Location Intelligence Market Analysis

Location Intelligence Market Analysis

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Based on services, the system integration and implementation segment held over 44% of the market share in 2023. As businesses and government entities increasingly recognize the value of location data, there is a growing need for expertise in integrating location intelligence solutions into existing systems. This includes developing custom applications, integrating geospatial data with other enterprise systems, and ensuring seamless functionality. As location intelligence becomes more central to decision-making across various industries, the demand for skilled professionals and service providers capable of implementing & integrating these solutions is expected to surge, driving segment growth.
 

Based on industry vertical, the transportation & logistics segment accounted for 19% of the location intelligence market share in 2023. Location data is crucial for optimizing routes, tracking assets, and enhancing supply chain efficiency. This industry relies on real-time information for vehicle tracking, traffic management, and route optimization. As logistics become more complex and demand for on-time deliveries increases, location intelligence provides actionable insights for better decision-making. Moreover, it aids in reducing operational costs and ensuring regulatory compliance. With the continued expansion of e-commerce and global trade, the adoption of location intelligence in transportation & logistics is expected to soar.
 

For instance, in August 2023, NEC India was selected as the master system integrator by the Uttar Pradesh State Road Transport Corporation (UPSRTC) for the Vehicle Location Tracking-Passenger Information System (VLT-PSIS) project under the Nirbhaya fund of the Government of India. The VLT-PSIS project will use location-tracking technology to monitor the movement of buses in real time. This information can be used to improve safety by tracking the location of buses and identifying potential hazards. It can also be used to improve the passenger experience by providing information about bus arrival times and locations.
 

North America location intelligence market recorded around 34% revenue share in 2023. The region's advanced technological infrastructure, including 5G networks and IoT deployments, fosters the generation of vast location data. Industries including retail, transportation & smart cities are increasingly adopting location intelligence solutions for improved operations and customer experiences.
 

Moreover, the growing focus on data-driven decision-making and the presence of major players in the location intelligence industry contribute to North America's prominence. As the demand for location-based insights continues to surge, North America is poised for substantial market expansion. For instance, in August 2023, GapMaps, a cloud-based mapping software company, was launched in the U.S. and Canada to meet the customer demand for location intelligence platforms. The platform helps businesses make better decisions about where to open stores.