Network and Location Analytics Market Registering at a CAGR of 17% by 2031 | IBM, Oracle, SAP SE, Hexagon
WILMINGTON, DE, UNITED STATES, April 1, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Network and Location Analytics Market by Component, by Deployment Model, by Enterprise Size, by Application, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2021-2031,”
The network and location analytics market was valued at $19 billion in 2021, and is estimated to reach $89.7 billion by 2031, growing at a CAGR of 17% from 2022 to 2031.
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Network and location analytics are collaborating to identify trends and patterns by analysis of network data and statistics. These also involve a network operation or a set of operations. For example, if a network operator finds a congestion problem in a certain area of the network, traffic can be routed through a different part of the network to meet service performance objectives. Furthermore, vendors are augmenting traditional analytics with automation and artificial intelligence technologies to enable the next generation of highly intelligent networks. This is expected to drive the network and location analytics industry growth.
Moreover, the growth of the global network and location analytics market size is primarily driven by the proliferation of smartphones and upsurge in usage of GPS-enabled devices. In addition, factors such as growing usage of spatial data and analytical tools, increasing adoption of networks, and further, the COVID-19 epidemic increased the use of location-based services, which fueled the market expansion. 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 network and location and analytics industry growth during the forecast period.
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Competitive Analysis:
The competitive environment of Network and Location Analytics Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Network and Location Analytics Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Google LLC.
Microsoft Corporation
IBM
Cisco Systems, Inc.
Oracle
SAP SE
Hexagon
ALTERYX, INC.
ESRI
SAS Institute Inc and Many More
Region-wise, North America generated the highest revenue in 2021.
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The rapid spread of COVID-19, combined with local, state, and federal government encouragement of social distancing, has caused in unprecedented shifts in visit patterns to retail locations.
While some business categories have seen visits skyrocket while in others, foot traffic has come to a standstill. This has led to the adoption of network and location analytics solutions by enterprises to analyze consumer behavior and there spending patterns.
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