Newark, NJ, May 10, 2022 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global location analytics market is expected to grow from USD 11.84 billion in 2020 and to reach USD 40.29 billion by 2028, growing at a CAGR of 16.5% during the forecast period 2021-2028.
The location analytics market is witnessing significant growth in the past years. This growth is attributed to the increasing requirement for predictive analytics for businesses, the growing usage based on location applications, rapid increase in the use of analytical tools & spatial data, and technological improvements in the field of GIS technology. The government’s attempts to modernize postal services, expenses from private courier services and increased use of location analytics through small & medium-sized are also driving the market growth.
Location analytics is a method to obtain perception from the geographic or location component of business data. It gives users a broad range of possible applications, not restricting themselves to a single organization or department. Location analytics permits organizations and companies over industries to unite 3-D data among traditional BI data. Location-based analytics aid in contextualizing location-centric data and deriving significant insights.
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The global location analytics market is expected to witness significant growth due to the rising amount of three-dimensional data & the importance of aggressive intelligence, improved use of social networks for consumer engagement, and predictive analytics solutions. Further, the increasing proliferation of location intelligence technologies with businesses and increasing demand for a location analytics solution to enrich risk analysis, low cost of location analytics solutions are also expected to thrust the market growth during the projection period. The execution of strict regulations for data isolation is expected to hamper the market growth during the projection period. The technological advancement is expected to offer various growth opportunities during the projection period.
Key players operating in global location analytics market include SAS Institute Inc., Microsoft Corporation, Cisco Systems, Inc. Galigeo SAS, Hexagon AB, Oracle Corporation, TIBCO Software Inc., Trimble Inc., IBM Corporation, Pitney Bowes Inc., SAP SE, Environmental Systems Research Institute, Inc. (ESRI), and among others.
- For example, in November 2019, SAP partnered with Accenture to create SAP Cloud for Utilities. The solution will assist companies in efficacy control business methods and consumer experiences. That solution supported utility businesses to automate sales processing and build relevant consumer occurrences through loosening up resources, resulting in consumer reliability & revenue growth.
Risk management segment dominated the market and held the largest market share of 28.23% in the year 2020
On the basis of application, the global location analytics market is segmented into facility management, sales & marketing optimization, risk management, remote monitoring, and others. Risk management segment dominated the market and held the largest market share of 28.23% in the year 2020. This growth is attributed to the growing deployment of location analytics in coincidence among risk evaluation technologies.
Indoor segment dominated the market and held the largest market share of 59.15% in the year 2020
On the basis of location type, the global location analytics market is segmented into outdoor and indoor. Indoor segment dominated the market and held the largest market share of 59.15% in the year 2020. This growth is attributed to the widespread usage of smartphones and smart devices that are united with advanced location based services.
Solutions segment dominated the market and held the largest market share of 58.32% in the year 2020
On the basis of component, the global location analytics market is segmented into services and solutions. Solutions segment dominated the market and held the largest market share of 58.32% in the year 2020. This growth is attributed to a wave in adopting location analytics to provide personalized and integrated products & services to consumers. Additionally, many companies have been approaching spatial analysis as it allows for more apparent prospect abilities that help sort by any location-based effects and improve this segment.
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Cloud segment dominated the market and held the largest market share of 60.13% in the year 2020
On the basis of deployment mode, the global location analytics market is segmented into on-premise and cloud. Cloud segment dominated the market and held the largest market share of 60.13% in the year 2020. This growth is attributed to less maintains and lower costs.
Retail segment dominated the market and held the largest market share of 23.10% in the year 2020
On the basis of verticals, the global location analytics market is segmented into media, BFSI, retail, manufacturing, IT & telecom, transportation & logistics, government, and others. Retail segment dominated the market and held the largest market share of 23.10% in the year 2020. This growth is to the accelerated expansion of the retail sector & domain-specific solutions.
Regional Segment of Location Analytics Market
- North America (US, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global Location analytics market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share 29.38% in the year 2020. This growth is attributed to the extensive adoption rate and the strong appearance of technological companies. Further, growing financial support from the governments and improving industry standards for location-based technologies. The market in the Asia Pacific is expected to witness significant growth, owing to the growing retail sector demands.
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About the report:
The global location analytics market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights from the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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