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Location of Things (LoT) Market Size
- Report ID: GMI7311
- Published Date: Nov 2023
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Location of Things Market Size in 2022: | USD 15.3 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 20% |
| 2032 Value Projection: | USD 91.5 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 283 |
| Segments covered: | Deployment model, application, and end-user |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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Location of Things Market Scope
