The Location Analytics Market report also estimates the effect of different industry characteristics available in market sections and landscapes. The evaluation also recognizes the innovative other options and requesting conditions of the global market.
Location Analytics Market Overview
The global Location Analytics Market size is projected to reach a CAGR of 13.1% from 2023-2030.
Location analytics or geo-analytics is the method of generating insights by analysing location data. It adds geographical data to the data assets of a business to extract more valuable insights. In all industries, business data, such as the data about people, transactions, assets, and events, often comprises a geographic component, which when added to an analysis of performance may unlock new related insights. Location analytics provides an organization with spatial analytics as well as other analytics abilities to understand the data through a location-specific perception and optimize business practices and enable predictions accordingly. It helps businesses to make more informed decisions that can improve both effectiveness and efficiency.
The growth of the global location analytics market is mainly driven by the proliferation of smartphones and an upsurge in the usage of GPS-enabled devices. In addition to this, factors such as growing usage of spatial data and analytical tools, increasing adoption of location analytics for asset management across various industries, and rise in adoption of location analytics in the retail sector fuels the market growth. Additionally, the emergence of advanced technologies in the field of GIS, and the integration of AI with location analytics are expected to provide lucrative opportunities for market growth during the location analytics market forecast period.
On the other hand, consent and privacy concerns may hamper the market growth to some extent.
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The spread of the COVID-19 pandemic resulted in increased adoption of location intelligence solutions to manage to change business scenarios. These solutions help businesses analyze, map, and share data in terms of the location of their customers. Additionally, healthcare and government organizations implemented location-based solutions for vaccination drives to carry out successful COVID-19 public health strategies. The use of location analytics is expected to aid enterprises in coping with the uncertainties induced by the pandemic.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. This led to an increase in smartphone usage worldwide, which in turn saw a surge in location analysis solutions. In particular, the Government of India has leveraged this technology to great advantage in tracking COVID-positive patients and conducting effective contact tracing. The pandemic has underscored the criticality of location-based services, and it is expected that the geospatial technology market will continue to grow in the foreseeable future. The market growth is fueled by several factors, including but not limited to, the growing usage of spatial data and analytical tools, the increasing adoption of location analytics for asset management across various industries, and the rise in the adoption of location analytics in the retail sector. These factors have led to the expansion of the market and increased demand for location analytics solutions.
Key Findings
• The component segment is further fragmented into Managed Services, Solutions, and Services. The solution segment is expected to account for a larger market size during the forecast period. Location analytics solutions are platforms and tools that capture data from different technologies, such as GPS, location sensors, mobile devices, and satellite imagery, to build data visualizations for understanding the facts and finding trends in the relationships between people and places. Location analytics lets everyone in an organization use spatial analytics and other analytics capabilities to understand data from a location-specific perspective, make predictions, and optimize business practices.
• The location type segment is further bifurcated into Outdoor location and Indoor location. The outdoor location is the largest market during the forecast period. Organizations use outdoor location analytics to monitor their immovable assets to reduce costs. This growth is mainly because of the rising development of several outdoor apps that make use of geospatial and positioning solutions. Airlines can determine the exact location of their planes and accordingly inform arrival time to passengers in case of delays.
• The organization segment is further bifurcated into Small and medium-sized enterprises and large enterprises. Large enterprises to account for a larger market size during the forecast period. Large enterprises gather customer and market data to help improve experiences and drive business growth. Most organizations are adopting location analytics solutions to provide better navigation and tracking ability to track people and objects indoors and outdoors. The location analytics market is undergoing significant technological transitions, such as collaboration with social media, real-time solutions, and the usage of mobile devices.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, remote monitoring and risk management are considered highly effective by most organizations and verticals.
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Location Analytics Market Regional Analysis
North America to Dominate the Market
• North America is estimated to account for the largest market share during the forecast period. In North America, remote monitoring and risk management are considered highly effective by most organizations and verticals.
• Moreover, the strong presence of the key providers of IoT technologies and location intelligence is expected to boost the North American market growth.
Location Analytics Market Competitive Landscape
• Autodesk, Inc.
• Bosch Software Innovations GmbH
• Cuebiq Inc.
• ESRI
• HERE Technologies
• MDA Corporation
• Navizon, Inc.
• Precisely
• Qualcomm Technologies, Inc
• Supermap Software Co., Ltd
• Tibco Software, Inc.
• Trimble, Inc.
• Trueposition, Inc.
• Wireless Logic
Location Analytics Market Recent Developments
• In July 2022, IBM acquired Databand.ai, a leading provider of data observability software that helps organizations fix issues with their data, including errors, pipeline failures, and poor quality, before it impacts their bottom line.
• In July 2022, Sap acquired Askdata to strengthen its ability to help organizations take better-informed decisions by leveraging AI-driven natural language searches. Users are empowered to search, interact, and collaborate on live data to maximize business insights.
Reasons to Acquire in the Location Analytics Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Location Analytics Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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