Location Analytics Market Size

Location Analytics Market Size

Location Analytics Market size exceeded USD 18 billion in 2022 and is projected to expand at more than 15% CAGR from 2023 to 2032.

Location analytics solutions and services are expected to see a surge in demand on the back of the growing need for geospatial information data and location-based services across enterprises. With the emerging impacts of climate change and other global warming issues, the need to monitor geographic changes is fueling the need for geospatial information. By fusing spatial data with conventional business intelligence data, location analytics allows firms to keep track of the present business situation. This improves the efficiency of the business to a higher level as they can predict shortcomings beforehand.

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The high initial investment costs of location analytics and GIS technology are hampering the industry growth. The software requires many different components to carry out tasks like information storage, modification, summarization, querying, and visualization, making it complicated to use. Companies need qualified, skilled, and trained employees to understand and use this software to its full potential. Finding such employees or training the existing ones is an expensive investment for companies. This high cost of deployment could restrict the business growth in the long run.