The location analytics market was estimated to be worth US$ 15.7 billion in 2021; by 2022, it is expected to have grown by 14% year over year to reach a valuation of US$ 17.9 billion.
Demand is predicted to increase at a 14.1% value CAGR over the assessment period of 2022–2032, most likely reaching US$ 66.5 billion by the conclusion of the forecast period.
Until 2032, the location analytics market is expected to provide an absolute monetary potential of US$ 66.5 billion. The market for location analytics sales is expected to grow at a reported CAGR of 16.0% between 2015 and 2021.
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The location analytics market has had to revolutionize services to a completely new level due to the growing usage of location-based applications, location data, spatial data, analytical tools, and other cutting-edge technology. According to Fact.MR, a supplier of competitive intelligence and market research, the location analytics market grew at an astounding 16.0% CAGR between 2015 and 2021. Analytics related to location are essential for businesses looking to gain a competitive advantage.
The location analytical market has to be updated consistently to offer a smooth user experience. Service providers may improve their returns on investment and save expenses associated with operations by implementing cutting-edge innovations. Moreover, the range of location analytics services is expanding due to evolving governance and compliance needs.
Key Location Analytics Service Providers
- IBM Corporation
- Google LLC
- Oracle Corporation
- Microsoft Corporation
- ESRI
- SAS
- Precisely
- SAP
- Cisco
- TomTom
growing reliance on spatial data and the usage of location analytics tools
The value of location analytics has increased over the last few years. During the anticipated period, the location analytics market is anticipated to develop at a faster rate due to the growing inclination of organizations towards location analytics and the introduction of cloud analytics solutions. The market is expanding due to the growing usage of analytical tools and geographical data. The market for location analytics is expanding due to the increasing use of location analytics for asset management in several sectors.
Real-time study of shifting consumer demands and company trends is made possible by analytical tools, which support market expansion. The primary driver of the location analytics market's expansion is the government's commitment to public safety. Additionally, the growing trend of digitization, mobile commerce, the increasing use of smartphones with cutting-edge apps, and technical breakthroughs are driving the location analytics market. For instance, location analytics aid in the military and defense industry by precisely tracking the movements of enemy and the whereabouts of troops, which helps in formulating strategic planning decisions.
Using IoT to Provide Significant Growth Prospects
One of the key reasons propelling the market is the increasing use of the Internet of Things (IoT) on accounts of the world's fast digitalization. The increased usage of laptops, smartphones, and tablets has also contributed to the market's expansion.
For example, Google LLC modified the Google Maps SDKs to improve the user experience by providing accurate shipping and delivery depiction. Furthermore, the market for location analytics is expanding due to the utilization of drones and satellite photography technologies.
Competitive Landscape
Many vendors are present in the global location analytics market with the goal of providing clients with a wide range of services. Businesses are also looking for specialist service providers that can give solutions that are specifically tailored to meet their goals. Additionally, in order to have an advantage over other market rivals, the sellers probably make use of product diversification and upgrades. Suppliers are implementing novel approaches to grow their company. Several recent advancements in the industry include:
- Esri worldwide Inc. unveiled a worldwide analytics solution in April 2021. Users may access geodata, photos, and Esris's ArcGIS online program with the aid of this application.
- To improve user experience, Google LLC made improvements to the Google Maps SDK for Android in October 2021. This function facilitates drivers' convenient delivery tasks.
- Leading mobility analytics company INRIX, Inc. announced on July 28, 2021, the release of INRIX IQ Location Analytics, a potent new cloud-based LBS tool that gives retailers, investors, and other business professionals the information they need to expand their storefronts, boost sales, and optimize return on investment.
Key Segments Covered in the Location Analytics Industry Report
- by Component :
- Location Analytics Solutions
- Geocoding & Reverse Geocoding
- Data Integration & ETL
- Reporting & Visualization
- Thematic Mapping & Spatial Analysis
- Other Solutions
- Location Analytics Services
- Managed Services
- Professional Services
- Location Analytics Solutions
- by Location Type :
- Indoor Location Analytics
- Outdoor Location Analytics
- by Deployment Mode :
- On-Premises Location Analytics Deployment
- Cloud-based Location Analytics Deployment
- by Organization Size :
- Location Analytics for Small and Medium-sized Enterprises
- Location Analytics for Large Enterprises
- by Application :
- Risk Management
- Emergency Response Management
- Customer Experience Management
- Remote Monitoring
- Supply Chain Planning and Optimization
- Sales and Marketing Optimization
- Location Selection and Optimization
- Other Applications
- by Industry Vertical :
- Retail
- Manufacturing
- Government and Defense
- Media & Entertainment
- Transportation and Logistics
- Energy and Utility
- Telecom and IT
- Banking and Financial Services
- Insurance
- Healthcare, Pharma and Life Sciences
- by Region :
- North America
- Europe
- APAC
- Middle East & Africa
- Latin America
This upward trend underscores the rising demand for data-driven insights and geospatial analysis across various industries. As businesses continue to recognize the strategic advantages of location intelligence, the market is poised for continued expansion, driven by advancements in technology and the increasing importance of spatial data in decision-making processes.
FAQ:
What is the projected market value for the U.S. Location Analytics market?
By 2032, Fact.MR expects the U.S market for Location Analytics to reach US$ 14.0 Billion
At what compound annual growth rate (CAGR) did the Location Analytics market grow from 2015 to 2021?
From 2015-2021, the Location Analytics market grew at a 16.0% value CAGR
What is the anticipated CAGR for the Location Analytics market from 2022 to 2032?
From 2022-2032, Location Analytics demand is likely to surge at a 14.1% CAGR
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