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.
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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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