USD 14.00 billion
Report ID: SQSG45D2024 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Location Analytics market size was valued at USD 14.00 billion in 2021, and the market size is estimated to reach USD 38.62 billion by 2028, at a CAGR of 15.60% over the forecast period (2022-2028).
Location analytics, often known as geoanalytics, is the process of extracting insights from location data. It incorporates geographical data with a company's data assets in order to extract more valuable insights. In all industries, company data, such as information on people, transactions, assets, and events, frequently includes a geographic component, which, when combined with a performance analysis, can provide new relevant insights. Location analytics provides an organization with spatial analytics as well as other analytics capabilities for understanding data through a location-specific perception, optimizing business procedures, and enabling predictions. It enables firms to make better-informed decisions, which can boost both effectiveness and efficiency.
The increasing investments in the Internet of Things (IoT) and the growing adoption of smart devices and network services are driving the market for location intelligence, as it enables smarter applications and improved connectivity.
Global Market Size
USD 14.00 billion
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The global Location Analytics market is segmented based on component, location type, deployment mode, application, industry vertical, and region. Based on component, the Location Analytics market is segmented into Software, Services. Based on location type, the Location Analytics market is segmented into Indoor, Outdoor. Based on deployment mode, the Location Analytics market is segmented into On-premise, Cloud. Based on application, the Location Analytics market is segmented into Remote Monitoring, Sales & Marketing Optimization, Asset Management, Risk Management, Facility Management, Others. Based on industry vertical, the Location Analytics market is segmented into BFSI, Retail & Consumer Goods, Healthcare, Hospitality, Transport & Logistic, Government, IT & Telecom, Media and entertainment, Others. Based on region, the Location Analytics market is categorized into North America, Europe, Asia-Pacific, and MEA.
Analysis by Location Type
In 2021, the outdoor segmented dominated the market and is anticipated to maintain its dominance throughout the forecast period. Outdoor analytics solutions help businesses to find prospective clients based on online customer behavior, shopping experiences, and visualization of location data. Mapping and geographical data are being included into the services of business intelligence and analytics software companies. Understanding customer behavior will help businesses with geo-marketing and advertisement, asset management, and business planning.
Furthermore, the indoor market is expected to develop at the fastest CAGR over the forecast period. Indoor analytics solutions allow corporations and government agencies to display data received from indoor devices such as cellphones and Wi-Fi networks in order to assist businesses in making business choices. Moreover, indoor location analytics industry solutions assist firms with real-time mapping, indoor location monitoring, and asset tracking.
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North America is predicted to dominate the growth of the global location analytics market share. The rising demand for position intelligence and geospatial analytics solutions in industries such as government, defense, retail, and others is fueling the expansion. For example, the United States Government cooperated with Google LLC, Meta Platforms, Inc. (Facebook), and other technology providers and health professionals to deploy analytics tools in March 2020. This has aided organizations in combating viral spread by exploiting location data acquired from individuals, including tracking people's social distancing behavior.
Asia Pacific is expected to register the fastest CAGR over the forecast period. The growth has been driven by a significant increase in the adoption of location intelligence solutions by governments in the area for public safety concerns. For example, Quadrant.io, a major location intelligence provider, formed the Asia Pacific Data Alliance (APDA) in June 2020, which includes over 100 consultancy, geospatial, and data analytics firms. The program enabled prominent corporations, governments, and researchers to have access to mobile location data in order to limit the risks associated with virus propagation.
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The availability of massive amounts of fragmented location-based data across all sectors has caused issues with data correlation and analysis using standard BI tools. Spatial data and analysis are thought to be critical for businesses to comprehend shifting business trends and difficulties across regions. This information is propelling the market forward. The spatial data assists clients in resolving space assignment-related problems, as well as providing data for audits, design reviews, and other space-related initiatives. These characteristics boost the utilization of geographical data in a variety of industries. Location analytics solutions help businesses process massive amounts of geographical data and give real-time analysis of changing customer needs, business trends, and regulations and compliances. For example, in the retail vertical, geographical data assists businesses in uncovering the relationship between stores, items, wants, preferences, and consumer types across various characteristics and metrics. These characteristics and metrics have an impact on overall sales performance. Tracking stock levels also allows merchants to efficiently manage warehouse deliveries to ensure optimal store stocking.
The deliberate or unintentional abuse of location data can have substantial legal ramifications for both corporations and customers. When location data is disclosed in conjunction with other personal information, privacy problems arise. Consumer privacy concerns are important in the processing of location data since several regulatory restrictions can limit access to location data without the user's agreement. Individuals concerned about the security of their location-based data can decline to allow some geospatial analytics tools to obtain essential location data. Government rules and regulations oversee data processing, location sharing, the use of location-based information, and data storage. The European Union's (EU) General Data Protection Regulation (GDPR) is the EU's first concerted effort to protect citizens' Personally Identifiable Information (PII). Companies that collect data must follow regional legislation and seek authorization from each consumer. Organizations' access to consumer location data is constrained, limiting their usage of geospatial data analytics solutions. As a result, individual concerns regarding geo privacy and sensitive data are increasing, limiting the growth of the worldwide location analytics market in the coming years.
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The Location Analytics Market is highly competitive due to the numerous vendors offering analytics solutions to both domestic and international markets. The market appears to be moderately fragmented, with major vendors pursuing strategies such as mergers and acquisitions, strategic partnerships, and others to expand their reach and remain competitive in the market.
Top Players Company Profiles
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According to our global location analytics market analysis, the increased emphasis of organizations on spatial environment variables such as infrastructure, sociocultural, and topographic characteristics is enabling geographic predictive analytics to flourish in the market. For effective analysis, geospatial data analytics makes use of unique IDs and geographic coordinates. By establishing data visualization and spatial models, this gives accurate trend predictions and modeling. The prediction of maintenance needs, production deadlines, and infrastructure assessment are driving market need for spatial predictive analytics.
|Market size value in 2021||USD 14.00 billion|
|Market size value in 2028||USD 38.62 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Location Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Location Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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