Meticulous Research® – leading global market research company, published a research report titled “Location Analytics Market by Component, Location, Application (Risk Management, Supply Chain Optimization, Customer Management), End-use Industry (Smart Cities, Healthcare, Retail, Government, Logistics, Utilities, Agriculture, and BFSI), and Region—Forecast to 2027”.
According to this Latest Publication from Meticulous Research®, the Location Analytics Market is Expected to Grow at a CAGR of 11.1% from 2020 to 2027 to Reach $26.89 Billion by 2027. This market is majorly driven by factors such as the rising usage of spatial data and analytics tools by several industries such as retail & consumer products and healthcare, consistent innovation in geospatial technologies driven by the investments from major players, and the businesses’ growing need for predictive analytics to survive in the competitive market. The rise in social media usage for customer engagement offers promising opportunities for the stakeholders in the location analytics market. However, the lack of awareness regarding the benefits of location analytics, data security and privacy concerns, and the high initial investment are factors expected to hinder the market growth.
The location analytics market is segmented based on component, location, application, end-use industry, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, the software segment commanded the largest share of the location analytics market in 2020, and it is expected to register the highest growth rate over the forecasted period. The large share of this segment is mainly attributed to the software’s ability to manage and improve efficiency by streamlining operations and provide a complete view of numerous business applications. The integration of software with cloud-based storage and security and platform services is projected to drive the growth of the software segment over the forecast period.
Based on application, the market is segmented into risk management, supply chain optimization, sales & marketing optimization, facility management, remote monitoring, emergency response management, customer experience management, and others (predictive asset management and inventory management). The sales & marketing optimization segment commanded the largest share of the location analytics market in 2020. The large share of this segment is primarily attributed to the enterprises’ growing need to enhance their sales by undertaking location- and consumer-specific marketing and advertising campaigns. Thus, the sales & marketing optimization segment is projected to remain dominant over the forecasted period. However, the customer experience management segment is anticipated to record a high growth rate.
By location, the location analytics market is segmented as indoor and outdoor. In 2020, the indoor segment commanded the largest share of the location analytics market. The perpetually growing usage of smartphones and mobile devices that are integrated with high-tech location-based services has helped the indoor segment dominate the market. Furthermore, growing advancements in technology and investments in the modernization of infrastructure are poised to support the growth of the indoor segment. Hence, the segment is also expected to register the fastest growth rate over the coming years.
Location analytics is being rapidly incorporated by several industrial verticals, including infrastructure and smart cities, retail & consumer goods, government & defense, industrial manufacturing, transportation & logistics, energy & utilities, telecom & IT, agriculture, media & entertainment, healthcare, and BFSI. Based on end-use industry, the transportation & logistics segment commanded the largest share of the location analytics market in 2019. The growing significance of spatial analytics in the transportation industry due to the need to overcome ambiguity with a better understanding of data and intelligent decision-making has enabled the transportation & logistics segment to account for the largest market share. However, the growing adoption of indoor location analytics and increasing investments in the digitalization of the retail sector are anticipated to drive the growth of the retail segment over the forecasted period.
The report provides a detailed analysis of the location analytics market for different regions worldwide, including North America, Europe, and Asia-Pacific. Furthermore, the report also highlights the market scenario in the developing regions of Latin America and the Middle East & Africa. At present, North America commands the largest share of the location analytics market. The large share of the region is primarily attributed to the presence of major location analytics companies in the region and their focus on developing advanced location analytics technology backed by consistent government funding for advancing location analytics. However, the Asia-Pacific market is expected to grow at a high CAGR over the forecast period. The continuous development of high-tech infrastructure compatible with spatial and location intelligence, increasing adoption of mobile and smart devices, and rise in the number of start-ups offering location analytics solutions and services in the region are the key factors bolstering the growth of the Asia-Pacific market.
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The report includes a competitive landscape based on an extensive assessment of the key strategic developments by the leading market participants in the location analytics market over the last four years (2017–2020). The key players profiled in the location analytics market are Google LLC (U.S.), SAP SE (Germany), IBM Corporation (U.S.), TIBCO Software, Inc. (U.S.), Oracle Corporation (U.S.), Alteryx, Inc. (U.S.), SAS Institute, Inc. (U.S.), Microsoft Corporation (U.S.), ESRI (U.S.), Precisely (U.S.), Hexagon AB (Sweden), GaliGeo (France), Trimble, Inc. (U.S.), and Pitney Bowes, Inc. (U.S.), among others.
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