Network and Location Analytics Market Size is Predicted to be Worth USD 89.7 Billion by 2031
Proliferation of smartphones & rise in usage of GPS-enabled devices are the main factors driving the expansion of global network & location analytics market.
PORTLAND, PORTLAND, OR, UNITED STATES, March 22, 2023 /EINPresswire.com/ — The network and location analytics market was valued at $19 billion in 2021 and is anticipated to increase at a CAGR of 17% from 2022 to 2031 to reach $89.7 billion.
What is Location Analytics?
By analyzing network data and statistics, location analytics and network analytics are working together to spot trends and patterns. They also include an operation on a network or a group of operations. For instance, traffic can be routed through a different section of the network to satisfy service performance goals if a network operator discovers an issue with congestion in a particular area of the network. To facilitate the development of the next generation of extremely intelligent networks, suppliers are also integrating automation and artificial intelligence technology with classical analytics. This is anticipated to fuel the expansion of the network and location analytics industries.
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What are the Factors driving Network and Location Analytics Market?
• Growing Need for Real-Time Analytics: There is a growing need for real-time analytics in various industries, including transportation, retail, and healthcare. Network and location analytics solutions can provide real-time insights, allowing organizations to make better decisions and improve their operations.
• Increasing Demand for Location-Based Services: The increasing demand for location-based services is driving the growth of the network and location analytics market. Location-based services can be used for a wide range of applications, including asset tracking, indoor navigation, and geofencing.
• Advancements in IoT and Big Data Technologies: The advancements in IoT and big data technologies are driving the growth of the network and location analytics market. IoT devices generate a vast amount of data, and network and location analytics solutions can help organizations make sense of this data and derive valuable insights.
• Need for Efficient Network Management: The need for efficient network management is driving the growth of the network and location analytics market. Network and location analytics solutions can help organizations monitor and manage their networks, identify potential issues, and take immediate action to prevent downtime.
• Increasing Adoption of Cloud Computing: The increasing adoption of cloud computing is driving the growth of the network and location analytics market. Cloud-based network and location analytics solutions provide organizations with a scalable and cost-effective way to monitor and manage their networks.
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What are the Key Trends in Network and Location Analytics Market?
• Adoption of AI and Machine Learning: The increasing adoption of artificial intelligence and machine learning in network and location analytics is a significant trend. AI and machine learning algorithms can analyze vast amounts of data to identify patterns, anomalies, and insights in real-time, providing organizations with valuable insights to improve their operations.
• 5G Technology: With the deployment of 5G networks, location analytics is becoming more precise and effective. 5G networks allow for real-time location tracking and analytics, which can be used for a wide range of applications, including smart cities, autonomous vehicles, and industrial automation.
• Cloud-based Network Analytics: The rise of cloud computing has made it possible to perform network analytics using cloud-based platforms. Cloud-based network analytics solutions provide organizations with a scalable and cost-effective way to monitor and manage their networks.
• Integration with IoT Devices: The integration of network and location analytics with IoT devices is another trend. IoT devices generate a vast amount of data that can be analyzed to improve operations, increase efficiency, and reduce costs. Network and location analytics can help organizations make sense of this data and derive valuable insights.
• Focus on Security: As more devices become connected to the network, security becomes a top priority. Network and location analytics solutions are increasingly being used to monitor and detect potential security threats. Advanced analytics tools can detect anomalies and suspicious behavior in real-time, helping organizations take immediate action to prevent potential security breaches.
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The fast proliferation of COVID-19 has resulted in previously unheard-of changes in consumer visitation patterns to retail establishments, together with government support of social estrangement on the local, state, and federal levels. While foot traffic has slowed down in some business categories, it has accelerated in others. Enterprises have adopted network and location analytics tools as a result to study consumer spending trends and behavior.
The key players profiled in the network and location analytics market analysis are Google LLC., Microsoft Corporation, IBM, Cisco Systems, Inc., Oracle, SAP SE, Hexagon, ALTERYX, INC., ESRI, SAS Institute Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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