Things Market?
3. What Are the Key Innovations Transforming the Location Of Things Industry?
4. Which Region Is Leading the Location Of Things Market?
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