The global location of things market is expected to be marked by a significant growth rate on account of some reliable factors responsible for improving the demand in the industry. Of these include the hike in the acceptance of location-based applications across different verticals, geospatial data democratization for internet of things (IoT) applications, and surging significance of spatial data. The commercialization of location-based services could be another powerful factor raising the demand in the market.
Although both indoor and outdoor markets for location of things are predicted to showcase growth in the coming years, the former could outclass the other in terms of CAGR growth. Indoor location of things is surveyed to have gained a whole lot of popularity since its conception.
One of the noticeable advantages of the indoor technology is the allowance of real-time data recording for visualizing the visitor’s preferences and behaviors. This technology is envisaged to have an upper hand over global positioning system (GPS) for the fact that the latter falls short of receiving signals because of hard walls.
The developed regions of the world are envisioned to exhibit a strong adoption of location of things owing to widespread technological advancement and strong internet infrastructure. Emerging regions, on the other hand, could create opportunities on the back of affluent economies such as Singapore and South Korea and a larger population base.
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Location of Things is a part of Internet of Things (IoT). It is based on the ability of the tagged systems to share their location data. Location of things can be termed as an advanced form of global positioning system (GPS), which was founded almost 20 years back. GPS systems were initially utilized by the U.S. military, and later opened up for public use.
Initial GPS systems were relatively expensive and not feasible to be included in daily use electronics. Hence, the demand for such systems was quite low. However, with development in semiconductor manufacturing technology, advancements in GPS systems and decrease in price of electronic components, GPS systems have become affordable currently. It has now become an integral part of smart phones and other electronic devices.
Location of Things utilizes technology similar to that of GPS and aids in locating the position of the target which has been tagged with a compatible transceiver. The transceiver is generally capable of receiving and transmitting radio frequency signals by utilizing Bluetooth Low Energy (BLE).
The signals are then received or intercepted by a device, such as a smart phone or a tablet, connected to the internet. The accompanying software aids in calculating the position of the tagged device and hence points out to the exact location of the transceiver.
The major companies of the Location of Things market globally are Tile, Inc. (The U.S.), Pixie (The U.S.), UbiSense Group Plc (The U.K.), Environmental Systems Research Institute (The U.S.), and Bosch Software Innovations GmbH (Germany) among various other companies.