Location analytics offers a vast range of potential applications to the users, not limiting itself to a single department or an organization. Several businesses are using geographical information for visualizing, analyzing, and understanding the location-based information in making decisions allied to the organization.
The business process is changing in the light of coronavirus, and it is the same for the global location analytics market as well.
The market is still on the pace for gaining high valuation since lockdown from March-end.
On this, Market Research Future reveals that the global location analytics market 2020 is showing an optimistic sign to take a considerable jump relatively at 19% CAGR to hit net worth $25 Billion by 2022 amid COVID 19 pandemic.
The forecast period of the market is recorded to be 2016-2022.
Top Impacting Factors
Location analytics uses the past data of customer profiles and preferences to understand various trends and patterns worldwide.
The report finds that growth in the retail industry, rising use of GPS devices, and technological advancements in the field of location technology are driving the location analytics market.
At the same time, some essential factors, such as the development in portable navigation devices, web-mapping services, and Smartphone applications, are extensively contributing to the market growth.
In fact, rising investments in IoT, mounting penetration of smart devices, and network infrastructure are the other factors expected to bolster the market for future instance.
Other benefits of location analytics such as risk management, predictive analytics, streamlining services, and operations of companies, as well as real-time tracking of patterns and trends, are the factors anticipated to fuel the adoption of location analytics services across organizations driving the market broadly.
Also, the mounting demand for location analytics to enhance business operations and to deliver personalized services is expected to spur the growth during pandemic further.
Some of the renowned companies, such as ESRI, Google, AT&T, Qualcomm, Apple, and Intel, are making essential investments in location analytics technologies.
The solutions providers are integrating real-time location monitoring capabilities in devices, such as Smartphones, vehicles, and aircraft.
The well-known players in the global location analytics market are listed as ESRI (U.S.), TIBCO Software Inc. (U.S.), Oracle Corporation (U.S.), Pitney Bowes (U.S.), SAS Institute Inc. (U.S.), SAP SE (Germany), Cisco Systems, Inc. (U.S.), Galigeo (France), IBM Corporation (U.S.), Alteryx, Inc. (U.S.).
Segmentation of Market
For a more detailed study, Market Research Future has further studied the Location Analytics Market under segmental analysis, which includes segments such as component, software, deployment, and end-users.
In terms of components, the market has included software and service segment.
In terms of the deployment segment, the market has included on-premises and hosted.
In terms of software segment, the market has included thematic mapping, spatial analysis, reverse geocoding, geocoding, reporting, data integration, and others.
In terms of the end-user segment, the market has included government, IT & telecommunications, BFSI, healthcare, retail, transportation, government, energy & utilities, and others.
Regionally, North-America acquired the largest market share in support of the escalating adoption of Wi-Fi location analytics, growing adoption of emerging technologies, and high investments for cloud-based solutions.
Also, North America remains a significant market for location analytics as real-time data analytics in defense technology lined many ways for broader applications of location data across multiple industries of retail, BFSI, and healthcare and more.
With the help of enormous technology support and emergent automation, trends are driving the growth of location analytics in this region.
Also, the advent of new technologies, such as the Internet of Things, is being progressively employed in this region.
However, the Asia Pacific region is expected to record the fastest growth over the assessment period, owing to the mounting number of Smartphone users, escalating number of service providers, advancements in networking technologies, and the rise of social media.
Even, various organizations and service providers are trying to introduce new services and products to acquire a larger share of the developing market, thus anticipating fuelling the regional market growth over the forecast period.