US Location Analysis Market expected to reach $7 bn till 2027: Ken Research

United States is one of the largest markets of location analysis across the world which uses it across various domains like healthcare, marketing, security, urban planning etc. to provide the best services to their consumers.

Location analysis is an essential part of business decision making & providing innovative & value-based solutions have significant potential for success. The process of location analysis involves data collection, data processing & integration, spatial analysis & data visualization. Geographic Information System (GIS) plays a crucial role in enabling the storage, manipulation & analysis of spatial data for location analysis.

STORY OUTLINE

Street Light Data in San Francisco uses Internet of Technology (IoT) and location data from various other connected devices to analyse mobility behaviour & improve travel conditions in cities.

Esri technology empowers retailers to understand consumer behaviour & preferences in physical spaces. By analysing data from different markets, a retailer could identify areas with a high concentration of online consumers & use demographic data to develop an omnichannel strategy, leading to increased revenue & market potential.

Geospatial analysis in smart city projects like Geo hub in Los Angeles & Block faces in New York city, helps optimize urban infrastructure & resource allocation. Open data & location-based insights play a crucial role in identifying challenges & planning effective solutions for city needs.

According to Ken Research, the US Location analytics market is expected to reach $7billion till 2027, since various industries are utilizing the location analytics mechanisms in order to customize their services, as per the customer.

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1. Leveraging Location Data & IoT for Mobility & Security Solutions in Leading Cities

Many cities & leading companies have been using connected devices, Internet of Things (IoT) has generated a massive amount of data with location information. A leading company, Street Light Data in San Francisco, analyses 'mobility behaviour' by using data provided by smartphones, GPS devices, connected cars & commercial trucks to name a few devices. All these create location records when they ping cell towers & satellites.

In California, Cisco uses location monitoring technology to let the user access the live feed of any security camera to assess security conditions. They can also collect the data to predict the patterns of crime & even social media was monitored for potential threats.

An IoT device is useful towards collecting data, with the help of GPS sensor as it passes down the information from MCU (Microcontroller) or Single Board Computer where data is processed & data can be transferred to a gateway or cloud through Wi-fi communication.

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2. Location Analytics Empowering Retailers for Omnichannel Success

Another major area of application for location analytics is, to understand consumer behaviour & preferences in physical spaces. Since online sales are strong in Austin, Texas, a retailer expressed their desire to open a retail store, to develop an omnichannel strategy using Esri technology, since data collected from other markets showed a 22% increase in revenue.

By ZIP code, the data showed where online customers are concentrated & where to find more like them, to provide an understanding about the market in general. Based on insights about the population, the retailer added the demographic data into the Business Intelligence platforms, providing easy access to enriched data for market potential.

On the basis of the metrics discussed above, the Austin retailer-built sales model based on the size of market & growth based on population projections for the region.

According to Ken Research, the US location analytics market is forecasted to reach 7 billion dollars till 2027, since many businesses are realizing the importance of utilizing location-based technology to understand their consumers in a better way.

3. Los Angeles & New York Lead in Data & Geospatial Analysis

Many US cities have been investing in various smart city projects, which involve the usage of data & technology to improve the urban infrastructure & services. The City of Los Angeles has been a long pioneer in open data.

One of their initial projects included launching a site dedicated to exploring, visualizing & downloading location-based open data via a Geo hub. Geospatial analysis plays a crucial role in identifying the challenges faced in the city.

In New York city, the government use Block faces, where they set parking meter rates across the boroughs to be reflective of individual parking rates condition such as land, use, density & parking demand. Individual parking rates across each meter is represented by block face segments. All in all, location analysis plays a role in optimizing city planning & resource allocation.

Location analytics helps in interpreting the information based on geographical context to gain insights, patterns & trends that may not be dependent without examining data from the spatial component.

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4. Unleashing Health Insights: CARTO's Location Analysis for Better Care

Location analytics is increasingly being employed in the public health sector to map disease outbreaks, identify high risk areas & optimize healthcare resource distribution.

CARTO, a cloud native location intelligence & geographical information software (GIS) in New York, provides spatial analysis which identifies which location factors may be the root cause for certain health problems which can easily improve outreach, services & interventions while providing a detailed picture of healthcare access. Their services are applicable for hospitals, primary care, residential homes & dental clinics.

Conclusion

Location data & IOT technology have transformed mobility, security, retail, urban planning & healthcare services. Companies like Street Light Data, ESRI & COSCO have harnessed this data to optimize travel, enable omnichannel success & improve city planning & healthcare outcomes. The integration of geospatial analysis has empowered cities & businesses to make informed decisions based on actionable insights, making our world smarter & efficient.

India.

Ken Research is a Market Research and Consulting Firm Based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.