Location Analytics Market Growth Prospects 2023 Strategies for Scaling Your Business

The global location analytics market in 2019 was valued at USD 10,813.6 Million and is projected to reach USD 29,878.5 Million by the year 2026. The market is anticipated to register a CAGR of 15.6% over the projected period.

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Location analytics is used for adding a layer of geographical data to a business?s data assets for extracting more valuable insights. Increasing use of spatial data & analytical tools coupled with the rising need for predictive analytics for business are expected to boost the market growth. Furthermore, increasing use of location-based applications among consumers, rise in the adoption of advanced technologies, and growing adoption of social media for customer engagement is also expected to fuel the market growth. Despite the driving factors, legal concerns and data privacy issues are expected to hinder the market growth during the forecast period. Lack of uniform regulatory norms and high initial cost of deployment are also estimated to restrain the market growth.

Growth Influencers:

Increasing use of spatial data and analytical tools
Spatial data consists of the relative geographical information regarding the Earth and its features. Geometric data used in floor plans is an example of spatial data. Analytical tools collect raw data and convert them into useful insights, which businesses can use for effective decision making. Examples of analytical tools include Tableau, Power BI, Microsoft Excel, R, and Python, among others. Use of spatial data and analytical tools is increasing for creating insightful geographical analysis quickly without having to learn specialized geographic information system (GIS) tools. Hence, increasing use of spatial data and analytical tools owing to their various benefits is expected to fuel the market growth.
Rising use of location-based applications among consumers

Location-based applications deliver information and services, which are most relevant to the user at a particular location. They provide mobile notifications, information filter, personalized suggestions, and route navigation, which increase their adoption. They are also used as store locators for identifying nearby stores & on-demand locations; as travel information for delivering real-time information such as traffic updates & weather forecasts; for proximity-based marketing by pushing ads to specific individuals within a particular geographic location; and for fraud prevention by enhancing security by matching the customer?s location through a mobile app to a credit/debit card transaction. Hence, rising use of location-based applications among consumers owing to their various features and advantages are likely to boost the market growth.

Segments Overview:

The global location analytics market is segmented the solution, component, location type, application, and vertical.
By Solution,
? Geocoding & Reverse Geocoding
? Data Integration and ETL
? Reporting and Visualization
? Thematic Mapping and Spatial Analysis
? Others

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The geocoding and reverse geocoding segment is expected to account for the largest market share of more than 25% in 2019 owing to the growing use of google cloud and google maps, which enable advanced location mapping as well as tracking. The data integration and ETL segment is estimated to witness the fastest growth rate of about 18.5% over the projected period owing to their rising usage for accessing and analysing data and turning it into business intelligence.

By Component,
? Solution
? Service

The solution segment is anticipated to grow at the fastest CAGR of about 16.3% during the forecast period owing to its high demand for mapping business assets in various outdoor environments.

By Location Type,
? Indoor Location
? Outdoor Location

The indoor location holds an opportunity of over USD 13,000 million from 2019 to 2026 owing to rising adoption of location analytics at indoor locations by organizations for visualization of data from smartphones and WiFi networks.

By Application,
? Risk Management
? Emergency Response Management
? Customer Experience Management
? Remote Monitoring
? Supply Chain Planning and Optimization
? Sales and Marketing Optimization
? Predictive Assets Management
? Inventory Management
? Others

The sales and marketing optimization segment is estimated to witness a CAGR of 20.3% during the projected period owing to the increasing adoption of locations analytics solutions for marketing purposes. Moreover, the supply chain planning & optimization segment is expected to hold a market opportunity of USD 3,727 million from 2019 to 2026.
By Vertical,

? Retail
? Manufacturing
? Government & Defense
? Media & Entertainment
? Transportation
? Energy & Utilities
? Others

The retail segment is expected to account for the highest market share, with a market size of over USD 3,500 million, as location analytics assists the retail sector to improve their profitability by helping in managing inventory. The transportation segment is anticipated to witness the highest growth rate of around 19.1% during the projected period owing to rising use in the e-commerce sector to track packages for timely delivery.

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Regional Overview

Based on region, the global Location analytics market is divided into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.

The North America region is expected to hold the largest market share of around 45% owing to the rising demand for visually represented data for discovering new actionable intelligence using maps.
Asia Pacific region witnessed the fastest growth rate of 20.3% during the forecast period owing to the increasing demand for technologically advanced solutions for providing better services.

Competitive Landscape
Key players operating in the global location analytics market include SAS Institute, Esri, Oracle, Pitney Bowes, Microsoft, Galigeo, GeoMoby, Cisco Systems, CleverAnalytics, IBM Corporation, Purple, Quuppa, Alteryx, Inc., IndoorAtlas, Lepton Software, and Other Players.

These market players are engaged in Product and Service Launch, Upgrade and Enhancement, Partnership, Collaboration, Contracts, Agreements, Acquisition, and Expansion, among others to strengthen their market presence. Product & service launches, upgrades & enhancements constituted to largest, i.e. more than 40% of all the strategic initiatives undertaken by market players, from 2017 to 2026.
For instance, in October 2019, Esri launched ArcGIS QuickCapture, a mobile app designed for rapid and at-speed field data collection workflows. Data collection is allowed from a moving vehicle using a button. It is then sent back to the office for real-time analysis, leading to faster and more effective decision making. The app is ideal for road inspections, aerial surveys, monitoring vegetation encroachment, and more.

Furthermore, in October 2021, SAS Institute partnered with Pappas Capital, a venture investment firm for propelling the growth of AgTech start-ups using analytics. This partnership enabled some North Carolina, U.S.-based starups for gaining guidance as well as executive leadership from Pappas. It also allowed access to SAS? analytics software, cloud services, and data science expertise.

The global Location analytics market report provides insights on the below pointers:

? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global location analytics market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The global Location analytics market report answers questions such as:

? What is the market size and forecast of the Global Location analytics Market?
? What are the inhibiting factors and impact of COVID-19 on the Global Location analytics Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Location analytics Market?
? What is the competitive strategic window for opportunities in the Global Location analytics Market?
? What are the technology trends and regulatory frameworks in the Global Location analytics Market?
? What is the market share of the leading players in the Global Location analytics Market?
? What modes and strategic moves are considered favorable for entering the Global Location analytics Market?

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