In 2018, the global Location of Things (LoT) market was valued at approximately US$ 19.10 billion and is projected to experience a compound annual growth rate (CAGR) of 24.5% from 2019 to 2027, ultimately reaching around US$ 128.75 billion by 2027.
The recent advancements in internet infrastructure and the Internet of Things (IoT) have been significantly influenced by the demand for energy-efficient communication networks and the rapid increase in connected devices. This remarkable expansion of IoT is expected to drive the growth of the Location of Things (LoT) market in the upcoming years.
Location Intelligence merges geographical data with existing information from business intelligence systems, enabling organizations to visualize various metrics on maps. This location-based data empowers businesses to uncover new competitive advantages and insights. Forward-thinking companies are integrating geographical information into their datasets, allowing them to leverage geospatial data to enhance their business intelligence efforts. Moreover, location technology is transforming various industries and business operations. The application of IoT, big data, and advanced analytics to real-world challenges has proven to be an effective strategy.
LoT is establishing a new ecosystem for businesses and organizations alike. It is gaining significant traction across diverse industry sectors, particularly in transportation and logistics, government and utilities, as well as the retail sector. Additionally, the surge in smartphone usage and the growing number of internet-connected devices have led to an explosion of data generation. Consequently, the continuous evolution of internet applications necessitates location data, resulting in the creation of vast amounts of information. This extensive data requires careful analysis and scrutiny to inform decision-making processes among industry stakeholders. The Location of Things is poised to impact numerous sectors and, through the ongoing digital transformation of society, is expected to contribute to the economic growth of nations.
In 2018, North America emerged as the leading region in the global Location of Things (LoT) market, followed by Asia Pacific and Europe. South America and the Middle East & Africa ranked fourth and fifth, respectively, in terms of market share within the LoT sector. Furthermore, Asia Pacific is anticipated to experience the highest CAGR during the forecast period. The region's large, tech-savvy population is driving an increase in smartphone penetration, which plays a vital role in enhancing the retail and logistics industries where location-based data and services are crucial.
The overall size of the Location of Things (LoT) market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative insights related to the LoT market. This approach also includes an overview and forecast for the global LoT market based on various segments across five key regions: North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Additionally, primary interviews with industry participants and experts were conducted to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the Location of Things (LoT) sector.
Key players in the global Location of Things (LoT) market include major companies such as Google, Inc., IBM Corporation, Microsoft Corporation, ESRI, Qualcomm Technologies, Inc., Here Technologies, Navizon, Inc., Skyhook, Wireless Logic, and Trimble, Inc., among others.