The location analytics market crossed US$ 16.59 billion mark in 2022 and is expected to hit US$ 43.35 billion by 2030, recording a CAGR of 12.7% during the forecast period.
LOCATION ANALYTICS HAVE BEEN SIGNIFICANTLY GROWING WITH THE HIGH ADOPTION OF THE SPATIAL DATA AND ANALYTICS TOOLS
The availability of large amounts of fragmented location-based data across all verticals has created challenges in correlating and analysing data using traditional BI tools. Spatial data and analytics are considered crucial for businesses to understand the changing business trends and challenges in the regions. This data trend is driving the growth of the market. Spatial data helps clients solve spatial allocation-related queries, providing data to be used in audits, design reviews, and other spatially related projects. These factors are increasing the use of spatial data across different verticals. Location analytics solutions help businesses process large amounts of spatial data and provide businesses with real-time analytics on changing customer needs, business trends, regulations, and compliance player.
Within the report, the location analytics market is segmented into component, deployment type, organization size, application, vertical, and geography. By component, the location analytics market is further segmented into solutions and services. Based on deployment type, the location analytics market is segmented into cloud based and on-premises. Based on organization size, the location analytics market is divided into small and medium-sized enterprises and large enterprises. Based on application, the location analytics market is divided into risk management emergency response management, customer experience management, remote monitoring, supply chain planning and optimization, sales and marketing optimization, location selection and optimization and others. Based on vertical, the location analytics market is divided into retail, government and defense, media and entertainment, transportation and logistics, energy and utilities, telecom and IT, healthcare, tourism and hospitality and others. Geographically, the location analytics market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
OUTDOOR LOCATION TRACKING IS A FAR-REACHING TECHNOLOGY THAT EMPOWERS THE GROWTH OF LOCATION TRACKING SOLUTION
Organizations use outdoor location analytics to monitor their properties to reduce costs. Airlines can pinpoint the exact location of their aircraft and notify passengers of appropriate arrival times in the event of a flight delay. The main applications for outdoor venues are geo-marketing and advertising, asset tracking, personal tracking, customer location tracking, fleet tracking, freight management, optimization Traffic automation and route planning, map discovery and infotainment, geographic event alerts, and defense management.
THE GROWING ADOPTION OF LOCATION TRACKING IN LARGE ENTERPRISE SOLUTIONS IS ONE OF THE MAJOR FACTORS ACCELERATING THE LOCATION ANALYTICS MARKET GROWTH.
Large companies collect customer and marketing data to improve the business experience and progress. Most businesses use location analytics solutions to provide better navigation and tracking capabilities for people and objects indoors and outdoors. Sales forecasting is very important for stores. It allows retail managers to be nimble, make informed decisions about store operations, and also plan new store openings effectively. The explosion of spatial information science can help small and large organizations gain competitive advantage and achieve sustainable growth.
Recent strategic developments in the Location Analytics market
The location analytics market have undergone several significant developments, and a few of these have been mentioned below:
The location analytics market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. IBM, Google, Oracle, Microsoft, Esri, SAS, Hexagon AB, SAP SE, CISCO Systems Inc., TomTom, are among the prominent players operating in the location analytics market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented:
The List of Companies - Location Analytics Market Outlook
- CISCO Systems Inc.
- Esri
- Google
- Hexagon AB
- IBM