The global location of things market size was valued at USD 5,562.1 million in 2016 and is expected to reach USD 71.6 billion by 2025, with a CAGR of 34.07%. The location of things market by indoor type includes indoor location and outdoor location. Business has changed color from the stereotype to a more vibrant and inclusive role thanks to penetrative power of internet and rolling out of Internet of Things (IoT) between devices. Internet of Things (IoT) convergence has extended beyond the ordinary to foster growth in a similar market-intensive identity named Location of Things (LoT) market giving detailed and incisive insights in social-media management (SMM) monitoring to real-time asset maintenance and there is no stopping growth in location of things market.
Expansion
has led to device expression and remote location based authorization of device
parameters and device-prioritization for instance covering connected cars,
connected home, smart city, mobile advertising and ambient intelligence
boosting technological upgrades in LoT market. Right from wearables and smart
watches down to far-away vending machines, Internet of things has made a global
impact in feeding user with health warnings and fitness-criteria down to
customer touch points relaying vehicle-breakdown information with help of
arithmetic program interface (API) wizards. This has set norms in industry
growth with location of things.
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Advertising
in every nook of the city with out of home (OOH) technology and IoT is gaining
root. Traditional outmoded banner advertising becoming a tad unpopular,
Location of things and IoT has left its indelible mark in famed hallmarks of
advertising. Machine to Machine dependence enabling internet of things
connectivity and device governance with devices frequently in touch with their
counterparts present a full-bloom growth channel for Internet of Things (IoT)
market.
On
an upside Location of Things (LoT) market will gain increasingly due to
personal vehicle connectivity with enhanced telecommunication and collaboration
technologies and all-round gains are predicted. The location of things market
by application includes navigation type, location based customer engagement and
advertising platform, location based social media monitoring, IOT Asset
Management and IOT Location Intelligence.
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By
vertical, location of things market includes government and public utilities,
defense, transportation and logistics, industrial manufacturing, healthcare and
life sciences, retail, BFSI, media and entertainment and others. By region,
location of things market includes North America, Europe, Asia pacific, MEA and
Latin America. As per industry news, Intel Capital is financing an IoT
technological arm focusing on technology enunciation including 3D-scanning and
biometric sensors, 3D biometric sensors and wearable sand IoT infrastructure
start-ups. Software and services market will be a multi-billion dollar market
and growth in number of interconnected devices will exhibit enhanced market
drive.
By
location, connected cities market is exhibiting profound growth in location of
things market. Drivers to the location of things market are improved customer
experience, simplification of supply chains and agile logistics with
cost-cutting measures and productive all-round employee participation. Amongst
other key industries, smart factories will contribute 7% to 8% of industry
total. Key industries include Bosch Software Innovations GmbH, ESRI, Qualcomm
Technologies, Wireless Logic, Ubisense Group, PLC, Google, Inc., IBM
Corporation, Microsoft Corporation, Pitney Bowes, HERE, Telogis, and Tibco
Software. Target audience in location of things market is application vendors,
IOT provider companies, Academic and research institutes and Government
associations.
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