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Location Intelligence Market Poised to Hit $67.5 Billion by 2030, States Meticulous Research®
Location Intelligence Market
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Amidst the backdrop of the COVID-19 pandemic, digital transformation has emerged as a strategic imperative for businesses worldwide. The adoption of location-based solutions has become imperative, enabling organizations to navigate the evolving landscape with agility and resilience. Leveraging the geographical location of devices, location intelligence solutions offer real-time insights, empowering businesses to devise data-driven strategies.
The proliferation of Location-based Solutions in the Retail Sector Drive the Location Intelligence Market
In recent years, the retail industry stakeholders have been leveraging location-based solutions considerably due to their benefits, such as customer insights, proximity marketing, and enhanced shopping experience. Similar to big brands and multi-store chains, several brick-and-mortar retailers are also implementing location intelligence solutions into their product offerings to provide insights regarding customers spending behavior to boost retail functionality and sales. Retailers are promoting location-based apps to their customers to provide them with relevant information & insights and help them with store navigation, promotional offers, and benefits within the store.
Key features offered by location intelligence platforms include mapping, navigation, proximity marketing, real-time traffic updates, and mobile workforce management, among others. These insights are instrumental in enhancing operational efficiency and customer engagement across various industries.
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Segmented based on offering, deployment mode, organization size, sector, and geography, the market presents a comprehensive overview of its multifaceted dynamics. Notably, the solutions segment dominates the market landscape, propelled by the escalating demand for real-time insights in transportation & logistics and retail sectors.
Geographically, Asia-Pacific emerges as a frontrunner, fueled by the increasing deployment of real-time traffic solutions and the growing demand for map platforms in the food & beverage industry. However, challenges such as dynamic government regulations may present hurdles to market expansion.
Based on deployment mode, in 2023, the cloud-based deployment segment is expected to account for the larger share of the location intelligence market. The large market share of this segment is attributed to the rising adoption of cloud computing and storage systems from small & medium-sized enterprises and the increasing transition to cloud infrastructure due to benefits offered by cloud infrastructure, such as the ease of adoption, the minimal requirement for in-house infrastructure, high scalability, and easy installation of location intelligence solutions.
Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the location intelligence market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises, the growing adoption of advanced technologies to support location intelligence solutions, and the development of strategic IT initiatives.
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Based on sector, in 2023, the transportation & logistics segment is expected to account for the largest share of the location intelligence market. The large market share of this segment is attributed to the rising demand for location intelligence solutions across the transportation industry, increasing usage of GPS vehicle trackers and personal tracking systems, and increasing deployments of location intelligence solutions by leading LBS players.
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