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Location Analytics Market is expected to reach USD 24.4 billion at a CAGR of 13.2%

07-02-2021 10:10 AM CET | IT, New Media & Software

Press release from: AllTheResearch

The global location analytics market was valued at USD 8.8 billion in 2018 and is expected to reach USD 24.4 billion in 2026, growing at a CAGR of 13.2% during the forecast period. Location analytics is a process of gathering real-time business data and arranging it in a geographical information system to analyse spatial tools. The data analysed in this tool consists of geographical component.

Location analytics industry is in the evolution phase with multiple service providers investing substantially to develop compatible solutions. The rapid growth of the retail industry saw the entry of several industry players who provide more emphasis on improving the consumer experience. One of the key applications of location analytics is disaster prevention and analysing scientific data regarding current and past natural disasters. Based on these data points, several governments have already implemented anti-flooding measures. Location analytics has been successfully implemented to avert the dangers of the earthquake as well. This analytics tool uses components such as cameras, mobile devices, sensors, among others in order to enable organizations across various industry verticals. Location analytics uses global positioning systems (GPS) to combine spatial data with traditional business intelligence (BI) data.

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Rising demand for location analytics in applications such as risk management and remote monitoring in emerging countries is the key factors attributed to the market growth. Furthermore, government initiatives to enhance data collection is also expected to fuel market growth during the forecast period. On the other hand, stringent regulations imposed on data privacy owing to an increased threat of data theft and lack of uniform regulatory norms are some of the factors which are proving to be major hindrance to this market. However, the growing adoption of location analytics along with social media for customer engagement is expected to create major growth opportunities during the forecast period.

Key Findings:

Based on location type, the indoor locations segment is expected to grow at the highest CAGR of around 18 % during the forecast period

Based on application, the retail segment is accounted for the largest share in the market and held for around 37% of the total market, in 2018

North America predicted to register almost 40% share of the global location analytics market in 2018

Recent News in Location Analytics Industry:

In May 2019, Esri released a new software ArcGIS 10.7 in order to provide unified solution to its customers

In June 2018, Cisco acquired July Systems which offers cloud-based location services

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AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry. As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realize, that it's not just sheer data points, but the right analysis that creates a difference. While some clients were unhappy with the inconsistencies and inaccuracies of data, others expressed concerns over the experience in dealing with the research firm. Also, same-data-for-all-business roles were making research redundant. We identified these gaps and built AllTheResearch to raise the standards of research support.

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