(IT-NEWSWIRE.COM, August 11, 2022 ) According to a new market research report titled, “Location Analytics Market by Component, Location, Application (Risk Management, Supply Chain Optimization, and Customer Management), End-use Industry (Smart Cities, Healthcare, Retail, Government, Logistics, Utilities), and Region—Forecast to 2027”, the location analytics market is expected to grow at a CAGR of 11.1% from 2020 to 2027 to reach $26.89 billion by 2027.
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Location analytics refers to combining geographic data on infrastructure, assets, the environment, and transportation with business operations and customers’ data to retrieve powerful insights and make effective decisions based on them. The location analytics market is primarily driven by the businesses’ growing need for predictive analytics, consistent growth in geospatial technologies, and the growing usage of spatial data and analytics tools. Additionally, the significant rise in social media usage for customer engagement offers promising growth opportunities for the stakeholders in the location analytics market. However, the lack of awareness regarding the benefits of location analytics, persistent data security and privacy concerns, and the high initial investment requirements are hindering the market growth.
The COVID-19 pandemic has adversely hit many economies around the globe. However, the data analytics market has not been affected significantly. As a result, the location analytics market is projected to witness a slow recovery post-2020. Safety measures to fight COVID-19, including lockdowns and quarantine, have restricted the organizations’ capabilities to operate with existing resources. Thus, companies are becoming increasingly dependent on location-based services for accessing their assets, managing customers, and supervising resources and required data remotely. This scenario has boosted the adoption of location analytics as the solutions help in efficient and accurate coordination.
Moreover, amidst the COVID-19 pandemic, high use of location analytics was witnessed across various industries for visualizing and communicating the impacts of the pandemic. Further, the use of location intelligence and the advantages offered in curing and detecting patients and diseases have created considerable awareness amongst people. Thus, location intelligence supported several businesses and industries to focus on new operational processes and adapt to a novel way of working.
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Software and services are the major components of the location analytics market. Location analytics services are further classified into consulting, integration & deployment, and support & maintenance. Based on component, the software segment commanded the largest share of the overall location analytics market in 2020, and it is also expected to record the fastest growth over the forecast period. The large share of this segment is majorly attributed to the software’s ability to track and determine assets across different locations while simultaneously providing relative insights that could enhance the decision-making process. Moreover, the integration of location analytics software with cloud-based platforms is projected to further drive the market growth over the coming years.
Based on application, the market is segmented into risk management, supply chain optimization, sales & marketing optimization, facility management, remote monitoring, emergency response management, customer experience management, and others (predictive asset management and inventory management). In 2020, the sales & marketing optimization segment commanded the largest share of the overall location analytics market. The large share of this segment is attributed to the organizations’ growing need to adopt predictive analytics strategies that can help enhance sales and engage a higher number of customers for longer periods. The rising adoption of location analytics to optimize sales & marketing by undertaking various location-based marketing and advertising campaigns is expected to increase the market share of this segment over the forecast period.
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Indoor location analytics and outdoor location analytics are the two broad segments of the location analytics market based on location. At present, the indoor segment commands the largest share of the location analytics market, followed by the outdoor segment. The large market share of the indoor segment is primarily attributed to the continuous growth in the usage of smartphones and mobile devices that are integrated with high-tech location-based services. Furthermore, consistent developments in technology backed by significant investments in the modernization of infrastructure are anticipated to propel the growth of the indoor segment over the forecast period.
Location analytics is being increasingly adopted across diverse industry verticals, including infrastructure and smart cities, retail & consumer goods, government & defense, industrial manufacturing, transportation & logistics, energy & utilities, telecom & IT, agriculture, media & entertainment, healthcare, and BFSI. Based on end-use industry, the transportation & logistics segment accounted for the largest share of the location analytics market in 2020. The large share of this segment is attributed to the growing adoption of spatial analytics in the transportation industry for streamlining the supply chain processes and reducing operational ambiguity through intelligent decision-making and a better understanding of data. Furthermore, the growing proliferation of location-based services across the retail sector to digitalize business operations is poised to drive the market growth for the retail segment.
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Geographically, North America commanded the largest share of the location analytics market in 2020. The presence of major location analytics companies and their focus on developing advanced location analytics technology backed by consistent government funding for advancing location analytics are the key factors fueling the growth of North America’s location analytics market. However, the Asia-Pacific market is expected to witness rapid growth during the forecast period, driven by factors such as 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.
The report also includes an extensive assessment of the key strategic developments by the leading market participants over the past five years (2016–2020). The location analytics market has witnessed several agreements, collaborations, and partnerships in recent years. For instance, in September 2020, Esri and Afro Champions, a Pan-African nonprofit organization for the economic development of the continent, partnered to promote geospatial technology and solutions.
The location analytics market is consolidated and dominated by a few major players, namely Google LLC (U.S.), SAP SE (Germany), IBM Corporation (U.S.), TIBCO Software, Inc. (U.S.), Oracle Corporation (U.S.), Alteryx, Inc. (U.S.), SAS Institute, Inc. (U.S.), Microsoft Corporation (U.S.), ESRI (U.S.), Precisely (U.S.), Hexagon AB (Sweden), GaliGeo (France), Trimble, Inc. (U.S.), and Pitney Bowes, Inc. (U.S.) among others.
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