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Global Location of Things (LoT) Market to Grow at a CAGR of 34% During 2022-2027, Aided by the Heightened Digitalisation and the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Location of Things (LoT) Market Report and Forecast 2022-2027’ the global market for location of things (LoT) attained a value of about USD 10.6 million in 2020. The industry is further expected to grow at a CAGR of 34% in the forecast period of 2022-2027.

The global location of things (LoT) industry is being driven by the heightened digitalisation and the rapid technological advancements being observed worldwide. As a result, the location of things (LoT) technology finds increased usage in major industry verticals such as defense, retail, and transportation for efficient and real-time location tracking. Moreover, with new technological interventions, the location of things technology can be used in integration with cloud technology to facilitate efficient and organised storage of data. Furthermore, LoT can be integrated with enterprise resource planning (ERP) mechanism and customer relationship management (CRM) system to streamline the data collection process from different business segments.

The growing focus of the leading players in the development of the location of things technology by integrating advanced technological solutions is expected to significantly catalyse the industry growth in the forecast period. In November 2020, Nordic Semiconductor (OTCMKTS: NRSDY) announced its Nordic multi-mode NB-IoT/LTE-M nRF9160 System-in-Package (SiP) in the world’s first solar powered perpetual operation cellular IoT asset tracker created by SODAQ. This track is beneficial to be used in on-site logistics and general asset management processes. It solely runs on solar power, therefore, reducing the costs and waste created by batteries. Furthermore, Microsoft (NASDAQ: MSFT), in August 2019, announced the cross-Azure IoT collaboration, which aims to simplify the use of spatial intelligence used together with IoT messaging. Through this, Azure IoT customers can implement IoT spatial analytics with the help of Azure Maps. These developments are expected to positively impact the growth of the location of things industry in the forecast period.

Market Breakup by Application, End Use, and Region:

  • The market is divided based on application into mapping and navigation, asset management, location intelligence, and media and marketing engagement.
  • On the basis of end use, the market can be distributed into retail and consumer goods, government, defence and utilities, manufacturing and industrial, transportation and logistics, and healthcare, among others.
  • Region-wise, the global market for location of things (LoT) can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The heightened digitalisation in various end use industries is driving the global market for location of things (LoT).
  • The rapid spread of the internet of things (IoT) technology in various industry verticals has significantly contributed to the market expansion.
  • The increased demand for geospatial data analytics globally is also aiding the industry growth.
  • Moreover, the rising technological advancements and the development of the location of things (LoT) technology are further propelling market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for the location of things (LoT) for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the applications, end uses, and major regions of the location of things (LoT).
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global location of things (LoT) market are Esri, Wireless Logic, Bosch.IO GmbH, Pitney Bowes Inc, and TIBCO Software Inc., among others.  The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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