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Location Intelligence Market: Detailed Industry Analysis, Emerging Trends, Market Scope, Size, Technological Advancements, and Future Potential
Location Intelligence Market
As per the report, the location intelligence market size has grown rapidly in recent years. It will grow from $15.99 billion in 2023 to $18.20 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The location intelligence market size is expected to see rapid growth in the next few years. It will grow to $30.74 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
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The Role Of IoT And Connected Devices Is Driving The Growth Of The Location Intelligence Market
The rising adoption of IoT and connected devices is expected to propel the growth of the location intelligence market going forward. IoT and connected devices are a network of physical devices implanted with sensors, software, and connections, allowing them to collect and exchange data. The increasing adoption of IoT and connected devices is due to technological advancements, cost reductions, data-driven insights, industry adoption, and consumer demand for convenience. IoT devices with location sensors track the real-time location of assets such as vehicles, equipment, or inventory. Location intelligence systems analyze this data to monitor asset movements, optimize routes, prevent theft or loss, and ensure efficient asset utilization. For instance, in September 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 15.7 billion connections in 2023 and are expected to increase by 16% to reach 38.9 billion connections by 2029. Furthermore, in January 2022, data from the GSM Association, a UK-based non-profit industry organization, global Internet of Things (IoT) connections would surge to 23.3 billion by 2025, a notable increase from the 15.1 billion connections recorded in 2021. Therefore, the rising adoption of IoT and connected devices is driving the growth of the location intelligence market.
Advancements In AI-Powered Location Intelligence Solutions Drive Competitive Edge In The Market
Major companies operating in the location intelligence market are focusing on developing AI-powered location intelligence solutions, such as PrivacyCheck, to gain a competitive edge in the market. PrivacyCheck is an AI-powered location intelligence technology that uses artificial intelligence algorithms to evaluate location-based data and provide essential insights to businesses and organizations. For instance, in October 2022, Gravy Analytics, a US-based company that offers business intelligence on location, launched PrivacyCheck, an essential component of location intelligence technology. It aids enterprises in making sure location data generated in sensitive areas is not shared or resold. The unique features of PrivacyCheck include its ability to help organizations find and remove sensitive location data from their systems, its integration into customers' existing systems without the need to share precise location data with Gravy, and its configuration options that allow customers to meet organization's specific privacy needs precisely.
The location intelligence market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment: On-Premise, Cloud
3) By Location Type: Indoor, Outdoor
4) By Application: Workforce Management, Asset Management, Facility Management, Risk Management, Remote Monitoring, Sales And Marketing Optimization, Customer Management, Other Application
5) By Vertical: Retail And Consumer Goods, Government And Defense, Manufacturing And Industrial, Transportation And Logistics, Banking, Financial Services, and Insurance (BFSI), Information Technology (IT) And Telecom, Utilities And Energy, Media And Entertainment
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Major companies operating in the location intelligence market report are Google LLC, Microsoft Corporation, IBM Corporation, Qualcomm Technologies Inc., Uber Technologies Inc., Nokia Corporation, Baidu Inc., Hexagon AB, Autodesk Inc., Lyft Inc., Trimble Inc., Pitney Bowes Inc., Esri Inc., TIBCO Software Inc., Liberty Broadband Corporation, Alteryx Inc., MDA Corporation, TomTom International B.V., INRIX Inc., Mapbox, SpotHero Inc., CARTO, Cuebiq Inc., Navizon Inc., Foursquare Labs Inc.
Contents of the report:
1. Executive Summary
2. Location Intelligence Market Report Structure
3. Location Intelligence Market Trends And Strategies
4. Location Intelligence Market - Macro Economic Scenario
5. Location Intelligence Market Size And Growth
…..
27. Location Intelligence Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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