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Retail Segment in Location of Things Market is Projected Grow Rapidly By 2024

Author : Ronak Bora | Published Date : 2019-03-25 

North America has the highest share in the Location of Things Market owing to the technological advancements, wide adoption of new technology, the presence of tech savvy entities, and developed IT infrastructure. Furthermore, North America is the home for a large number of domestic vendors, augmenting the location of things market growth.

The adoption of location-based applications across various domains is anticipated to grow the location of things market lucratively over the forecast time span. Businesses are using location-based applications to directly communicate with their customers through mobile phones. This has resulted in an increase in the adoption of smartphones and the development of location-based technologies.

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The integration of location of things with cloud technology has recently increased significantly, which is a major opportunity for the location of things market. It takes the advantage of the powerful processing storage capacity of cloud computing for sensing data. This enables the cloud to provide sensing data to multiple applications at the same time. Furthermore, the adoption of real-time data analysis in the location of things market assists the organizations by eliminating errors instantly, improving services, cost saving, and easy detection of fraud.

Location of things market based on vertical is segmented on the basis of defense, government organizations, healthcare, manufacturing, retail, media and entertainment, BFSI, and transport. Of them, the retail segment is anticipated to grow rapidly through the forecast time span owing to the integration of location-based technology with retail to augment product distribution, provide real-time offers to customers, enhance cross-sell opportunities, combat operational costs, and improve the customer engagement.

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The location of things market can be segmented based on location type, application, and vertical. The location type consists of indoor location and outdoor location. The indoor location type is anticipated to grow rapidly as this technology assists in recording the real-time data to picture the visitors’ preferences. The use of Global Positioning System reduced due to the inability of signals to pass through hard walls and hence the indoor location technology boosted. The indoor location type helps in finding devices, navigation of indoor spaces, helps with logistics in the warehouse, and gathering sensitive data.

Application segment of the location of things market includes mapping and navigation, IoT asset management location intelligence, location-based customer engagement, and location-based social media monitoring. Mapping and navigation contribute a major share in the location of things market. This technology is used to examine the image generated or the data acquired. Mapping and navigation using smart phones are very important in everyday life. Wi-Fi is also used increasingly for mapping and navigation for indoor places, where GPS services do not work efficiently. The integration of GIS and mapping technology enables enterprises to control the data flow and assists in the workforce management.

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Prominent companies operating in the location of things market include IBM Corporation, Bosch Software Innovations, ESRI, Pitney Bowes, Microsoft Corporation, Qualcomm Technologies, Wireless Logic, Google, and Tibco Software. New players are looking for opportunities to enter into the market, which further boosts the competition faced in the location of things market.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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