Location of Things (LoT) Market - By Deployment Model (On-premises, Cloud), By Application (Asset Tracking and Management, Smart Cities and Urban Planning, Safety and Emergency Management, Location-based Marketing), By End User, Forecast 2023 - 2032

Location of Things Market Size

Location Of Things Market was valued at USD 15.3 billion in 2022 and is estimated to register a CAGR of over 20% between 2023 and 2032. The growing demand for real-time location analysis is significantly fueling the market growth.
 

Real-time location data provides immediate & crucial insights for industries such as transportation & logistics and smart cities. This analysis enables swift decision-making, enhances operational efficiency, and supports dynamic applications in IoT devices and systems. For instance, in October 2023, Nationwide CORS survey network was launched to provide real-time location mapping & positioning services. By providing precise geospatial information, this network enhances the accuracy of location-based services and data, boosting the reliability & effectiveness of IoT and connected devices reliant on accurate positioning.

The rising demand for location-based services and applications is fueling location of things market expansion. As consumers and industries increasingly rely on location-centric features, such as navigation, geotagging, and personalized services, the market is witnessing an increased demand. For instance, in August 2023, Hanatour launched a real-time travel info-sharing app, enabling users to access trip-related information and connect with local companions. The app facilitates trip planning by providing real-time advice, local insights, and the opportunity to connect with fellow travelers or residents, enhancing the overall travel experience.
 

Security and privacy concerns pose significant challenges to the location of things market. As location-based data becomes more pervasive, ensuring the protection of sensitive user information and preventing potential breaches or misuse is critical. Balancing the collection of accurate location data while preserving user privacy creates complexities. Striking the right balance between data utility and safeguarding personal information is the current challenge within the industry, influencing consumer trust and regulatory compliance.
 

COVID-19 Impact

The COVID-19 pandemic accelerated the adoption of digital technologies and remote work, leading to a positive impact on the location of things market demand. With increased need for contactless solutions, location of things technologies found applications in supply chain optimization, healthcare tracking, and smart cities. This pushed the market to innovate and expand as businesses and governments sought efficient & data driven solutions to navigate challenges during the pandemic.
 

Location of Things Market Trends

Augmented Reality (AR) in location of things involves the integration of AR technology with location-based experiences. By overlaying digital information onto the real world, AR enhances navigation and provides context-specific data. Users can access real-time, interactive information, aiding in easier navigation and enriching their surroundings with relevant details. This trend brings a new dimension to location-based services, offering dynamic & immersive experiences that combine the physical environment with digital content, expanding the capabilities and usability of location-based applications.
 

The Indoor Positioning System (IPS) is an emerging trend in the market focusing on refining location services within indoor spaces. IPS employs technologies such as Wi-Fi, Bluetooth, or sensors to enable precise navigation and location-based services inside buildings. This advancement caters to industries, such as retail, healthcare, and logistics. It enhances operational efficiency, customer experiences, and asset management by providing accurate indoor navigation and context-aware information within facilities, thus expanding the applications of location of things technology.
 

Location of Things Market Analysis

Based on deployment model, the market is divided into on-premises and cloud. The cloud segment accounted for around 40% of the business share in 2022 and is anticipated to grow due to its capacity for scalable storage, processing power, and accessibility. Cloud-based solutions facilitate the collection, analysis, and sharing of vast location data. As more industries are adopting IoT and location-based services, the cloud's flexibility and cost-effectiveness in handling substantial data volumes and enabling real-time insights are poised to drive significant segment growth within the LoT industry.

Based on application, the location of things market is categorized into asset tracking and management, smart cities and urban planning, safety and emergency management, location-based marketing, and others. The asset tracking and management segment accounted for a business share of over 30% in 2022. The asset tracking and management segment is projected to expand due to the increased demand across industries. Companies seek efficient solutions to monitor and manage assets in real time, boosting operational productivity.
 

Applications leveraging location-based technology for tracking and managing assets, from inventory in logistics to equipment in manufacturing, are expected to witness increased adoption. The increased adoption can be attributed to the need for streamlined operations, reduced losses, and improved resource utilization, fueling market expansion.
 

North America is experiencing growth in the location of things market. The region accounted for a market share of over 30% in 2022 and is slated to register significant growth over the forecast period due to technological advancements and robust adoption of IoT and location-based services. With a high concentration of tech firms and a significant emphasis on smart city initiatives, the region fosters a favorable ecosystem for LoT development. For instance, in October 2023, City of Montreal introduced the Smart Traffic Management project in collaboration with Kapsch TrafficCom. Kapsch is providing its AI-enabled platform to identify dangerous behaviors on the roads and provide real-time traffic insights.
 

Location of Things Market Share

The major players operating in the location of things industry are:

• Google, Inc.
• Microsoft Corporation
• IBM Corporation
• Robert Bosch GMBH
• Qualcomm Technologies, Inc.
• Hexagon AB
• Pitney Bowes, Inc.
• Trimble, Inc
• Oracle Corporation
• ESRI

Google and Microsoft dominate the market due to their robust cloud platforms—Google Cloud and Microsoft Azure. Both offer scalable, secure infrastructures supporting location-based services, IoT device management, and seamless integration with geospatial data analytics. Their suite of tools and extensive developer support makes them dominating players in the market.
 

Location of Things Industry News

• In August 2023, NEC launched a new Smart City project in India, integrating advanced technologies for urban development. This initiative will augment market growth by enhancing IoT infrastructure, connectivity, and smart services. This will foster improved data-driven urban planning, efficient resource utilization, and innovative location-based applications within the city.
   

The location of things market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD billion) from 2018 to 2032 for the following segments:

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By Deployment Model, 2018 – 2032

• On-premises
• Cloud

By Application, 2018 – 2032

• Asset Tracking and Management
• Smart Cities and Urban Planning
• Safety and Emergency Management
• Location-based Marketing
• Others

By End User, 2018 – 2032

• BFSI
• Retail and E-commerce
• IT & Telecom
• Transportation & Logistics
• Manufacturing
• Healthcare
• Government and Public
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • ANZ 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa