Location Analytics Market to Witness CAGR of 13.5% by 2031 on Rising Use of Spatial Data

WESTFORD, MASSACHUSETTS, UNITED STATES, August 21, 2024 /EINPresswire.com/ — Location Analytics Market was valued at USD 18.68 billion in 2022 and is expected to rise from USD 21.2 billion in 2023 to reach a value of USD 58.39 billion by 2031, at a CAGR of 13.5% during the forecast period (2024–2031).

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Increased use of mobile applications and location sharing across mobile devices has changed the way services are delivered to end users. Moreover, increasing investment in IoT is another important factor that has driven the growth of the industry. IoT is a rapidly growing category of internet-connected devices, capable of capturing large amounts of data using mobile & fixed sensors. Real-time processing of this captured data is essential for modern analytics in the public or private sector. The main driving force behind the rising adoption of location intelligence software is the growing awareness of the importance of spatial insights in business decision-making. Companies in various industries use location intelligence software to gain competitive advantage by making business processes quality and by improving customer experience.

Location Analytics Market Top Players Company Profiles

• IBM (US)
• Google (US)
• Oracle (US)
• Microsoft (US)
• Esri (US)
• SAS (US)
• Precisely (US)
• SAP (Germany)
• Cisco (US)
• TomTom (Netherlands)
• Hexagon (Sweden)
• Zebra Technologies (US)

Real-Time Revolution: Navigating the Future with Precision in the Next 4-5 Years

The following are the key Location Analytics Trends that will shape the growth of the market in the next 5 years

Expansion in verticals: Location analytics will drive greater adoption across sectors including retail, logistics, healthcare and smart cities. Retailers will use location data to create personalized marketing and inventory plans, while logistics companies will optimize route planning and supply chain management.

Increase in vicinity utilization adoption: With the increasing popularity of cellular wearable technologies, there may be a growth in location utilization with a purpose to power the call for solutions.

Focus on facts privacy and security: As the quantity of location information grows, records privateness and protection concerns additionally rise. Companies will need to implement robust strategies to address these concerns and comply with regulations.

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Segments covered in Location Analytics Market are as follows:

• Offering
o Solution (Type [Geocoding & Reverse Geocoding, Data Integration & ETL, Reporting & Visualization, Thematic Mapping & Spatial Analysis and Other], Deployment [on-premises and Cloud]), and Services (Professional Services [ Consulting Services, Deployment & Integration and Training, Support, and Maintenance] and Managed Services)

• Location Type
o Indoor, Outdoor

• Deployment Mode
o On-premise, Cloud

• Application
o Risk Management, Emergency Response Management, Customer Experience Management, Supply Chain Planning & Optimization, Sales & Marketing Optimization, Location Selection & Optimization and Other.

• Industry Vertical
o BFSI, Retail & E-consumer, Manufacturing, Healthcare & Life science, Agriculture, Automotive Transportation & Logistic, Government & Defense, Energy & Utility, IT/ITES, Telecommunication, Media & Entertainment, and Others

Smart Cities Integration: Shaping the Urban Landscape in Next 10 Years

Integration of smart city systems: Detailed analysis will help manage urban infrastructure, optimize traffic and improve public services through accurate spatial data.

Advances in predictive analytics: The field of location analytics will continue to evolve to include predictive capabilities, enabling industry and government to forecast, plan future routes and reduce potential risks based on location data.

More personal and customer engagement: Enhancing analytics will lead to more personalized experiences for customers.

January 2024 – ANYbotics partnered with Cognite to provide an integrated robotic analytics solution. The solution automates real-time data collection to simplify location, analysis and reporting and improve digital communication.

November 2023 – Enterprise location reporting firm Gravy Analytics and location analytics data company. Unacast announce a definitive merger agreement to create one of the largest and most comprehensive location analytics systems in the industry. The merger will extend location awareness to retail customers, telecom, real estate and financial services.

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Location Analytics Market: Navigating the Future with Precision

The market is expected to continue to expand as more organizations realize the value of location-based information for strategic decision making. Technological innovation and the widespread use of IoT and smart devices could lead to further growth. Companies are increasingly seeking real-time location data to improve operational efficiency and customer experience. The location analytics market is experiencing strong growth driven by the increasing demand for location-based methods across various industries. Organizations use location analytics to improve decision-making, optimize operations, and strategic management systems.

Related Report:
Artificial Intelligence Market

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