At 24.5% CAGR Location of Things (LoT) Market is set to Hit $128.75 Billion by 2027 - IBM Corporation, Microsoft Corporation, ESRI, Qualcomm Technologies, Here Technologies, Navizon, Skyhook, Wireless Logic

The combination of IoT and General Positioning System (GPS) would change the movement of people, and goods in a huge way. Amongst the consumers today, the familiarity with the GPS technology is quite good, however the knowledge of the technology is comparatively limited. When the GPS technology is combined with the powerful IoT technology, large untapped potential values can be harnessed. Within the LoT, IoT would collect volumes of data from the devices whereas the GPS would be used in tracking the location of these as well as other devices.

Latest market study on "Location of Things (LoT) Market to 2027 by Application (Mapping & Navigation, Asset Management, Location Intelligence, and Media & Marketing); and Industry Vertical (Retail, Industrial, Transportation & Logistics, Government & Utilities, Defense, Media & Entertainment, Healthcare, and Others) - Global Analysis and Forecast", the Location of Things (LoT) market is estimated at US$ 19.10 Bn in 2018 and is expected to grow at a CAGR of 24.5% during the forecast period 2019 - 2027, and reach US$ 128.75 Bn by 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

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For the mapping & navigation application, LoT technology empowers businesses to track the exact location of IoT based devices. With the exact location, these businesses can harness good information and thereby draw conclusions for their businesses. The mapping & navigation application could be highly useful in industry verticals such as healthcare, retail, industrial, and transportation & logistics.

The Asia Pacific is expected to be the fastest growing region in the growth of location of things technology. Pertaining to the presence of massive and tech-savvy population, the penetration of smartphones is rising in the Asian market. Also, the huge mass of the region plays a crucial role in accelerating retail and logistics industry in which location-based data/services holds a significant position.

The report segments the global Location of Things (LoT) market as follows:

Location of Things Market - By Application

- Mapping & Navigation
- Asset Management
- Location Intelligence
- Media & Marketing

Location of Things Market - By Industry Vertical

- Retail
- Industrial
- Transportation & Logistics
- Government & Utilities
- Defense
- Media & Entertainment
- Healthcare
- Others

Amalgamation of different technologies in the system has enabled it to provide the accuracy that can be defined as the precision and latency. The precision needed for locating an object or a person depends upon the applications itself. For instance, some applications such as tracking of large objects might require accuracy within 3-5 meters, whereas for smaller object the accuracy might have a range in centimeters. In addition, the real-time tracking of the objects also depends upon the application of the systems. As the organizations across industry verticals continue to realize their requirements for the real-time localization based upon the particular application, they will thrive for the advancement in the precision, which in response is expected to pave path for new applications for Location of Things (LoT) market.

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