According to the latest report by IMARC Group, titled "Location Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global location intelligence market reached a value of US$ 14.6 Billion in 2021. Location intelligence (LI) includes the collection and analysis of geodata related to specific requirements for making informed and rational business decisions. They are commonly deployed across corporate spaces and organizations for collecting and compiling big data to further assist in detecting trends and patterns related to the particular industry as well as gaining unique insights into consumer behaviors. Apart from this, it is also utilized by government agencies for impacting public safety. Combating fraud and abuse, and allocating resources across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Location Intelligence Market Trends:
The global market is majorly driven by the continual improvements in the network infrastructure across the globe. With rapid digitization across numerous industries and the increasing preference for the Internet of Things (IoT), there has been a considerable increase in the generation of large volumes of unstructured business data. LI is widely employed for organizing the data in an effective manner that benefits the organization by providing details about consumer trends and improving existing business intelligence (BI) and analytics capabilities. Moreover, LI also finds extensive applications in the banking, financial services, and insurance (BFSI) sector for detecting fraud and avoiding flagging legitimate charges. Some of the other factors contributing to the market include the advent of 5G connectivity, growing applications in charging point rollout for electric vehicles (EVs), and widespread adoption in the education sector. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 15.8% during the forecast period (2022-2027).
- On the basis of the service, the market has been divided into consulting, system integration, and others.
- Based on the application, the market has been classified into sales and marketing optimization, remote monitoring, workforce management, asset management, facility management, risk management, customer management and others.
- On the basis of the end use industry, the market has been segmented into transportation and logistics, retail and consumer goods, government and defense, manufacturing and industrial, IT and telecom, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Autodesk Inc., ESRI, HERE Global B.V., Liberty Broadband Corporation, Navizon Inc., Pitney Bowes Inc., Qualcomm Technologies inc, SuperMap Software Co. Ltd., TIBCO Software Inc., Trimble Inc. and Wireless Logic Limited.
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