Location of Things Market: Snapshot
The global location of things market is expected to be marked by a significant growth rate on account of some reliable factors responsible for improving the demand in the industry. Of these include the hike in the acceptance of location-based applications across different verticals, geospatial data democratization for internet of things (IoT) applications, and surging significance of spatial data. The commercialization of location-based services could be another powerful factor raising the demand in the market.
However, there could be a slight slack in the demand for location of things due to privacy issues related to user identity. Nonetheless, industry players are anticipated to be encouraged by favorable business prospects arising from the adoption of real-time asset management and location data analysis, evolution of IoT, and rise in the acceptance of cloud-based technology.
Although both indoor and outdoor markets for location of things are predicted to showcase growth in the coming years, the former could outclass the other in terms of CAGR growth. Indoor location of things is surveyed to have gained a whole lot of popularity since its conception. One of the noticeable advantages of the indoor technology is the allowance of real-time data recording for visualizing the visitor’s preferences and behaviors. This technology is envisaged to have an upper hand over global positioning system (GPS) for the fact that the latter falls short of receiving signals because of hard walls.
The developed regions of the world are envisioned to exhibit a strong adoption of location of things owing to widespread technological advancement and strong internet infrastructure. Emerging regions, on the other hand, could create opportunities on the back of affluent economies such as Singapore and South Korea and a larger population base.
Location of Things is a part of Internet of Things (IoT). It is based on the ability of the tagged systems to share their location data. Location of things can be termed as an advanced form of global positioning system (GPS), which was founded almost 20 years back. GPS systems were initially utilized by the U.S. military, and later opened up for public use. Initial GPS systems were relatively expensive and not feasible to be included in daily use electronics. Hence, the demand for such systems was quite low. However, with development in semiconductor manufacturing technology, advancements in GPS systems and decrease in price of electronic components, GPS systems have become affordable currently. It has now become an integral part of smart phones and other electronic devices.
Location of Things utilizes technology similar to that of GPS and aids in locating the position of the target which has been tagged with a compatible transceiver. The transceiver is generally capable of receiving and transmitting radio frequency signals by utilizing Bluetooth Low Energy (BLE). The signals are then received or intercepted by a device, such as a smart phone or a tablet, connected to the internet. The accompanying software aids in calculating the position of the tagged device and hence points out to the exact location of the transceiver.
Location of Things market is primarily being driven by the growing demand for Location of Things enabled tags in the retail industry. Such tags enable the retail industry to track products of high values easily. These tags can also be customized to provide the customers with greater details on any product, through the aid of smart phones. For eg: when a customer points toward a particular tagged product, information about the product will be displayed on his or her smart phone, enabling them to make an informed choice. Owing to such benefits, the demand for these tags in the retail industry has grown multi fold in recent years.
Additionally, owing to the advantages offered by Location of Things enabled devices, the GPS systems are slowly being replaced in several industry verticals. Location of Things offer higher accuracy and consumes less energy, compared to GPS systems, among other advantages. Furthermore, the growing demand for geospatial data analysis and location-based services has been promoting the demand for Location of Things enabled devices and tags. However, government regulations and individual privacy concerns have been restraining the growth of the Location of Things market. While certain countries have highly stringent regulations on monitoring of individuals, some countries are developing guidelines on the same. Such regulations can be expected to hinder the growth of the Location of Things market to some extent. The decreasing prices of Location of Things enabled tags and growing popularity for personal usage of these tags can be expected to offer good growth benefits for the Location of Things market, during the forecast period.
The Location of Things market has been segmented on the basis of location into two types. They are outdoor and indoor. On the basis of end-use industry, the Location of Things market has been segmented into aerospace & defense, healthcare & medical, retail, manufacturing, public utilities, transportation and others. The global Location of Things market, by region, has been segmented into five major regions. They are North America, Europe, Asia Pacific (APAC), South America and Middle-East & Africa (MEA). North America was the largest segment in 2016, followed by Asia Pacific and Europe. The high market share of North America can be attributed to the faster adoption of this Location of Things enabled devices by various industry verticals, coupled with the growing penetration of such devices for personal use.
The major companies of the Location of Things market globally are Tile, Inc. (The U.S.), Pixie (The U.S.), UbiSense Group Plc (The U.K.), Environmental Systems Research Institute (The U.S.), and Bosch Software Innovations GmbH (Germany) among various other companies.
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