Global location of things market to reach $71.6bn by 2025
As a result of the continued increase in the penetration of smartphones, the global location of things market is expected to reach USD 71.6 billion by 2025, growing at a CAGR of 34.07%, according to Research and Market new study.
The growth will be further empowered by various applications, such as Google Maps, Here Maps, and Apple Maps which have enabled a variety of location-based services, The Drum revealed.
Defining what is meant by ‘location of things’ the research explained: “Location of things is an emerging sub-category of the Internet of Things (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.”
North America and Europe accounted for the majority share in the location of things markets while Asia Pacific is expected to grow at a CAGR of nearly 35.9% over the forecast period.
China, India, Japan, and other developing nations in the region are expected to drive the industry growth in the coming years because of constant increase in technology.
The key market players set to drive this growth include Google, Here, Qualcomm, Apple, Pitney Bowes, and Bosch.
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