Location Analytics Market size is set to surpass USD 35 billion by 2027, according to a new research report by Global Market Insights Inc.
The popularity of location intelligence technologies across businesses is anticipated to support the location analytics industry growth. There is an increasing need to access location data such as information on customer whereabouts, their preferences, duration of their stay, and frequency of visits. This platform allows organizations to predict customer behavior and their buying patterns, thus aiding in better decision-making and spurring the market demand.
Location analytics and other technologies, such as geographical information systems, are witnessing a significant uptake in disaster management applications. GIS plays a vital role in the management, planning, and tackling of disasters & disastrous situations. The technology is widely used by various departments and agencies involved in the disaster management process.
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Growing demand for geocoding and reverse geocoding
The geocoding and reverse geocoding location analytics platform segment held over 45% of the market share in 2020. Increasing demand to manage natural disasters, such as earthquakes and floods, by knowing the exact location is fueling the location analytics market growth. Geocoding technology is a process of converting readable addresses into geographic coordinates, which are used to position the map. Geocodes assists businesses to analyze customers, competitor's market analysis, and risk assessment to targeting, portfolio management, and network investments to identify challenges and opportunities.
Increasing adoption of indoor positioning systems
The indoor positioning segment is expected to grow at around 15% CAGR through 2027 due to prior advantages of the system. The system provides individuals with their accurate position and guides them through the maze of modern humongous shopping centers. The system is integrated with advanced algorithms, which recognize the Wi-Fi- & BLE-enabled devices and calculate their coordinates. This beneficial property is likely to support the location analytics market revenue.
Browse key industry insights spread across 320 pages with 425 market data tables and 35 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, 2021 – 2027”, in detail along with the table of contents:
The remote monitoring application to observe exponential growth
Remote monitoring segment is poised to register at growth rate of about 10% till 2027. The rising Internet of Things (IoT) has led to an increasing number of deployments in buildings and facilities. This has created a huge demand for location analytics solutions and services. The solution helps building & facility managers in taking effective, educated, and data-driven decisions.
Growing usage of location-based technologies across the retail sector
The retail sector captured more than 20% of the revenue share in 2020 impelled by increasing need to extract valuable insights from the data generated by retailers. The adoption of location analytics platforms is proving valuable in areas such as marketing, merchandise planning, and supply chain. It also helps retailers to enable location-specific insights within their enterprise business systems, such as CRMs & BI, and productivity platforms using custom installations.
Increasing acceptance of location-based technologies across various industry verticals in North America
North America location analytics market is predicted to account for above USD 9 billion revenue by 2027. The growing usage of location analytics by various industries, such as healthcare, manufacturing, retail, energy, and utility, is forecast to support regional demand. The increasing usage of social media, search engines, and location-based applications among individuals is also one of the major factors boosting market statistics.
Leading players are developing innovative location analytics solutions
Leading industry participants are implementing strategic initiatives to develop innovative location analytics solutions. For instance, in august 2021, Wipro Limited signed a partnership agreement with HERE Technologies to provide location-based services and analytics to its customers across the globe. Under this partnership, both companies will develop solutions in the areas of asset tracking, logistics, supply chain, and analytics for indoor & outdoor real-time asset tracking. This parentship helped both the companies to strengthen their portfolios and acquire a competitive position in the market.
Some of the key players operating in the location analytics market are Alteryx, Inc., Cisco Systems, Inc., Clevermaps (CleverAnalytics A.S.), Esri Global, Inc., Galigeo SAS, GeoMoby, Google LLC, HERE Global, B.V., Hexagon AB, IBM Corporation, Lepton Software, Microsoft Corporation, Oracle Corporation, PlaceIQ, Inc., Purple WiFi, SAP SE, SAS Institute, Sparkgeo Consulting Inc, TIBCO Software, Inc., TomTom B.V., and Zebra Technologies Corporation.