Location Analytics: A Global Perspective on Market Size, Growth, and Trends

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.

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Location analytics refers to the process of deriving insights from location or geographic data. It involves analyzing and interpreting location-based information to understand patterns, trends, and relationships between various spatial data points. This type of analytics typically utilizes geographic information system (GIS) technology, GPS data, and other location-based data sources to provide valuable insights for businesses, organizations, and governments. The market for location analytics encompasses a range of technologies, software platforms, and services that enable organizations to make informed decisions based on spatial data.

The growth of the global location analytics market is mainly driven by the proliferation of smartphones and upsurge in usage of GPS-enabled devices. In addition to this, factors such as growing usage of spatial data and analytical tools, increasing adoption of location analytics for asset management across various industries, and rise in adoption of location analytics in retail sector fuels the market growth.

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Moreover, increase in the adoption of location-based services during COVID-19 pandemic fueling the market growth. However, consent and privacy concerns may hamper the market growth to some extent. On the other hand, emergence of advanced technologies in the field of GIS, and integration of AI with location analytics is expected to provide lucrative opportunities for the location analytics market growth during location analytics market forecast period.

In 2019, the global location analytics market was dominated by the software segment, and is expected to maintain its dominance in the upcoming years, due to surge in adoption of location analytics in the organization to provide personalized and integrated products and services to customers. The location analytics software allows companies of all sizes to gain a competitive advantage with mapping tools for business. However, the services segment is expected to witness the highest growth, due to an extensive adoption of services among end users, as it ensures effective functioning of location analytics software throughout the process.

By location type, the global location analytics market share was dominated by the indoor segment in 2019 and is expected to maintain its dominance in the upcoming years, due to the extensive usage of smart devices and smartphones which are integrated with advanced location-based services. However, the outdoor segment is expected to witness the highest growth, due to the increasing adoption of location based marketing/advertising by the organizations to target consumers at a person-level with offline or online messaging based on physical location.

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Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to factors such as an upsurge in spending on location-based services and extensive adoption of smartphone and smart technologies. In addition to this, there is surge in adoption of spatial analytics devices as well as tools in developing countries such as China, Japan, and India, is further expected fuel the location analytics adoption to enable data-driven decision-making. Moreover, an increase in disposable income and economic development contribute to the adoption of location analytics solutions in countries such as Indonesia, Sri Lanka, Philippines, and other countries. Furthermore, there is extensive demand for location-based insights for decision-making in organizations across the Asia-Pacific.

Impact of Covid-19 on Location Analytics Market:

• The outbreak of the pandemic led to increase the adoption of location analytics mainly to understand the impact of COVID-19 on consumer behavior and the economy.

• The healthcare systems have experienced an unexpected level of demand for location data, with multiple countries having to inspect medical facilities, including primary care clinics, hospitals, and retirement homes to observe care capacity and vulnerability.

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.

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