Location of Things Industry Share, Growth, Analysis, Statistics, Trends, Forecast Report, 2024: Global Market Insights Inc.
An outlook on location of things market growth is presented in this latest research report that reviews industry growth drivers, trends, regional factors & companies as well as provides forecasts for next few years. Location of Things Market size is witnessing an upsurge owing to the rising significance of spatial data and the use of geospatial data for IoT applications. This geospatial data gives users information regarding an object’s location and when integrated with various other devices, such as sensors, they transform the way people work and live and hence accelerating the location of things market growth. Geospatial information also plays a key role in moving things safely, which boosts the industry demand. For instance, sensors are placed on railway tracks, which assist in managing the rail traffic and keeping an effective spacing of trains, increasing the capacity. Moreover, the recently adopted game Pokemon Go also uses the information provided by the spatial data. 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.
Location of things is a sub-category on the internet of things and location being an important component assists in communicating the physical positions of various things, which boosts the location of things market growth. Furthermore, as the Internet produces a huge amount of data, filtering of the data is necessary to distil relevant information and location is one such filter, which can be applied to spur the industry demand. 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 market is growing rapidly. Privacy issues and security concerns regarding the user’s identity are the major factors restraining the location of things market growth. Many organizations are facing cyber1|Page