The Market For Location Analytics Is Likely To Be Valued At US$ 66.5 Billion

Posted on 2022-11-01 by Fact.MR in Technology // 0 Comments

Increasing use of location based application, location data, spatial data and analytical tools and other advanced technologies have prompted Location analytics market to transform services into a whole new level. As per market research and competitive intelligence provider Fact.MR, the market for location analytics witnessed a staggering 16.0% CAGR from 2015 to 2021. As enterprises strive to attain a competitive edge location analytics is a necessity.

Consistent upgradation of location analytical market to provide a seamless user experience is the need of the hour. By incorporating avant-garde breakthroughs, service providers are not only able to reduce operational costs, but also enhance their returns on investment. Furthermore, changing compliance and governance requirements are also widening the scope for location analytics services.

In the future, as more businesses rely on location analytics, they are continuously innovating their approaches, ushering in efficiency, enhancing quality and improve client experience. Whether it is to migrate, transform or build, deploying the right application strategy can work miracles. From 2022 to 2032, the location analytics market is forecast to grow 3.7x.

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Key Challenges Prevalent in the Global Location Analytics Market

Privacy concerns associated with Location Analytics Solutions

Although location analytics has proven to yield major operational benefits, many enterprises are reluctant to implement it due to a variety of reasons. These typically range from high cost associated with deployment of location analytics solution, lack of proper location analytics algorithm, rising concern related to privacy and data security.

Privacy concern are raised with misuse of location data, both organisation and customer can suffer in serious legal consequences. As Data processing, location sharing, use of location-based information, and data storage are all restricted by government rules and regulations. Thus as a result of increasing individual concern about data privacy limiting the growth of the location analytics market.

However, data privacy and security concerns along with lack of awareness regarding location analytics solutions especially in developing regions are expected to hamper the growth of location analytics market during the forecast period 2022-2032.

Lack of uniformity of laws in location analytics services

Technological advancement has brought several changes in location analytics market. This technology outburst has brought revolution in several fields like retail, healthcare and life sciences, government and defense, and BFSI. Service providers are gaining traction due to the demand for location analytics services. For security and promotional purposes. there is high potential of location analytics in these fields.

As different countries have different norms regarding location analytics different market players find it difficult to develop universal solution for their services across the globe. This will likely sustain growth prospects for location analytics in the years to come.

Country-wise Analysis

How do Growth Prospects Appear in the US Market?

According to Fact.MR, demand for location analytics market in the U.S is likely to expand at a 14.0% value CAGR until 2032, forecast to yield an opportunity worth US$ 16.8Billion. Demand is further expected to be valued at US$ 23.1 Billion by the end of the said forecast period. Growth is attributed to extensive digitization of professional workspaces to streamline workflow and enhance productivity.

Location analytics market have lucrative opportunities in sectors like BFSI, IT and telecommunication and healthcare in the country. Consequently, major enterprises are transitioning towards cloud-based business models, prompting them to introduce various business applications. Moreover, they are investing in key location analytics management solutions to ensure easy processing of data, ensure data security and improving client relationships by providing efficient services.

Presence of numerous location analytic service provider in the country is also to propel the growth of the market. Increase in technological advancement, expanding industry requirement of location based solution, rising government support are some of the factor contributing to increase in location analytics market in US. For instance, in March 2021 US government collaborated with google LLC, and also with other technological players to deploy analytical tools.

Why is Demand for Location Analytics is Rising Rapidly?

Cloud Segment accounts for highest revenue in the global location analytics market.

The global location analytics market is segmented into cloud and on premises on basis of deployment mode. As cloud-based applications have allowed organizations to leverage the best of geographic data and cloud platforms and ensure efficiency and flexibility in their offerings. Cloud segment is expected to lead in terms of revenue in global location analytics market during the forecast period.

Cloud location market owing to its requirement to flow with shifting technology that can be used for advance development in the market. Thus cloud segment is expected to gain higher traction in the coming years as it scales the security of operations and gives users complete dominion over their data and applications. Fact.MR expects cloud-based deployment to expand at a CAGR of 13.7% from 2022 to 2032.

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Competitive Landscape

The global market for location analytics is characterized by the presence of multiple vendors, aiming to offer extensive services to clients. Additionally, enterprises are seeking out specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market. Vendors are adopting new strategies to expand their business. Some of the recent developments in the market are:

In April 2021, a global analytics application was introduced by Esri Global Inc. The application will help users to access Esris’s ArcGIS online application, geo-data and images.
In October 2021, Google LLC introduced refinements in Google Maps SDK for Android to provide better user experience. This feature helps drivers in making deliveries conveniently.
On July 28, 2021 – INRIX, Inc., a leader in mobility analytics, announced INRIX IQ Location Analytics, a powerful new cloud-based LBS application that provides retailers, investors, and other business professionals the insights to open new stores, increase revenue, and maximize 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

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

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Key Challenges Prevalent in the Global Location Analytics Market

How do Growth Prospects Appear in the US Market?

Why is Demand for Location Analytics is Rising Rapidly?

Competitive Landscape

Key Segments Covered in the Location Analytics Industry Report

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