The increasing importance of spatial data is driving the growth of Location of things market. The Location of Things has began to grow significantly as businesses, governments and customers realize the profit of connecting neutral devices to the internet.
The merger of GIS and the Internet of Things results in an utterly interesting and rapidly growing technology, which is Location of Things. We examined it carefully and came up with the noticeable things about Location of Things and how various sectors are going to embrace LoT innovations.
According to the sources, the market size is estimated at USD 5.46 billions in 2017 and will reach USD 27.22 billions by 2022 as projected at 37.9% CAGR between 2017-2022.
Increased efficiency and lower costs
The LoT predicts increased efficiency within the city, home and workplace by giving more control to the users. However, there are many who are hesitant to use devices as there are still security problems and it will be an issue.
Mapping & navigation segments account for the largest share in 2016 for Location of Things
In 2016 market, navigation & mapping segments account the largest share. The technology is used to study and analyse the image and data generated. Integration of GIS and interacting mapping technology offers broader solutions for workforce and facilities management.
The retail segment growth may see the highest CGAR during the forecast
It is expected that the retail segment is going to be more benefited by recording the highest growth of CGAR during the forecast. Retailing is all about integrating the existing infrastructure, real time delivery offers to customers and the advanced technologies. By linking the technologies with retail customers can find more benefits with cross-selling and up-selling opportunities, which also reduces the selling cost of new products and improve customer relationships.
North America’s share would be larger than any other geographic locations
As per the geographic analysis, it is accounted that North America will be the one which is going to get the greatest benefit in the Location of Things in the market of 2016. Technological advancements, widespread adoption of new technology, robust internet infrastructure have contributed the growth of the market in this region.
Location of Things will be the largest device market
It is estimated that by the year 2019, Location of Things will be more than the double size of all PCs, tablets, smartphone, connected cars and the wearable market combined together. You can imagine how large and dominating this would be!
The technology is going to enable a new world for us, most precisely – it will be the real-time GIS era. These always-aware and interconnected devices will change the way of our interaction and data transfer, along with the way how the location-based applications work today.
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