Location Analytics Market Size, Share, Growth Analysis, By Component(Software, and Services), By Location Type(Indoor, and Outdoor), By Deployment Mode(On- Premises, and Cloud), By Application(Remote Monitoring, Sales & Marketing Optimization, Asset Management, and Risk Management), By Industry Vertical(BFSI, Retail & Consumer Goods, Healthcare, and Hospitality), By Region - Industry Forecast 2024-2031

Location Analytics Market size was valued at USD 18.68 Billion in 2022 and is poised to grow from USD 21.2 Billion in 2023 to USD 58.39 Billion by 2031, growing at a CAGR of 13.5% in the forecast period (2024-2031). 

Location analytics are the integration of business and geographic data for location-based intelligence. In recent years, demands from such services and solutions have increased considerably from government, retail industries, and other businesses, which has fueled market growth. Advanced technologies expected to further increase location analysis use include cloud computing, big data, artificial intelligence (AI), and the Internet of Things (IoT). The significant adoption of GPS technology by the automobile market, portable phones, and other portable devices have given it a considerable facelift. In addition, a lot of retail establishments include location data in their marketing strategies. Walgreens, for instance, uses location data to notify users to open the app whenever they are in a particular area, which increases customer loyalty. Users can confirm further promotional offers by gaining access to their account information. Therefore, the product's adoption by the retail sector will facilitate the market's expansion. Furthermore, the availability of vast volumes of dispersed location-based data across all industries has created issues with data correlation and analysis using traditional BI tools. It is thought that businesses require geographical data and analysis to comprehend shifting business patterns and cross-border problems. This knowledge is leading to an expansion of the market.