Location Of Things Market report gives attention to market segmentation, market size, and forecast of 2019-2025 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export.
North America has the highest share in the location of things market owing to the technological advancements, wide adoption of new technology, the presence of tech savvy entities, and developed IT infrastructure. Furthermore, North America is the home for a large number of domestic vendors, augmenting the location of things industry growth.
The adoption of location-based applications across various domains is anticipated to grow the location of things market lucratively over the forecast time span. Businesses are using location-based applications to directly communicate with their customers through mobile phones. This has resulted in an increase in the adoption of smartphones and the development of location-based technologies.
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Location of things market provides important information, which can be used for optimizing routes, lessening larceny, and loss of assets through proper tracking of the location, providing vital information of machine breakdown, and improving customer experience by sending messages on their smartphones when they are in the locality. Due to these important uses, the location of things industry is growing rapidly.
The integration of location of things with cloud technology has recently increased significantly, which is a major opportunity for the location of things market. It takes the advantage of the powerful processing storage capacity of cloud computing for sensing data. This enables the cloud to provide sensing data to multiple applications at the same time. Furthermore, the adoption of real-time data analysis in the location of things industry assists the organizations by eliminating errors instantly, improving services, cost saving, and easy detection of fraud.
Application segment of the location of things market includes mapping and navigation, IoT asset management, IoT location intelligence, location-based customer engagement, and location-based social media monitoring. Mapping and navigation contribute a major share in the location of things industry. This technology is used to examine the image generated or the data acquired. Mapping and navigation using smart phones are very important in everyday life. Wi-Fi is also used increasingly for mapping and navigation for indoor places, where GPS services do not work efficiently. The integration of GIS and mapping technology enables enterprises to control the data flow and assists in the workforce management.
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Healthcare department is also growing due to its various applications in the location of things market. Telemedicine is growing rapidly owing to the exchange of medical information from one remote location to another through telecommunication infrastructure to make important decisions regarding the health status patients. This segment improves customer experience by providing apt services and reducing the length of stay in the hospitals.
Prominent companies operating in the location of things market include IBM Corporation, Bosch Software Innovations, ESRI, Pitney Bowes, Microsoft Corporation, Qualcomm Technologies, Wireless Logic, Google, and Tibco Software. New players are looking for opportunities to enter into the market, which further boosts the competition faced in the location of things industry.