The global location of things market size is expected to reach USD 216.68 billion by 2030, registering a CAGR of 23.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing penetration of smartphones and enhanced network connectivity coupled with the increasing demand for personalized services are propelling the market growth.
Location of things is an emerging sub-category of the IoT concept that enables connected devices to monitor and communicate their geographic location. Enabled by IoT sensors and location technologies embedded into various connected devices allows organizations and service providers to collect a variety of data over the network. Over the years, a variety of location-based services has been introduced, such as Google Maps, Uber, Waze, and many others, which have been enabled by the ability of a smartphone to locate itself. Location being the most vital dimension of the data collected allows service providers to provide contextual content for each user.
Advancements in connected wearable devices, connected vehicles, connected homes, smart cities, and Industrial IoT (IIoT) are bound to open extensive market avenues for the location of things market in the coming years. However, issues related to privacy and safety along with universally accepted standards are expected to challenge the industry.
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North America dominated the global market and accounted for the largest revenue share of 30.3% in 2022. Technology proliferation, increased penetration of smartphones, and enhanced network connectivity have led to a faster adoption rate in North America than in other regions.
The mapping and navigation segment accounted for the highest revenue share of around 33.3% in 2022 and is estimated to register the fastest CAGR of 24.2% over the forecast period. The mapping and navigation technology enables users to track and monitor the movement of various physical devices.
The transportation and logistics segment accounted for the largest revenue share of around 24.8% in 2022 and is estimated to register the fastest CAGR of 24.4% over the forecast period, which is followed by the manufacturing and industrial segment. The development of connected car technologies and a variety of logistics solutions have enhanced the operational efficiencies and reduced the time-to-delivery for the transportation sector.
Asia Pacific is expected to register the highest CAGR of 24.7% over the forecast period owing to the increased spending on connected devices, investments in various IoT technologies, and increasing demand for personalized services.
Grand View Research has segmented the global location of things market on the basis of on application, vertical, and region:
Location Of Things Application Outlook (Revenue, USD Million, 2017 - 2030)
Mapping And Navigation
Media And Marketing Engagement
Location Of Things Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Government, Defence And Public Utilities
Transportation And Logistics
Retail And Consumer Goods
Manufacturing And Industrial
Location Of Things Regional Outlook (Revenue, USD Million, 2017 - 2030)
Middle East And Africa
United Arab Emirates (UAE)
List of Key Players in the Location Of Things Market
Pitney Bowes Inc.
TIBCO (Cloud Software Group, Inc.)
Qualcomm Technologies, Inc.
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