Location of things, a branch of Internet of Things (IoT), assists consumers in monitoring and tracking their assets in real time. It uses spatial and geospatial data obtained from social media and mobile applications. The increasing dependence on smartphones for information and expansion of IoT in various industrial sectors has led to rising investment from major conglomerates such as Intel and Qualcomm. Emerging as well as existing businesses are using this technology to optimize their workflow and to enhance operational efficiency.
Travelling with Ease
Major applications of location of things include location intelligence, asset management, mapping and navigation, and media and marketing engagement. Mapping and navigation emerged as a major application segment in 2016. Its capacity to track and monitor multiple devices simultaneously is expected to net the segment a larger share through 2025. For instance, the Waze mobile application can map untraveled routes and awards its users with rewards that tag traffic conditions and accidents. This app was vital for providing valuable information to users during Hurricane Sandy.
Asset management and location intelligence application segments have high potential due to their ability in improving operational efficiencies. Recently, DHL Logistics collaborated with Huawei to create an efficient inbound-to-manufacturing solution to ensure the timely delivery of raw materials. Vehicles delivering the goods can be tracked with the help of narrowband IoT (NB-IoT) chips. They can be provided with real-time updates on their cellphones to lower their wait times.
As per a report published by Grand View Research, Inc.; the global location of things market is expected to expand at a 34.07% CAGR from 2014 to 2025 (forecast period). High demand for location-based services from various industrial sectors is the primary market driver. Demand for customized services due to adoption of smartphones and easy access to Internet is expected to further propel market growth during the forecast period. The proliferation of IoT and wearables in developed economies due to advanced network infrastructure is another factor that can also influence expansion of the market. Prominent players operating in the market include HERE; Pitney Bowes, Inc.; Bosch; and Google LLC.