Location Analytics Market Value to Achieve USD 31.13 Billion in 2027

According to the report published by Allied Market Research, the global location analytics industry was pegged at $10.29 billion in 2019, and is expected to garner $31.13 billion by 2027, manifesting a CAGR of 15.5% from 2020 to 2027.

Proliferation of smartphones and rise in usage of GPS-enabled devices, surge in implementation of spatial data and analytical tools, growth in adoption of location analytics for asset management across various industries, and increase in adoption of location analytics in retail sector fuel the global location analytics market. However, consent and privacy concerns hamper the growth to some extent. On the other hand, emergence of advanced technologies in the field of GIS, and integration of AI with location analytics are expected to present an array of opportunities for the market players.

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The location analytics market is segmented on the basis of component, location type, deployment mode, application, industry vertical, and region. Based on component, the software segment dominated the market with more than three-fifths of the global market share in 2019, and is projected to lead by the end of 2027. However, the services segment is expected to exhibit the fastest CAGR of 16.8% throughout the forecast period.

Based on industry vertical, the transport and logistics segment held lion's share, holding for nearly one-fifth of the global location analytics market revenue in 2019, and is expected to be the dominant by 2027. On the other hand, the healthcare segment is anticipated to manifest the fastest CAGR of 22.4% from 2020 to 2027.

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Based on geography, the market across North America held the major share in 2019, with around two-fifths of the global market. Conversely, the Asia-Pacific region is projected to portray the fastest CAGR of 18.8% during the forecast period. The report also studies regions including Europe and LAMEA.

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Major market players profiled in the report include Microsoft Corporation, Oracle Corporation, Pitney Bowes, Sisense Inc., Syncsort, Trimble Inc., Alteryx, Esri, Google LLC, HERE Technologies, and Hexagon.

Key Findings of the Study -

• By component, in 2019 the software dominated the location analytics market size. However, the services segment is expected to exhibit significant growth during the forecast period.
• On the basis of location type, the indoor segment accounted for the highest revenue in 2019, however, the outdoor segment is expected to witness highest growth rate in the forecasted period.
• Depending on deployment mode, the on-premise generated the highest revenue in 2019. However, the cloud segment is expected to witness highest growth rate in the near future.
• On the basis of application, the remote monitoring segment accounted for the highest revenue in 2019, however, the asset management segment is expected to witness highest growth rate in the forecasted period.
• On the basis of industry vertical, the retail & consumer goods segment accounted for the highest revenue in 2019, however, the IT & telecom segment is expected to witness highest growth rate in the forecasted period.
• Region wise, the location analytics market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

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