Location Analytics Market Statistics 2027: Key Factors that are leading the Market Globally
Increasing adoption of location analytics for asset management across various industries drives the global location analytics market.
PORTLAND, PORTLAND, OR, UNITED STATES, November 13, 2023 /EINPresswire.com/ — According to the report, the global location analytics industry was estimated at $10.29 billion in 2019, and is anticipated to hit $31.13 billion by 2027, registering a CAGR of 15.5% from 2020 to 2027.
The proliferation of smartphones and an upsurge in usage of GPS-enabled devices, growing usage of spatial data and analytical tools, increasing adoption of location analytics for asset management across various industries, and rise in adoption of location analytics in the retail sector drive the global location analytics market. On the other hand, consent and privacy concerns restrain the growth to some extent. Nevertheless, the emergence of advanced technologies in the field of GIS, and the integration of AI with location analytics are expected to create multiple opportunities in the industry.
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The growth of the global location analytics market is mainly driven by the proliferation of smartphones and an upsurge in the usage of GPS-enabled devices. In addition to this, factors such as growing usage of spatial data and analytical tools, increasing adoption of location analytics for asset management across various industries, and rise in adoption of location analytics in the retail sector fuels the market growth.
Moreover, the increase in the adoption of location-based services during the COVID-19 pandemic fueling market growth. However, consent and privacy concerns may hamper the market growth to some extent. On the other hand, the emergence of advanced technologies in the field of GIS, and the integration of AI with location analytics is expected to provide lucrative opportunities for the location analytics market growth during the location analytics market forecast period.
In 2019, the global location analytics market was dominated by the software segment and is expected to maintain its dominance in the upcoming years, due to surge in the adoption of location analytics in the organization to provide personalized and integrated products and services to customers. The location analytics software allows companies of all sizes to gain a competitive advantage with mapping tools for business. However, the services segment is expected to witness the highest growth, due to an extensive adoption of services among end users, as it ensures effective functioning of location analytics software throughout the process.
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Impact of the Covid-19 Pandemic on the Location Analytics Market:
• Adoption of location analytics has been increased during the outbreak of COVID-19 mainly to understand the impact of COVID-19 on consumer behavior and the economy.
• On the other hand, healthcare systems have experienced an extraordinary level of demand for location data, with multiple countries having to inspect medical facilities, including primary care clinics, hospitals, and retirement homes to examine care capacity and vulnerability.
Based on geography, North America held the major share in 2019, generating around two-fifths of the global location analytics market. This is due to continuous technological advancements in the location-based services field and enhanced financial support for technology development from the government in this province. At the same time, the same Asia-Pacific region would also showcase the fastest CAGR of 18.8% during the forecast period. This is owing to factors such as the growth in several industries, such as manufacturing, construction, real estate, tourism, and others; the increase in adoption of smartphones and location-enhanced marketing; and the integration of location-based search with social networking websites.
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Based on components, the software segment contributed to more than three-fifths of the global location analytics market share in 2019, and is projected to rule the roost by the end of 2027. The growing need across businesses to see trends on maps and graphics to optimize certain business opportunities drives the growth of the segment. On the other hand, the services segment would manifest the fastest CAGR of 16.8% throughout the forecast period. This is due to an extensive adoption of services among end users, as it ensures the effective functioning of location analytics software throughout the process.
By location type, the global location analytics market share was dominated by the indoor segment in 2019 and is expected to maintain its dominance in the upcoming years, due to the extensive usage of smart devices and smartphones which are integrated with advanced location-based services. However, the outdoor segment is expected to witness the highest growth, due to the increasing adoption of location-based marketing/advertising by organizations to target consumers at a personal level with offline or online messaging based on physical location.
Some of the key location analytics industry players profiled in the report include Alteryx, Esri, Google LLC, HERE Technologies, Hexagon, Microsoft Corporation, Oracle Corporation, Pitney Bowes, Sisense Inc., Syncsort, and Trimble Inc. This study includes market trends, location analytics market analysis, and future estimations to determine the imminent investment pockets.
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