Network and Location Analytics Market to Reach USD 89.7 billion by 2031: Growth opportunities, Trends & Forecast
Network analytics is adopted by organizations with specific networks such as complex networks, overtaxed networks, or high-level security requirements.
PORTLAND, PORTLAND, OR, UNITED STATE, September 16, 2023/EINPresswire.com/ — Allied Market Research published a report, titled, “Network and Location Analytics Market by Component (Solution, Service), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Application (Remote Monitoring, Sales and Marketing Optimization, Asset Management, Risk Management, Facility Management, Others), by Industry Vertical (BFSI, Retail and Consumer Goods, Healthcare, Tourism and Hospitality, Transport and Logistic, Government and Defense, IT and Telecom, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.”
According to the report, the global network & location analytics industry generated $19 billion in 2021, and is estimated to reach $89.7 billion by 2031, witnessing a CAGR of 17% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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COVID-19 scenario:
➢ The COVID-19 outbreak had a low impact on the growth of the network and location analytics industry, due to the surge in adoption of location intelligence or analytics tools and services to prevent the spread of the COVID-19 and ensure continuity of businesses by remote monitoring of assets.
➢ Healthcare systems experienced a high demand for location data, with many countries inspecting medical facilities, including primary care clinics, hospitals, and retirement homes to analyze care capacity and vulnerability.
➢ Thus, the network and location analytics software adoption assisted businesses to locate COVID-19 density zones to plan their business operations accordingly.
Based on component, the solution segment was the largest market in 2021, contributing to two-thirds of the global network & location analytics market share, and is expected to maintain its leadership status during the forecast period. This is attributed to the surge in adoption of network and location analytics in the organization to provide personalized and integrated products and services to customers. On the other hand, the services segment is projected to witness the fastest CAGR of 18.7% from 2022 to 2031, owing to the emerging trend among intelligence (BI) and analytics software vendors to integrate mapping and spatial data analysis into their products to provide additional context to reports, visualizations, and analysis.
Based on deployment model, the on premise segment held the largest market share of three-fifths of global network & location analytics market in 2021, and is expected to maintain its dominance during the forecast period. This is because it witnessed rapid adoption in enterprises and government bodies, which are facing strict data security, compliance, and regulation requirements. On the other hand, the cloud segment is projected to witness the largest CAGR of 18.3% from 2022 to 2031, due to the rise in preference for cloud-based network location analytics in industry verticals such as retail & wholesale, technology, and education.
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Based on enterprise size, the large enterprises segment held the largest market share of nearly two-thirds of global network & location analytics market in 2021, and is expected to maintain its dominance during the forecast period. This is because of the surge in adoption of network and location analytics solutions by large enterprises to provide better navigation and tracking ability to track people and object indoor and outdoor. On the other hand, the small and medium sized enterprises (SMEs) segment is projected to witness the largest CAGR of 18.3% from 2022 to 2031, as network and location analytics solutions help in decision-making and provide competitive advantage to SMEs.
Based on region, North America was the largest market in 2021, capturing two-fifths of the global network & location analytics market share. The increase in location-based services applications in defense and transportation sectors drive the growth of the market in the region. However, the Asia-Pacific market is expected to achieve the highest revenue and manifest the fastest CAGR of 19.7% during the forecast period. Asia-Pacific countries are expected to adopt network and location analytics solutions at a high rate as the remote sensing industry in this region has numerous growth opportunities, owing to various geographical needs.
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Key players in the industry
➢ Oracle Corporation
➢ IBM Corporation
➢ Microsoft Corporation
➢ Esri
➢ SAS Institute, Inc.
➢ Alteryx, Inc.
➢ Hexagon AB
➢ Cisco System, Inc.
➢ SAP SE
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