Location Analytics Market Revenues to expand $22.8 billion by 2024

[135 Pages Report] Location analytics market size, analysis, trends, & forecasts. The global market for location analytics categorized by solution, services, location type, application, vertical & region.

Posted on 2019-11-25 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2019-Nov-25 —

According to a research report “Location Analytics Market by Component (Solutions and Services), Location Type (Indoor Location and Outdoor Location), Application (Remote Monitoring, Risk Management), Vertical (Retail, Media and Entertainment), and Region – Global Forecast to 2024″, The global location analytics market size is expected to grow from USD 10.6 billion in 2019 to USD 22.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.6% during 2019–2024. Organizations are adopting location analytics to analyze and generate insights from the spatial data collected using various data sources, including sensors, cameras, GPS devices, social media sites, and mobile devices. The market evolution has been marked by the development of location-based technologies and advantages associated with them for all potential users. Location analytics vendors are trying to make things simple so that organizations can access, share, and analyze the location-based data coming from various data sources from any remote location.

The solutions segment is expected to have a higher market share during the forecast period. Location analytics is being widely implemented across Small and Medium-sized Enterprises (SMEs) and large enterprises. The solutions segment can be considered as the most beneficial component needed to generate high-level insights from location data. Organizations have started mapping business data with geographic locations to enhance their insights into tabular data. Maps can be used as a common language to effectively understand and communicate data. The solutions used in location analytics normally focus on simple mapping and spatial analysis capabilities, which work with business analytics and enterprise data systems.

The outdoor location segment is projected to have a higher market share during the forecast period. The need for outdoor location-based applications is growing, owing to their implementation in transportation and logistics, retail, and manufacturing verticals. Organizations make use of outdoor location analytics to monitor their immovable assets for reducing costs. Airlines can determine the exact location of their planes and accordingly inform arrival time to passengers in case of delays. Major applications for outdoor locations are geo-marketing and advertising, asset tracking, personal tracking, customer location tracking, fleet tracking, freight management, route optimization and planning, mapping discovery and infotainment, geographic event alerts, and defense management.

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Key Market Players in Location Analytics Market

The major location analytics market vendors include SAS (US), Esri (US), Oracle (US), Pitney Bowes (US), Microsoft (US), Galigeo (France), Cisco (US), IBM (US), Purple (UK), GeoMoby (Australia), Alteryx (US), CleverAnalytics (Czech Republic), IndoorAtlas (Finland), Lepton Software (India), and Quuppa (Finland). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global location analytics market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2017 to 2019, which helped them innovate their offerings and broaden their customer base.

SAS (US) is considered as one of the strongest suppliers in Business Intelligence (BI) and analytics solutions. To cater to the increasing demand for location analytics, SAS has developed products to meet the unique requirements of various organizations. To maintain its leadership position and increase its footprints worldwide, SAS has adopted both organic as well as inorganic growth strategies.

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