Location Analytics Market size is projected to reach USD 75 billion by 2032, according to a new research report by Global Market Insights Inc.
The robust need for retailers to understand consumer preferences is primarily driving market development. By identifying customer purchasing trends across different demographics, location analytics solutions enable merchants to plan and create useful marketing campaigns. It allows businesses to understand customer requirements and launch products or services accordingly. Such software uses tags and beacons for indoor positioning to track personnel and devices efficiently. User tracking helps brands understand how customers are reacting to their products and what improvements can be implemented.
Awareness regarding the benefits of location analytics services
Location analytics market from the service segment is poised to register at nearly 15% growth rate up to 2032. The rapid increase in the use of numerous interconnected technologies, including GPS/GNSS systems, scanners, and cameras has facilitated the need for efficient integration and maintenance of these systems. The awareness regarding the advantages of these technologies will influence the need for location analytics services. A major advantage of this service is that it allows businesses to reduce costs as they gain insights and tackle potential issues before they occur.
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Requirement for location-based mapping solutions in the energy and utility sector
The energy and utility segment of the location analytics market is anticipated to record more than 10% CAGR between 2023 and 2032. With the increasing use of wireless technologies and equipment to assure safety and security, location analytics solutions are predicted to witness commendable deployment across the sector. Location-based mapping solutions help experts conduct site analyses to increase the efficiency of energy infrastructures like wind and solar energies.
Need for risk analysis fueling geocoding demand
The geocoding and reverse geocoding segment held approximately 45% of the market share in 2022. As the demand for businesses to evaluate and convert both geographic coordinates are on the rise, the geocoding and reverse geocoding solution segment is expected to observe substantial growth. Geocodes help companies analyze their clients and assess risk before targeting, managing portfolios, and investing in their networks. It allows companies to understand the challenges and opportunities that will open by taking on a new client.
Browse key industry insights spread across 330 pages with 431 market data tables and 36 figures & charts from the report, “Location Analytics Market Size By Component (Solution [Geocoding & Reverse Geocoding, Thematic Mapping & Spatial Analysis, Reporting & Visualization], Service [Professional Service, Managed Service]), By Location Positioning (Outdoor Positioning, Indoor Positioning), By Application (Risk Management, Customer Experience Management, Remote Monitoring, Supply Chain Planning & Optimization, Emergency Response Management, Location Selection & Optimization), By Industry Verticals (Transportation & Logistics, Retail, BFSI, IT & Telecom, Healthcare, Energy & Utilities, Manufacturing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Higher smartphone usage in the Latin America
Latin America location analytics market valuation to cross USD 14 billion by 2032. This growth can be attributed to the rising use of remote sensing technologies in industries like disaster management, agriculture, and urban development. The penetration of smartphones and the desire for location-based marketing will speed up the expansion of the regional market.
New product launch by leading market players
Some of the key market players operating in the location analytics include Cisco Systems Inc., Esri Global, Inc., HERE Global, B.V., Galigeo SAS, GeoMoby, Google LLC, IBM Corporation, PlaceIQ, Inc., Microsoft Corporation, Purple WiFi, SAP SE, and Oracle Corporation.
For Instance, in June 2022, Esri Global Inc., introduced the ArcGIS geoanalytics engine, enabling spatial analysis for huge data. It offers cloud-of-choice functionality that integrates with pre-existing analysis workflows without the need for further hardware or expertise. Integration of the ArcGIS geoanalytics engine will help businesses manage supply chains, optimize operations, and provide better customer service.