Market Research Report
Location Analytics Market Forecasts to 2028 - Global Analysis By Component (Services, Software), Location (Indoor, Outdoor), Device Type (Desktop, Laptops) and By Geography
|Location Analytics Market Forecasts to 2028 - Global Analysis By Component (Services, Software), Location (Indoor, Outdoor), Device Type (Desktop, Laptops) and By Geography|
Published: January 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Location Analytics Market is accounted for $16.24 billion in 2021 and is expected to reach $45.39 billion by 2028 growing at a CAGR of 15.8% during the forecast period. Location analytics or geoanalytics is the process of creating insights by analyzing location data. It adds geographical data to the data assets of a business to remove more valuable insights. Location analytics delivers an organization with spatial analytics as well as other analytics abilities to understand the data through a location-specific perception and optimize business practices and enable predictions accordingly. It helps businesses to make more informed decisions that can improve both effectiveness and efficiency.
Companies have started targeting geolocation data associated with various assets, resources, and customers to understand and interpret meaningful insights and follow the direction of the market. The increasing availability of location-based data has encouraged companies to leverage analytics and retrieve relevant information. The companies have also realized the significance of intelligent mapping of commercial and operational data, providing a strategic benefit to the businesses, and improving customer engagement with the business for longer periods. Furthermore, companies that implemented business intelligence solutions often witnessed under-usage of data due to its complex nature. Thus, the acceptance of spatial data and analytical tools became of utmost necessity for the users to easily map the information and analyze and mobilize data. Besides, the adoption of spatial analytical tools enabled smooth linking of various locations with the company information, strengthening the company's planning capabilities and bringing in real business advantages to the forefront.
Concerns over consumer privacy play a crucial role in processing location data, as numerous regulatory laws can limit access to location data without the user's consent. Individuals worried about the safety of their location-based data can refuse to allow critical location data to be collected, as is required by some geospatial analytics applications. Data processing, location sharing, use of location-based information, and data storage are all restricted by government rules and regulations. The General Data Protection Regulation (GDPR) of the European Union (EU) is the EU's first unified effort to protect citizens' Personally Identifiable Information (PII). Companies who gather data must adhere to regional legislation and obtain the requisite permission from each customer.
There has been cumulative growth of AI and ML capabilities. Location data integrated with AI and ML framework has been used to create pattern recognition and position signatures from the data it receives. Besides, it is also a key component in creating high-definition (HD) maps and practical simulators to visualize the information. The prominent companies are investing strategically in AI and machine learning to achieve competitive advantages. For instance, In March 2018, Esri collaborated with Microsoft Corporation to offer GeoAI Data Science Virtual Machine (DSVM) on Azure. This collaboration between two companies will bring Cloud, AI, visualization, and geospatial analytics together to help create more intelligent and powerful applications.
The outburst of technology has undoubtedly brought several positive changes, technologies, and platforms, such as cloud, internet, software-as-a-solution, big data, and analytics. This technology outburst has brought a revolution in numerous fields, including retail, healthcare and life sciences, government and defense, and BFSI. Service providers are gaining traction due to the demand for location analytics services, and they have realized the potential of location analytics for security and promotional purposes. Even after such increased utilization, there are no universal protocols for location analytics. Various countries differ in terms of laws; hence, vendors find it difficult to develop a universal solution for every country and face challenges to offer their solutions and services across all regions.
The indoor segment commanded the largest share of the location analytics market. This largest share is primarily accredited to the high usage of smartphones and smart devices that are integrated with high-tech location-based services. Besides, rising investments in the modernization of infrastructure and advancements in technology are anticipated to foster the growth of the segment in the coming years. The use of location analytics for retail and consumer applications in e-commerce has also gained considerable momentum, and hence, the segment is also expected to grow at a significant pace over the coming years.
The transportation & logistics segment accounted for the highest CAGR of the location analytics market. The large share of this segment is accredited to the rising adoption of location analytics in the industry for streamlining supply chain processes and reducing operational ambiguity through intelligent decision-making and better data understanding. Furthermore, the growing proliferation of location-based services across the retail sector to digitalize business operations is anticipated to drive market growth for the segment.
The Asia Pacific is projected to hold the highest market share, due to rapid growth of this regional market is mainly driven by the increasing adoption of spatial analytics tools and devices in countries such as China, India, and Japan, which is anticipated to trigger the adoption of location analytics to facilitate data-driven decision making. Besides, the increasing adoption of smartphones and mobile devices enabled with smart technologies, growing company spending on location-based services, and the emergence of start-ups offering innovative solutions at reasonable prices are projected to drive the growth of the APAC market over the forecast period.
North America is projected to have the highest CAGR, due to the extensive technology support as well as growing trends in automation. The industry verticals such as government & defense, and IT & telecommunication are expected mainly contribute to location analytics market growth. . owing to rising technological development and support such as IoT and Machine Learning (ML) and growing adoption of automation. In addition, due to the massive amounts of data is generated through computing devices, GPS etc, companies are looking forwards to utilizing these data through the analytical solution. Moreover, growing demand for real-time data analytics solutions across multiple industries such as retail, government and defense, BFSI, transportation etc to enhance business performance and efficiency is also driving the market growth of location analytics in the province. For instance, in 2019, AT&T, an American multinational conglomerate holding company partnered with the U.S. Department of Energy's Argonne National Laboratory for a Climate Change Resiliency Project to better prepare for, anticipate, and adapt to climate change events. AT&T used location analytics to assess the impact of climate change on its base stations, cell towers, and other physical infrastructure.
Some of the key players profiled in the Location Analytics Market: Alteryx, Inc., Cisco Systems Inc., CleverAnalytics , Environmental Systems Research Institute, Galigeo SAS, IBM, IndoorAtlas Ltd., Microsoft Corporation, Oracle Corporation, Pitney Bowes Inc., SAS Institute Inc.
All the customers of this report will be entitled to receive one of the following free customization options:
Table17 Global Location Analytics Market Outlook, By Tablets (2019-2028) (US $MN)
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.