Global Location of Things (LoT) Market Report and Forecast 2024-2032

Global Location of Things (LoT) Market Outlook

The global location of things (LoT) market stood at a value of around USD 25.50 billion in 2023. The market is projected to grow at a CAGR of 33.7% in the forecast period of 2024-2032 to attain a value of around USD 349.08 billion by 2032.

Key Takeaways

Location of Things (LoT) is a by-product of the Internet of things (IoT) that allows devices to connect and communicate based on their geographic location. With IoT sensors integrated with location technologies, organisations can collect location-based data through various devices connected to the same network. This allows for organised and accurate data collection. LoT devices like in-car navigation and GPS systems are used in everyday devices such as smartphones and smartwatches.

The growing trend of digitalisation and the increased technological advancements are the major factors propelling the location of things (LoT) market growth. With the expanding access to the Internet of things (IoT), governments are developing policies to promote digital use in various sectors worldwide to enhance operational efficiency, further propelling the market.

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Key Trends and Developments

Increasing edge computing integration; the rising 5G adoption; LoT integration in smart cities to optimise urban living; and robust cybersecurity and privacy measures are positively impacting the market growth

Location of Things (LoT) Market Trends

One of the major factors aiding the market growth is the widespread adoption of IoT devices, sensors, and connected systems across industries such as transportation, logistics, healthcare, agriculture, and smart cities. Moreover, the adoption of location-based services is propelled by the growing demand for advanced analytics that utilise location data to gain insights into consumer behaviour, market trends, and operational efficiency.

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Furthermore, technological interventions such as the adoption of cloud-based technical solutions and the advent of data analytics are estimated to spearhead the location of things (LoT) market expansion. For instance, ArcGIS analytics is a real-time data processing technology for organisations to acquire spatial data launched by Esri, a leading Internet of Things technology vendor. This technology does not require deployment or maintenance. Such developments by the key players are expected to further propel the market forward.

Market Segmentation

“Global Location of Things (Lot) Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Mapping and navigation account for a significant location of things (LoT) market share due to increasing demand for such services in the transportation sector

Mapping and navigation services account for a major market share due to their rising demand in the transportation sector. For instance, in cab services such as Uber, LoT-enabled mapping and navigation services are used to connect with consumers through Internet or Wi-Fi services and share their real-time locations.

Furthermore, location of things (LoT) revolutionises asset management through real-time tracking and maintenance, enhances location intelligence with spatial data analysis and risk management, and transforms media and marketing with targeted advertising and customer engagement strategies, leveraging precise location data for efficiency and insights.

The retail and consumer goods sector is expected to dominate the LoT market amid the rising demand for personalised services

The retail and consumer goods sector extensively adopts the location of things technology owing to its favourable properties, such as the ability to provide personalised customer service. Moreover, it also augments product distribution growth and provides a channel to offer discounts and sales to attract more consumers while reducing operational costs.

The location of things (LoT) market is experiencing further growth owing to government investments in smart city and defence projects, and the integration of LoT in managing increasingly complex global supply chains.

LoT aids in accurately locating incidents and deploying emergency services efficiently for the government. Furthermore, for supply chain and inventory management, the technology helps in tracking materials and products throughout the supply chain, ensuring efficient inventory management and reducing delays.

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Competitive Landscape

Some of the major market players are integrating advanced technologies to provide innovative LoT solutions

Other key players in the global location of things (LoT) market are TIBCO Software Inc., and others.

Companies in the global location of things (LoT) market are continuously innovating to offer advanced LoT solutions. This includes integrating AI and machine learning for smarter data analytics, enhancing GPS accuracy, and incorporating IoT with 5G for faster, real-time data transmission.  Many firms are entering partnerships with other technology companies, telecommunications providers, and software developers to enhance their offerings.

Location of Things (LoT) Market Analysis by Region

North America is expected to possess a significant portion of the market share during the forecast period. Enterprises in various industry verticals such as retail and transportation are exceedingly utilising the location of things technology to streamline business processes and increase work efficiency.

Moreover, the rapid adoption of smart devices and the presence of leading market players in the region are poised to attract more investments in LoT technology.

Other regions, including Europe, Asia Pacific, Latin America, and Middle East and Africa, are also expected to aid the location of things (LoT) market growth in the coming years owing to technological advancements, positive regulatory environment, infrastructure development, and domain-specific demands.

Key Highlights of the Report