The latest report by IMARC Group, titled “Location Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global location analytics market size reached US$ 19.6 Billion in 2022. Location analytics, also known as geo-analytics, is the method of generating insights by analyzing location data. It adds geographical data on assets, infrastructure, transportation, and the environment of an organization to extract valuable insights and predict consumer behavior and buying patterns. It is widely used by organizations to assess their business strategies, decrease costs, locate new sales opportunities, and implement changes for operational efficiency. Compared to traditional business intelligence (BI) data, location analytics drives more accurate insights and is relatively easy to understand for non-experts.
Global Location Analytics Market Trends:
The market is primarily driven by the increasing utilization of the Internet of Things (IoT) and rapid digitization across the globe. In addition, the developing infrastructure, and the rising sales of consumer electronics such as smartphones, tablets, and laptops, represent another major growth-inducing factor. Besides this, various organizations are adopting asset management tools to optimize business processes, test the profitability of potential new locations, and generate revenue. This, coupled with the widespread adoption of location analytics in the corporate, government, and retail sectors to offer enhanced solutions and services to end users, is positively influencing the market growth. Moreover, key market players are making considerable investments in research and development (R&D) activities to develop new technologies that detect patterns, opportunities, and risks of businesses. They are also integrating advanced technologies such as cloud computing, artificial intelligence (AI), blockchain, and big data with location analytics to enhance operational efficiency, thereby contributing to the market growth. Furthermore, the rising trend of automation across various industries and the emerging e-commerce industry are also expected to create a favorable market outlook in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 53.2 Billion by 2028, expanding at a CAGR of 17.4% during the forecast period (2023-2028).
- Based on the component, the market has been bifurcated into software and services.
- On the basis of the deployment mode, the market has been segmented into on-premises and cloud-based.
- Based on the location type, the market has been classified into indoor and outdoor.
- On the basis of the application, the market has been categorized into remote monitoring, sales and marketing optimization, asset management, risk management, facility management, and others.
- Based on the end use industry, the market has been segregated into BFSI, healthcare, hospitality, government, transport and logistic, IT and telecom, retail and consumer goods, media and entertainment, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Alteryx Inc., Cisco Systems Inc., Esri Global, Inc., Galigeo, Google LLC, HERE Technologies, Hexagon AB, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Pitney Bowes Inc., SAS Institute Inc., Sisense Inc., and TIBCO Software Inc.
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