Location of Things (LoT) Market - By Deployment Model (On-premises, Cloud), By Application (Asset Tracking and Management, Smart Cities and Urban Planning, Safety and Emergency Management, Location-based Marketing), By End User, Forecast 2023 - 2032

Location of Things (LoT) Market - By Deployment Model (On-premises, Cloud), By Application (Asset Tracking and Management, Smart Cities and Urban Planning, Safety and Emergency Management, Location-based Marketing), By End User, Forecast 2023 - 2032

Location of Things (LoT) market is predicted to record over 20% CAGR from 2023 to 2032, driven by technological advancements and the increasing demand for real-time location data. As businesses strive for enhanced operational efficiency, there will be wider incorporation of LoT solutions.

The escalating adoption of IoT devices, the proliferation of 5G networks, and the rising need for accurate geospatial information across diverse industries is also adding to the market demand. For instance, in India, in the past 15 months, the 5G network deployment has surpassed 4,00,000 as of December 2023. Bharti Airtel and Reliance Jio has been adding 2000 base tower stations every week. Development like this will increase the demand for location of things in the coming years.

The location of things market is classified based on deployment model, application, end-user, and region.

The on-premises segment is anticipated to witness substantial growth through 2032, as companies are increasingly recognizing the importance of maintaining control over their data infrastructure. This model provides organizations with the flexibility and security they need to manage and analyze location-based data within their own premises, fostering a more tailored and responsive approach to leveraging location intelligence.

The smart city and urban planning segment is expected to generate strong demand by 2032. LoT technology is becoming integral to building sustainable and efficient urban environments. From optimizing traffic flow to managing energy consumption, LoT is revolutionizing the way cities operate. The implementation of smart city solutions powered by Location of Things promises to enhance the quality of life for residents, improve resource allocation, and pave the way for the cities of the future.

Europe Location of Things (LoT) market will expand significantly through 2032 owing to the region's robust infrastructure, supportive regulatory environment, and the presence of leading technology innovators. European businesses are increasingly integrating location-based technologies into their operations, spanning industries such as logistics, healthcare, and agriculture. With a commitment to sustainability and digital transformation, Europe is poised to play a pivotal role in shaping the global landscape of Location of Things.