PUBLISHER: Grand View Research | PRODUCT CODE: 1376038
PUBLISHER: Grand View Research | PRODUCT CODE: 1376038
The global location of things market size is expected to reach USD 216.68 billion by 2030, registering a CAGR of 23.0% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The increasing penetration of smartphones and enhanced network connectivity coupled with the increasing demand for personalized services are propelling the market growth.
Location of things is an emerging sub-category of the IoT concept that enables connected devices to monitor and communicate their geographic location. Enabled by IoT sensors and location technologies embedded into various connected devices allows organizations and service providers to collect a variety of data over the network. Over the years, a variety of location-based services has been introduced, such as Google Maps, Uber, Waze, and many others, which have been enabled by the ability of a smartphone to locate itself. Location being the most vital dimension of the data collected allows service providers to provide contextual content for each user.
Advancements in connected wearable devices, connected vehicles, connected homes, smart cities, and Industrial IoT (IIoT) are bound to open extensive market avenues for the location of things market in the coming years. However, issues related to privacy and safety along with universally accepted standards are expected to challenge the industry.