Location Analytics Market size worth over $30 Bn by 2026
Published Date: December 1, 2020 Authors: Ankita Bhutani, Preeti Wadhwani
Location Analytics Market size is set to surpass USD 30 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing in demand the location-based technologies across the business to improve decision making by understanding customer preference patterns for a targeted location is likely to fuel the location analytics industry growth. The growing market demand for predictive analytics across businesses to achieve business goals is also supporting the demand for location intelligence solutions and services.
Growing penetration of IoT and smartphone devices to support the location analytics market growth
The rising demand for location-based technology owing to the increasing number of smartphones and IoT devices across the globe. According to GSMA, the global smartphone connections were 65% in 2019 and are expected to reach 80% in 2025. Increasing use of smartphone devices enables companies to understand the location of their customers to get valuable insights and to deliver improved solutions to customers in various sectors.
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The ongoing COVID-19 outbreak has imposed strict social-distancing restrictions across different countries. Government authorities in various countries are using location analytics to manage different healthcare services during the COVID-19 outbreak. Location-based analytics technology also helps government authorities to understand the COVID-19 cases across various regions.
Rising demand for risk assessment of natural calamities at specific locations will support the location analytics market expansion
The geocoding and reverse geocoding segment held a market share of over 45% in 2019 propelled by the increasing demand for risk assessment of natural calamities, such as earthquakes and floods, by knowing the exact location. The geocoding technology helps in turning description of location such as the address and name into the geographical co-ordinates. Geocoding and reverse geocoding also help government authorities to make decisions regarding town planning.
Browse key industry insights spread across 300 pages with 425 market data tables and 29 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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The growing demand for location-based analytics solutions among retailers is driving the indoor solutions market growth
Indoor location positioning segment is projected to register around 16.9% growth rate through 2026 impelled by the growing need to understand customer preferences by retailers. Location intelligence solutions help retailers to plan and design marketing campaigns by understanding customer buying patterns across various locations.
Remote monitoring application is forecast to grow exponentially
The location analytics market from remote monitoring segment is poised to expand at more than 10% CAGR from 2020 to 2026 driven by growing IoT devices across various sectors globally. Location analytics technologies remotely monitor various factors, such as temperature and humidity, at various locations using the IoT devices.
Growing adoption of location-based technologies across the retail sector will drive market expansion
The retail sector is set to achieve the highest CAGR of over 15% during the forecast period due to the growing demand for understanding customer preferences based on location across the retail sector. The retail industry utilizes location analytics to obtain a suitable location for their stores by analyzing customer patterns in targeted demography. Retailers can determine which store would benefit more with targeted promotion to both current customers and prospects. Retailers can use the location data from the GPS to target smartphone users through push offers.
A growing emphasis on the development of location-based technologies in North America
North America location analytics market held around 30% share in 2019 owing to rising deployments of new satellite navigation systems for the development of location-based technologies. For instance, in March 2018, the NASA launched the next-generation weather satellites for the National Oceanic and Atmospheric Administration (NOAA). NOAA’s Geostationary Operational Environmental Satellite-S (GOES-S) provides accurate and detailed data to track storms, wildfires fog, and other hazards that affect the Western U.S.
Integration of geo-mapping capabilities is the major market strategy adopted by leading industry players
The major companies operating in the location intelligence industry are emphasizing on the integration of geo-mapping capabilities in their analytics solutions to support location-based analytics.
Some of the key location analytics market players include Google LLC, ESRI Global, Inc., SAP SE, IBM Corporation, Oracle Corporation, Microsoft Corporation, Cisco Systems, Inc., TomTom International BV, Hexagon AB, Zebra Technologies Corp., HERE Global, B.V., Alteryx, Inc., TIBCO Software Inc., GeoMoby, Purple WiFi, Galigeo SAS, CleverMaps, Sparkgeo Consulting Inc, Lepton Software, and PlaceIQ, Inc.
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