Press release
Emerging Trends to Drive Location Intelligence Market Growth at 12.3% CAGR Through 2029
Location Intelligence
What Is the Expected CAGR for the Location Intelligence Market Through 2025?
In recent times, the size of the location intelligence market has witnessed rapid expansion. The market value, which is projected to be $18.2 billion in 2024, is expected to escalate to $20.55 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 12.9%. The historical growth of this sector can be ascribed to factors such as the surge in digital mapping, the requirement for real-time location data, burgeoning urbanization, heightened focus on preserving the environment, and an upswing in demand for fraud detection solutions rooted in location.
What's the Projected Size of the Global Location Intelligence Market by 2029?
In the ensuing years, the location intelligence market size is projected to experience a swift expansion, elevating to a value of $32.65 billion by 2029, representing a compound annual growth rate (CAGR) of 12.3%. The surge during the forecast period is tied to elements like the expanding adoption of location intelligence solutions, burgeoning demand for real-time location-specific data, increased interest in smart cities, the emergence of location-centric analytics tools, and the escalating application of location intelligence in the agricultural sector. The forecast period will also be marked by significant trends such as the incorporation of internet of things, AI-driven location intelligence platforms, blockchain technology, location-affiliated augmented reality, and the preference for cloud-based solutions.
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Top Growth Drivers in the Location Intelligence Industry: What's Accelerating the Market?
The growth of the location intelligence market is anticipated to be driven by the escalating adoption of IoT and connected devices. These connected devices and IoT are networks comprising physical devices embedded with connections, software, and sensors, enabling them to gather and share data. The surge in their adoption stems from advancements in technology, reduced costs, data-centric insights, industry acceptance, and the consumer's desire for convenience. IoT devices equipped with location sensors monitor the real-time position of assets such as equipment, vehicles, or inventory. This data is analyzed by location intelligence systems to oversee asset movements, enhance routes, thwart theft or loss, and guarantee efficient asset usage. For example, in September 2023, a report by Ericsson, a telecommunications company based in Sweden, indicated that global IoT connections hit 15.7 billion in 2023 and a 16% increase to 38.9 billion connections by 2029 is predicted. Additionally, in January 2022, the GSM Association, a not-for-profit industry organization based in the UK, stated that worldwide Internet of Things (IoT) connections are projected to rise to 23.3 billion by 2025, a significant uptick from the 15.1 billion connections made in 2021. Therefore, the burgeoning adoption of IoT and connected devices is fueling the growth of the location intelligence market.
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What Trends Will Shape the Location Intelligence Market Through 2029 and Beyond?
Key players in the location intelligence market are concentrating on creating AI-driven location intelligence tools like PrivacyCheck, to maintain their competitive advantage. PrivacyCheck deploys artificial intelligence algorithms to assess location-based data, offering vital business insights. For instance, in October 2022, Gravy Analytics, a firm based in the US providing business intelligence on location, introduced PrivacyCheck, a crucial part of its location intelligence technology. This tool assists companies in ensuring that location data originating from sensitive zones is not disseminated or sold. PrivacyCheck is distinguished by its capacity to help firms locate and eliminate sensitive location data from their systems, its seamless integration with clients' current systems without needing to imbue precise location data to Gravy, and its adjustable settings which let clients match the organization's specific privacy requirements.
What Are the Main Segments in the Location Intelligence Market?
The location intelligencemarket 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
Subsegments:
1) By Software: Geospatial Software, Data Analytics Software, Location-Based Analytics Software
2) By Service: Consulting Services, Integration Services, Support And Maintenance Services
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Which Top Companies are Driving Growth in the Location Intelligence Market?
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.
Which Regions Will Dominate the Location Intelligence Market Through 2029?
North America was the largest region in the location intelligence market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the location intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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