San Francisco, CA — 12/06/2017 — Global Location of Things Market: Overview
Internet of Things, a.k.a. IoT, which is disrupting various industries, has an emerging subcategory called the Location of Things. Location is an important component of IoT which entails, among other things, ability of objects to comprehend and communicate their physical positions. Hence, it has an important role to play for anything connected to the internet.
In today's hyper connected world where the internet has become ubiquitous, there is a mind boggling amount of data generated every minute. To distil relevant bits filters are required. Location is one such filter that can be applied.
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Global Location of Things Market: Key Trends
Location data is swiftly proving to be another data point for input into data analysis. They can be useful in optimizing routes, providing feedback on when a machine is down, lessening theft and loss of assets through reliable tracking and alerts, promoting customer engagement and loyalty by sending push messages on their smartphones when they are in the vicinity, etc. On account of so many location-based applications, location of things market is expanding at a cracking pace.
Rising importance of spatial data and democratization of geospatial data for IoT applications are also boosting the global location of things market.
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Global Location of Things Market: Market Potential
Given its potential to revolutionize the functioning of different organizations in the same way data analytics has done, the potential in the location of things market is massive and avenues of growth a dime a dozen.
Location of things is already finding a host of applications ranging from mapping and navigation, IoT asset management, location based customer engagement and advertising platform, and IoT location intelligence to location based social media monitoring. Among them, the segment of mapping and navigation contributes the most to the location of things market. Mapping and navigation technology is used to examine the data or the image generated.
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The different end use segments of location of things technology are governments and public utilities, retail, defense, healthcare, transportation and logistics, banking, finance, and insurance, and media and entertainment, among others. Of them, the retail sector holds out maximum promise for growth for incumbent and new players on account of the growing practice of integrating location-based technology with retail and e-commerce to improve product distribution, enhance cross-sell and up-sell opportunities, bring down operational costs and better engage with customers.
Global Location of Things Market: Regional Outlook
Geographically, the key segments of the global location of things market are North America, Asia Pacific, Europe, and the Rest of the World. North America, among them, is a dominant market on account of the presence of a copious number of tech savvy entities and massive technological progress and a subsequent solid internet infrastructure. Most importantly, however, the region is home to a large number of domestic solution providers who have pushed up growth in the region.
Global Location of Things Market: Competitive Analysis
Prominent names competing in the global market for location of things are Bosch Software Innovations GMBH, ESRI, Qualcomm Technologies, Inc., Wireless Logic, Ubisense Group PLC., Google, Inc., IBM Corporation, Microsoft Corporation, Pitney Bowes, and Tibco Software, Inc.
The market is characterized by stiff competition and in order to retain their competitive edge, bigger players are constantly on the lookout for opportunities to acquire promising startups.
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