The global location of things market is projected to register a noteworthy growth rate due to some reliable aspects responsible for enhancing the demand across the industry. These consist of the surge in the implementation of location-based applications in wide-ranging verticals, geospatial data democratization for IoT (internet of things) applications, and increasing significance of spatial data. The marketing of location-based services is another powerful aspect of increasing demand in the market. Nevertheless, there can be a minor slack in the demand for the location of things owing to privacy issues concerning user identity. However, industry players are expected to be motivated by complimentary business prospects emerging from the implementation of location data analysis and real-time asset management, rise in the recognition of cloud-based technology, and the advancement of IoT.
Though indoor & outdoor markets for the location of things are expected to exhibit growth in the future, the former can surpass the other in terms of revenue. The indoor location of things is assessed to have gained massive popularity since its beginning. One of the evident benefits of indoor technology is the acceptance of real-time data documentation for visualizing the visitor’s behaviors and preferences. This technology is predicted to dominate over GPS (global positioning system) since GPS lacks in receiving signals due to hard walls.
The emerged regions around the globe are projected to witness a strong adoption of the location of things due to extensive technological development and highly developed internet infrastructure. On the other hand, developing regions can generate opportunities owing to affluent economies—such as South Korea & Singapore—and a larger population base.
The global location of things market is mainly being boosted by the surging demand for the location of things powered tags across the retail industry. Such tags facilitate the retail industry to monitor products of higher value easily. These tags can also be modified to present the customers with high details on any product, with the help of smartphones. For instance, when a customer points toward a specific tagged product, data about the product will be shown on her or his smartphone, allowing them to make a well-informed choice. Due to such benefits, the requirement for these tags across the retail industry has amplified considerably in the last few years. In addition, due to the advantages presented by the location of things powered devices, the GPS system is gradually being substituted in many industrial verticals.
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The location of things offers more accuracy and intakes less energy than GPS systems amongst other advantages. In addition, the rising demand for location-based services and geospatial data analysis has been fostering the demand for the location of things enabled tags and devices. Nonetheless, administration regulations and individual privacy apprehensions have been limiting the growth of the global Location of Things market.
The augmenting technological advancement globally has motivated major players in the market to introduce new products. On a related note, in November 2016, Google introduced Tango—an AR (augmented reality) system for smartphones.